Voluntary disclosures – Staying out of the Commissioner’s tax penalty ‘sin-bin’

From the ATO’s perspective, the purpose of voluntary disclosures is to entice taxpayers to come forward and correct errors in their tax filings by rewarding them with a potential remission of penalties, as discussed by Angelina Lagana, Claudia Mitchell and Adrianna Meo.

As the new Labor Government ventures deeper into ‘budget repair’ mode, the Australian Taxation Office (ATO) has sharpened its focus on revenue collection by conducting more ATO Assurance Reviews (e.g. Combined Assurance Reviews, Next Action Reviews, Audits etc.) to ensure ‘Justified Trust’, imposing administrative penalties on taxpayers (especially Significant Global Entities (SGE)) and taking a firmer stance on penalty remission.  This increase in ATO engagement activity and scrutiny h...

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Authors: Angelina Lagana, Claudia Mitchell,

Published Date: 05 August 2022