Annual Compliance Arrangements with Large Corporate Taxpayers
Administering ACAs throughout the year
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- Table 4.3: Administration throughout the year—ATO and taxpayer roles ATO Taxpayer
| Administering ACAs throughout the year 4.28 ACAs aim to improve practical certainty for taxpayers by considering tax risks in real time. As a consequence, the ATO and the taxpayer have ongoing contact throughout the year. The nature of this contact is summarised in Table 4.3. 107 The rulings process refers to the advice developed by the ATO setting out their interpretation of the laws administered by the Commissioner of Taxation. This advice is binding on the ATO. Administration of Annual Compliance Arrangements ANAO Report No 2014–15 Annual Compliance Arrangements with Large Corporate Taxpayers 81 Table 4.3: Administration throughout the year—ATO and taxpayer roles ATO Taxpayer Keep the taxpayer informed of developments that could materially impact on their tax obligations. Allocate a senior officer to manage the relationship during the ACA. Jointly review risk disclosures made by the taxpayer. Consider the effectiveness of the taxpayer’s operational controls and tax risk management processes. Contact the taxpayer about potential tax risks, for example to ask about variations in tax payments and discuss media reports. Expedite the taxpayer’s enquiries and requests for advice. Inform the ATO of material risks and tax positions that are uncertain, including those under consideration. Openly discuss material tax risks with the ATO and ensure there is sufficient and timely information to make joint risk assessments. Disclose any other material risks or matters, for example developments that may have a reputation impact affect tax payments or change tax risk governance functions or key staffing arrangements. Request private binding rulings as necessary. Source ATO ACA process map. 4.29 For the 19 ACAs whereat least one year of review had been completed, the ANAO reviewed the following key elements how the ATO considered the effectiveness of the taxpayer’s operational controls and tax risk management throughout the year how disclosures and issues were managed and the relationship and governance arrangements for individual ACAs. Download 1.48 Mb. Share with your friends:
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