On 22 May 2014 Tim Dyce, Deputy Commissioner, Aggressive Tax Planning, presented a paper entitled “Administration of the Promoter Penalties Regime and recent Court decisions” to the Tax Institute NSW 7th Annual Tax Forum in Sydney.
The paper outlines the strategies used by the ATO to prevent aggressive tax planning, detect current risks and deal with breaches of the regime, in particular, the factors influencing case selection and the choice of appropriate remedies to be applied. These strategies allow the ATO to align its actions to protect the integrity of the tax system and guard the community against unwittingly entering into tax schemes. Further, the paper summarises recent court decisions on the application of promoter penalties.
For the full text of the paper go here.