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15 Apr 11 Accounting Working Group

Tax Counsel Deepti Paton ATIA attended a meeting of the ATPF’s Accounting Working Group on Friday 8 April 2011.

 At this meeting, participants discussed:

  • The ATO’s rewrite of the ATO receivables policy into a series of Law Administration Practice Statements. Participants were informed that all bar two of the chapters of the current receivables policy would be replaced with a series of LAPSs on 14 April 2011 in the coming month. The rewrite is not intended to result in a change in ATO policy.
  • The ATO gave attendees an update on the ATO’s response to the recent natural disasters. The ATO noted that while they were considering all cases on an individual basis, the ATO would soon be resuming its normal activities in relation to taxpayers in the affected areas if appropriate in the circumstances. The ATO also undertook to review the impact that natural disasters may have on current benchmarks.
  • The ATO gave attendees an update on the ATO’s Project to enable viewing of Notices of Assessment on the Tax Agent and Business portals. Participants were pleased with the progress to date and expressed interest in receiving ongoing updates.

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