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  • Benefits of entering into an ACA

    Key benefits of entering into an ACA include:

    • a speedier resolution of technical issues
    • administrative solutions to resolve compliance irritants
    • centralised points of contact and ongoing dialogue on technical matters, including access to ATO senior officers
    • a closure of returns to further ATO review
    • concessional treatments of penalties and interest
    • a plan outlining agreed processes and timelines
    • the possibility of extension of thresholds for correcting GST errors for a GST ACA
    • not being subject to post-lodgment risk reviews or audits for periods and income years covered by an ACA
    • not needing to complete the reportable tax position (RTP) schedule for income years covered by an ACA
    • not being subject to a pre-lodgment compliance review.

    Practical certainty

    We will issue a “sign-off” letter confirming that, subject to any noted conditions, the tax return for a particular year, or specific periods in the case of GST, are closed from further review or audit.

    For tax risks rated as low we will not undertake further compliance activities for the particular period or year.

    For tax risks rated as high we will develop mitigation strategies in consultation with you to mitigate the risk.

    If you have not made a full and true disclosure of material risks or we consider that there is fraud, evasion or that the general anti-avoidance rules may apply we may re-open compliance activities for the period or year.

      Last modified: 08 Nov 2018QC 21312