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Tax risks flagged to the market

Last updated 3 July 2023

The topics and evidence we typically cover in our request for information on tax risks flagged to the market are:

Taxpayer alerts and practical compliance guidelines

When we review your group, we want to be assured that none of the risks or concerns we have communicated are present in your circumstances. This includes our communication through taxpayer alerts and practical compliance guidelines.

For the review period, we may ask you to explain an arrangement or a variation of an arrangement described by a specific taxpayer alert or covered by a practical compliance guideline.

For more information see Taxpayer alerts and Practical compliance guidelines.

Rulings or advice

You may have relied upon a private binding ruling or another form of our advice such as general or preliminary advice during the last 2 income years. If so, confirm:

  • that you entered into the arrangement as you described it to us
  • the facts and circumstances you described to us has not changed
  • whether additional facts and circumstances have occurred that are relevant to the technical position that we provided to you
  • that the assumptions, if any, have occurred
  • that the technical position we provided to you has been adopted.

For more information see Next 5,000 tax performance program.

Loss carry back tax offset

Loss carry back provides a refundable tax offset that eligible corporate entities can claim in their 2020–21, 2021–22 and 2022–23 company tax returns.

You may have either claimed the refundable tax offset already in your 2020–21 or 2021–22 company tax return or intend to claim it in your next tax return:

  • If you have already claimed the refundable tax offset, we will ask you for information to verify that you are eligible and have calculated the claim correctly (including your franking account information).
  • If you have not yet made a claim (but intend to in your next tax return), we will ask you for information to confirm whether you will be eligible.

For more information see Eligibility for the tax loss carry back tax offset.

Temporary full expensing

Temporary full expensing allows eligible businesses to immediately deduct the business portion of the cost of eligible assets in the 2020–21, 2021–22 and 2022–23 income years.

You may have claimed a deduction under temporary full expensing or chosen to opt out of temporary full expensing, or you may intend to claim a deduction or to choose to opt out in your next tax return.

  • If you have not yet claimed a deduction, we will ask you for information to assess your eligibility and provide guidance on claiming the deduction in your next tax return.
  • If you have already claimed a deduction, we will ask you for information to verify that you are eligible and have calculated the deduction correctly.

For more information see Temporary full expensing.

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