Australian Taxation Office

New or updated materials on ATO website, including:

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.