This means that fundamental changes have occurred in the areas of General Interest Charge, Penalties and Amendments of Assessments. The private ruling provisions have been completely re-written, allowing for greater scope to apply for private rulings, to increase certainty for your clients. This seminar looked at ROSA, and what these changes mean to the tax profession.
Topics covered include:
- how to work out whether the ATO is out of time to re-assess your clients under the new regime?
- what has changed in relation to penalties (and what remains the same)?
- how does the new Shortfall Interest Charge operate, and when will it be imposed?
- how has the private ruling process changed (and has it changed for the better)?
- is anything else set for a shake-up as a result of ROSA?