Australian Taxation Office
New or updated materials on ATO website, including:
- Review of private advice - discussion paper: The ATO has released a discussion paper for comment and is hosting a supporting webinar on 4 November 2015 as part of its review of private advice. Due date for comments on the discussion paper is 20 November 2015.
- Working together on our future focus areas for change: Find out the top focus areas identified at the tax and BAS agent experience workshop and the outcomes of the Future tax profession 2020 working group.
Initial reactions on Financial System Inquiry
Last week's release of the Government's response to the final Financial System Inquiry report has proved to be the largest overhaul in nearly two decades for the financial system, starting almost immediately. Key recommendations call for lower credit card and bank fees, better superannuation options, improved financial products and advice, increased innovation and a focus on leveraging new technologies, and robust banks reducing the risk of tax payer bailouts. Click here to see PwC's snapshot of the headline recommendations and our initial reactions and insights.
Inspector-General of Taxation
The Inspector-General of Taxation (IGOT) has released his Annual Report 2014-15 which includes an overview of completed work by the IGOT this year (including reviews of tax disputes, valuations and penalties, a follow up review of "u-turns" and follow up work on other reviews), the work program for 2015-16 and the successful transfer of the tax complaint handling function from the Ombudsman to the IGOT from 1 May 2015.