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Tax Audits: The changed impact of rulings, penalties and time passing

Published on 07 Jun 2006 | Took place at Radisson Plaza Hotel, Sydney , NSW

The old Rolling Stones favourite proclaimed that ‘Time is on Your Side’ - is that the case when it comes to a tax audit?

These seminar materials deal with the practical implications of the RoSA (review of self-assessment) amendments on the conduct of tax audits. Those changes alter the tax audit landscape for many taxpayers by:
- foreshortening time for amendment of assessments
- extending the ability to rely on rulings and ATO advice
- limiting administrative penalties.

The Australian Taxation Office presented its view of how the challenges of the amendments will be met, their impact on administration of the tax laws and practical implications for field auditors.

Individual sessions

Tax audits and ROSA - the practical implications

Author(s):  Ken SCHURGOTT

Topics covered in this paper include:

  • tax audit techniques in the 21st Century
  • do shortened amendment periods really help?
  • is general anti-avoidance more limited?
  • will fraud or evasion be more popular?
  • is it now safer to ask for a ruling?
  • is the penalty regime really more benign?
Materials from this session: