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20 Jun 11 Improvements to Self Assessment System

On 16 June 2011 the Inspector-General of Taxation, Ali Noroozi, announced the terms of reference for his latest review entitled “Improving the Self Assessment System”, and called for submissions.

In the current environment of ever-increasing tax law complexity, real-time audits, pre-assessment agreements, disclosure requirements and the like, this review will test some of the fundamentals of the self assessment regime. In particular, it will examine whether the compliance burden is appropriately shared between the ATO and taxpayers and whether taxpayers are provided with appropriate certainty and timely guidance.

The review will consider the 2003 ROSA recommendations and their implementation as a starting point.

Specifically, the review will consider the ATO’s existing advice framework and responses to tribunal and judicial decisions as well as the appropriate use of the Commissioner’s discretions to effectively manage the tax system.

Submissions are due by 21 July 2011.

For the terms of reference and submission guidelines for the review go here.