ATO outlines administration of proposed expanded estimates regime

Proposed estimate provisions are to be applied where there are reasonable grounds to suspect phoenix behaviour or where creditor defeating actions are occurring.

The Australian Taxation Office (ATO) has set out how it intends to administer proposed new laws relating to the expansion of the estimates regime to GST, LCT and WET in draft Practical Compliance Guideline 2019/D4 (draft PCG 2019/D4).The proposed laws in Schedule 3 of the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019  (the Bill) are currently before the House of Representatives. If implemented, the ATO will be able to make an estimate of certain unpaid and overdue tax-...

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Authors: John Oesterheld, Suzanne McMahon

Published Date: 04 October 2019