27 May 11 Reportable Tax Positions Project
Last Wednesday 18 May, Paul McCartin FTIA (PwC) and Tax Counsel Deepti Paton ATIA attended a meeting with the ATO to discuss the Reasonable Tax Positions Project.
At this meeting, participants discussed:
- The planned implementation date of the project;
- The development of instructions to support the schedule;
- The governing definitions in relation to what makes a position “reportable”, including when a position becomes material;
- The relevance of draft or announced law in determining whether a position is reportable; and
- When the ATO will consider an issue to have been “otherwise adequately disclosed”.
Members who would like further information on this are encouraged to contact us at Tax Policy