The Australian Taxation Office (ATO) has released an update on its Reinvention program called “Every year counts for Privately Owned and Wealthy Groups”. As the name suggests, the publication provides a timeline on the key initiatives for Private Groups in relation to the 2016-2017 income year.
The key initiatives that the ATO has implemented in 2015-16 included:
- Income tax assurance notifications for low risk taxpayers
- Income tax risk reports that flag what is attracting the ATOs attention
- An online guide to assist developing a governance framework (see our earlier Riposte)
The ATO has promised to deliver the following initiatives in 2016-17:
- Tailored information on the ATO website (launched July this year)
- SMSF certainty
- Increased certainty through safe harbours
- Improving access to government online services
In addition to the above, the ATO may invite Private Groups to consult on a number of projects, including (but not limited to):
- Client profiles – how to design an integrated view of tax and super profiles
- Whole-of-government approach to private group issues
The ATO consultation group known as the Private Groups Stakeholder Group will also continue to meet periodically to consider relevant issues.
It is clear that Private Groups will continue to be a focus of the ATO in the 2016-17 year. As such, these groups should expect to have more interaction with and correspondence from the ATO in the future