01 Aug 1111 When should the ATO view of the law only be applied prospectively? - PS LA 2011/27
On 28 July 2011, the ATO issued Practice Statement PS LA 2011/27 entitled "Matters the Commissioner considers when determining whether the Australian Taxation Office (ATO) view of the law should only be applied prospectively".
The purpose of the Practice Statement is to explain the procedures for tax officers 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 has been developed in response to the recommendations of the Inspector-General of Taxation in the report "Review into delayed or changed ATO views on significant issues released in March 2010".