TaxCorporate TaxAustralian businesses get amnesty offer

Australian businesses get amnesty offer

One-off tax amnesty opportunity

Business
owners in Australia
have been given a one-off opportunity by
the Australian Tax Office (ATO) to correct
past income assessment mistakes and avoid penalties.

This follows recent changes made to Australian tax law, which gives the
commissioner of taxation discretion where an honest mistake or inadvertent
omission has been made.

The offer has been made for mistakes made between 2001-02 and 2006-07 and a
practice statement released this week has sets out how taxpayers can take
corrective action to fix these mistakes.

‘Until 1 July 2008, I am offering people the opportunity to correct past
mistakes and omissions within the parameters of our new practice statement,’
said tax commissioner
Michael
D’Ascenzo.

Further reading:

Big Four firms face legal action in Australia

Two out of three accountants want to quit UK

Overseas Careers Guide

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