06 Jun 08 ATO Accounting Working Group (AWG)
The AWG is meeting in Sydney today, Friday 6 June 2008. The agenda for the meeting includes the Standard Business Reporting Program, PAYG instalment variations, ATO deployment strategies for implementing the Change Program and the ATO’s correspondence improvement project as well as preliminary discussions about Activity Statement form design.
The Taxation Institute has also requested that the ATO keep us abreast of the potential impact of the new First Home Saver Account (FHSA) on our members. As the ATO will be directly involved in the administration of the new initiative (e.g., the ATO is designing the account holder's application form, calculating the Government co-contribution, advising account providers of changes in an account holder's eligibility to hold an account, and levying the mis-use tax) we have asked the AWG to keep us abreast of how the FHSA will impact on tax agents/taxpayers at practical administrative level. The ATO has deferred our request until FHSA provisions become law.
A report will be provided in TAXVINE next week on any important issues arising from today’s meeting.