16 Apr 15 Privately owned and wealthy groups
On 15 April 2015 the ATO launched an online service for privately owned and wealthy groups and their advisers.
The purpose is to transform the tax and super experience for more than 1 million privately owned and wealthy groups.
ATO Deputy Commissioner Michael Cranston said: “Privately owned and wealthy groups play an important role in the Australian economy and in the tax and super systems, so we’ve been listening to their feedback about how we can improve their experience. How we’re changing and our commitment to change is explained in our online resource available at ato.gov.au/privategroups.”
The new online resource for privately owned and wealthy groups and their tax advisers provides relevant and up-to-date information, as well as guidance on the kinds of issues that attract the ATO’s attention.
It also includes information about the new services the ATO is offering privately owned and wealthy groups including:
- an income tax assurance notification giving lower risk private groups certainty if the ATO does not intend to take further action in a specific year
- an income tax risk report for the largest private groups and other groups that have attracted ATO attention. The report sets out the ATO’s view of their level of risk so they can deal with any issues
- one on one tax assurance discussions for the largest private groups to build more real time relationships as issues emerge
- engaging early with the ATO prior to seeking advice to get certainty about a complex transaction or arrangement in the form that you require.