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Voluntary Disclosures & Penalties 101 paper

Published on 19 May 22

Voluntary disclosures are an important risk mitigation process that taxpayers can deploy in order to reduce the potential amount of tax penalties and interest arising from tax short shortfalls. In the world of “double penalties” within which SGE’s (including their subsidiaries) and other large taxpayer groups now operate, understanding the strategic importance of voluntary disclosures for all taxpayers is critical, particularly the points in time when making a voluntary disclosure is most effective.

This paper covers:

The basic mechanics involved in making a voluntary disclosure and requests for remission
Some of the drivers and matters to consider in advance of making a voluntarily disclosure to the Commissioner
The timing of a voluntary disclosure and whether any other options are available

Author profiles

Angelina Lagana CTA

Angelina Lagana, CTA, has over 24 years’ experience specialising in tax controversy and dispute resolution. Angelina has represented high wealth individuals, large corporations and multinationals subject to Australian Taxation Office (ATO) Reviews and Audits, including the early assessment of contemporaneous evidence, audit strategy, and conducting successful negotiations leading to satisfactory resolution of ATO inquiries, reviews and audits. Angelina assists and advises her clients throughout all stages of an ATO inquiry from risk reviews, audits, objections, alternative dispute resolution, settlement and litigation. Angelina advises on effectively preparing for and resolving audits and disputes with the ATO, the preparation of evidence, application of legal professional privilege, freedom of information and regularly assists taxpayers when the ATO uses their Access powers (including onshore and offshore formal information gathering processes that occur during ATO risk reviews and audits). - Current at 07 June 2024

Voluntary Disclosures & Penalties 101 paper

Author profiles

Angelina Lagana CTA

Claudia Mitchell

This was presented at NSW Tax Forum .

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