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11 Apr 1111 ATO guide: "Good governance and promoter penalty laws"

In media release No 2011/24, issued 7 April 2011, the Commissioner, Michael D'Ascenzo announced the release of a new guide to help tax intermediaries avoid contravening the Promoter Penalty Legislation.

"The Tax intermediaries - Good governance and promoter penalty laws guide helps tax intermediaries manage promoter penalty and controversial tax planning risks that would impact on them and their clients," Mr D'Ascenzo said.

"It also offers several suggestions to help reduce the risk of inadvertently marketing or encouraging tax avoidance schemes or incorrectly implementing arrangements," Mr D'Ascenzo said.

In an address entitled "Protecting the community and its tax system" which he presented to the Institute of Chartered Accountants of Australia, National Tax Conference, on 7 April 2011, Mr D'Ascenzo talked about the need for tax intermediaries to manage these risks, giving examples of what may happen if entities get it wrong.

Last month, Mr D'Ascenzo also gave an address entitled "Open and accountable" to the Corporate Governance Forum on Freedom of Information held on Wednesday 16 March 2011.


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