08 May 14 Large business and tax compliance
The ATO has issued an updated edition of its publication Large business and tax compliance (LBTC).
In his Introduction, Bruce Quigley, Second Commissioner Compliance, says this:
“This publication takes an end-to-end look at the way we want to work with you and your advisers to help you identify and manage compliance risks. In it, we set out what we expect of you, what you can expect from us and the way we believe we should work together.
We explain how we assess risk and what you should do to ensure you have appropriate governance mechanisms in place to help you manage tax risks. We provide detailed information our approaches to identifying and assessing potential areas of concern and tax risk.
Our processes are outlined so you can know what to expect during compliance activities if we decide to review or audit your business. We have included additional information about how we undertake our pre-lodgment compliance reviews, which are designed to identify and assess tax risks earlier and more effectively. We also explain your options should you have a concern or if you are seeking to resolve a dispute with us.”