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In a joint media release issued on 20 October 2008, the ATO and the ANZ announced that they had signed Australia’s first Annual Compliance Arrangement. The signing supplements the existing compliance and risk management arrangements previously signed by ANZ and the ATO for GST and FBT.

The Commissioner, Michael D’Ascenzo, said Annual Compliance Arrangements are designed to improve practical certainty for large businesses in real time.

“In return for putting tax risks on the table in an open and transparent manner, the Tax Office will sign-off on low risks and develop practical plans with the taxpayer to resolve high risks. Taxpayers have indicated they appreciate knowing where they stand shortly after lodging their annual income tax return, and value having access to advice and information from senior tax officers,” Mr D’Ascenzo said.

For a copy of the joint media release, No 2008/50, 20 October 2008, go here.

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