Published on 18 Oct 12
by TASMANIAN DIVISION, THE TAX INSTITUTE
A thorough understanding of how the system of penalties is administered by the ATO is one of the best ways of minimising the severity of the impact. What is a “reasonably arguable position”, and how can it help your client? In this paper the penalties framework is discussed in detail, and covers:
- how the ATO assesses your client’s behaviour: negligence, recklessness and intentionally disregarding a tax law
- how and when to make a voluntary disclosure
- what is a reasonably arguable position, and how to go about preparing a RAP
- SIC and GIC – how to have them remitted
- the best strategies to negotiate a reduction in penalties.