08 May 09 Submission being preparedInspector-General of Taxation's Review of Private Rulings on Income Tax Matters: The Taxation Institute is preparing a submission in response to the Inspector-General of Taxation's review into the Tax Office's administration of private rulings on income tax matters. Among the issues to be covered by this review will be an examination of the purpose, use and ongoing relevance of the register of edited private rulings and the relationship of this register to the ATO's more authoritative forms of guidance, and an investigation of the timeliness, accessibility and productivity issues for private rulings, and issues concerning their binding nature. For a copy of the terms of reference of the Review, go here. Comments for incorporation in the submission are due by today, 8 May 2009. They can be sent to: firstname.lastname@example.org.
Inspector-General of Taxation's Review of into the implications of any delayed or changed ATO advice on significant issues: The Taxation Institute is preparing a submission in response to the Inspector-General of Taxation's review into any perceived Tax Office delayed or changed approaches - so called "U-turns" - on significant interpretative matters or on past administrative practices. The four types of cases involve the Tax Office releasing new advice or guidance which allegedly differs from one of the following previous categories of views or practices:
- a Tax Office binding view - for example, a public ruling;
- a Tax Office non-binding view or practice - for example, a private ruling which is binding only in relation to the rulee;
- an industry practice developed in absence of Tax Office guidance and/or unchallenged by the Tax Office for a significant period of time despite the Tax Office being well aware of the practice; or
- a view adopted by taxpayers on new law and in relation to which there was no Tax Office view for a significant period of time.