Voluntary disclosures
We accept that errors can and do happen and that changing circumstances, reflection or review may mean that you adjust your view on how a particular transaction should be treated. If this happens, let us know of any changes in your position or any error by making a voluntary disclosure. Making a voluntary disclosure if you identify issues helps keep the tax system fair and efficient. If we contact you about your return or activity statement, it usually means that we have already found something that does not fit with the information we have available.
If you are genuinely trying to report correctly or are genuinely trying to correct an error, you may receive a reduction in the penalty treatment and in some cases, interest charge remissions.
Contact us about any changes in your position or any errors in your tax affairs as soon as you find them. If the transaction has already occurred or your tax return has already been processed, make a voluntary disclosure.
Making a voluntary disclosure is where you:
- advise us of an error or omission in a statement that leads to you having to pay more tax (shortfall amount) for that accounting period
- provide information in an agreed format sufficient for us to identify the shortfall amount.
A voluntary disclosure can be triggered by:
- you through internal audit processes, internal business reviews, advisers, new acquisitions, or information in the media
- us through questionnaires, risk reviews, rulings, or issues identified in the compliance program.
Voluntary disclosures may be given in writing, electronically or by phone. To assist us to determine the shortfall amount include relevant facts and sufficient information to enable us to work out the correct amount of tax to be paid.
If you make a voluntary disclosure before we notify you that we are starting a review or an audit, you will generally not have to pay any shortfall penalty for making a false or misleading statement. In certain circumstances, if you make a voluntary disclosure after you have been advised of a review or an audit, you may still be entitled to a reduction in penalty. If a voluntary disclosure is made after notification of an audit or a review, the voluntary disclosure itself is not a ground for remission.
If you provide us with information that you identify as being a voluntary disclosure (or could potentially be regarded as a voluntary disclosure) we will discuss it with you. In these discussions, we will advise you if the information is sufficient for it to be considered a voluntary disclosure or if you need to provide additional information. There may also be a need for us to review the situation to determine whether it can be accepted as a voluntary disclosure.
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If you do not have sufficient information to meet the requirements of a voluntary disclosure, we can help you. Contact the large business phone service on 1300 728 060.
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Sections within Cooperative compliance
Last Modified: Wednesday, 27 February 2013