Large Business Bulletin: April 2012

Greater transparency through RTP schedules

Our reportable tax position (RTP) schedule web page has been updated to include the reportable tax position early disclosure form and accompanying instructions.

The RTP schedule will allow large businesses to disclose their most contestable and material tax positions. The schedule supports our effort to provide faster and clearer tax law advice and review our largest business taxpayers' activities.

Initially, the schedule will only apply to taxpayers who have received a letter from us advising they must lodge the schedule.

We will make further updates to the RTP schedule web page in 2012, including:

• frequently asked questions
• instructions for the guidance material.

The final version of the RTP schedule and the instructions to the schedule will be available with TaxTime 2012 publications.

How the ATO will process these schedules was the topic of discussion at the recent LBAG meeting. We intend to categorise the disclosed positions according to the response necessary and will be informing the relevant businesses how we intend to proceed on their issues.

For the most up-to-date information about the RTP schedule, refer to Reportable tax position schedule.

Sections within In focus

• Tax exploitation schemes: know the risks, understand our approach
• Benefiting business - the R&D tax incentive
• Greater transparency through RTP schedules
• Talking openly with us
• Reforming our transfer pricing rules