Large business alert 3/11

Reportable tax position webpage updated

The reportable tax position webpage has been updated, following consultation with the Large Business Advisory Group (LBAG) and National Tax Liaison Group (NTLG) working groups.

The main changes are as follows:

• the draft schedule has been updated
• there are updated disclosure requirements for the schedule
• a copy of the letter sent to notify taxpayers of their requirement to lodge has been included
• further information about how to 'adequately disclose' reportable tax positions prior to the lodgment of a return
• how we intend to use the information collected from the schedule.

There have also been minor changes to the previous content as a result of the changes outlined above.

Consultation on various issues is continuing. Further updates will be provided shortly on materiality and legal professional privilege.

We are interested in receiving your feedback which should be directed to ReportableTaxPosition@ato.gov.au. This will be tabled and discussed at the next formal consultative meetings held with the LBAG and NTLG working groups.

Mark Konza
Deputy Commissioner
Large Business & International

Manage your alert subscriptions

Please circulate this message to the appropriate staff in your organisation, and suggest that they subscribe to this alert.

To subscribe to the Large Business Alert, or to unsubscribe, email LargeBusinessAlert@ato.gov.au.

Subscribe to our quarterly e-magazine, the Large Business Bulletin.