On 4 December 2014, the ATO updated Practice Statement PS LA 2011/27 entitled "Matters the Commissioner considers when determining whether the ATO view of the law should only be applied prospectively".
The purpose of the Practice Statement is to explain the procedures for ATO personnel to follow and the matters to take into account in determining whether the ATO should not take action to apply its view of the law in past years or periods
The Practice Statement was developed in response to the recommendations of the Inspector-General of Taxation in the report "Review into delayed or changed Australian Taxation Office views on significant issues" released in March 2010. Draft amendments to the Practice Statement were released in July 2014, which are finalised by this update.
For details of the updates, see the Amendment History at the end of the Practice Statement.