ASIC and Tax Office sign new MOU

Media release 2007/15

Australian Securities and Investments Commission Chairman Jeffrey Lucy and Tax Commissioner Michael D'Ascenzo have signed a new memorandum of understanding to consolidate and strengthen the working relationship between the two agencies.

The new MOU is a principles-based document that will underpin the future relationship between ASIC and the Tax Office.

Mr Lucy welcomed the revised MOU, noting that it reflects ASIC's commitment to working with the Tax Office to promote public confidence in the financial system through open and consultative approaches.

"To enhance our work for consumers and to facilitate business, there is an increasing emphasis on a whole-of-government approach. I am confident our new agreement will support this," Mr Lucy said.

"The Tax Office and ASIC will continue to collaborate to strengthen our impact in ensuring revenue is collected effectively and in dealing with unscrupulous and illegal behaviour," Mr D'Ascenzo said.

'This MOU is a fresh acknowledgement of our two agencies' ongoing commitment."

The new MOU does not affect the legal position on what information may or may not be disclosed to the other agency. Both agencies remain subject to existing secrecy and confidentiality provisions in the law.

The new MOU replaces an earlier memorandum created in 2003.