Today the Inspector-General of Taxation (IGT) released his report outlining the review of our large business risk review and audit policies, procedures and practices.
Overall, we view this as a positive recognition of the improvements we have made in recent years. We acknowledge its value in helping us to improve the way we manage the system for large business. There are a number of recommendations and we are already well progressed in implementing many of them. We are pleased that there were no major adverse findings.
We acknowledge the concerns raised by large business taxpayers on our management of risk reviews and audits. We are pleased to see the IGT and large market stakeholders have endorsed the Large business and tax compliance booklet approaches and recognise the improvements we have made in recent years.
The report outlined 28 recommendations. We agreed in full with 22, agreed-in-principle with two and agreed-in-part with one. We disagreed with three recommendations, principally because we were of a view that there were better ways to address taxpayer concerns. These views are outlined in our response to the IGT.
It is important to note we are committed to addressing all of the concerns raised by taxpayers. We will continue to work with the IGT and key stakeholders including the Large Business Advisory Group to implement the recommendations outlined in the report.
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For a copy of the full report, visit the IGT's website at www.igt.gov.au
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Mark Konza
Deputy Commissioner
Large Business & International
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Last Modified: Friday, 16 September 2011