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

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

3m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson