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27 Mar 099 NTLG Promoter Penalty Codesign Subcommittee

Taxation Institute Vice-President, David Williams FTIA, John King FTIA (Mallesons Stephens Jacques) and Michael Dirkis FTIA participated in a teleconference on Thursday 19 March 2009 of Subcommittee. A brief update was provided by the ATO on the active compliance work undertaken since 5 Feb 2008 and the issue of the practice statements on promoter penalties in April 2008. Over a 100 risk reviews had been conducted with 20 matters under investigation. Discussion of a proposed Good Governance Guide, which aims to outline best practice internal controls to minimise exposure to the promoter penalty laws and to manage contraventions where they occur, and a draft Enforceable Voluntary Undertaking template, was under taken. The development of the Good Governance Guide is expected to take six months.  

The issue of whether the tax consolidation regime has any impact where a member of a consolidated group has potentially promoted what may be a tax exploitation scheme to a member of the group was also discussed.

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