The ATO has published its early disclosure form and instructions for reportable tax positions (RTPs) in the 2011-12 income year. The RTP form will allow large businesses to disclose their most contestable and material tax positions.
The ATO advises that if a taxpayer must lodge a Reportable tax position schedule 2012, they can make an early disclosure of their RTP on the form. If they include a RTP on the form, they do not have to include it on their Reportable tax position schedule 2012 (the schedule) but they must still complete and lodge the schedule.
The form must be received by the ATO at least 28 days before the taxpayer lodges the schedule. The ATO will acknowledge receipt of the form within 10 working days.