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Finding fraud or evasion in the corporate tax environment
Published on 01 May 15 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
When the Commissioner of Taxation forms an opinion that conduct of a corporate taxpayer or the taxpayer’s tax agent involves fraud or evasion, drastic consequences can ensue. The Commissioner can then amend earlier years’ assessments indefinitely, and may impose severe penalties. This article considers what conduct might constitute fraud or evasion, and provides guidance for assessing whether an organisation’s past conduct may have involved fraud or evasion, through some common scenarios. Documentation that will help to minimise the risk of adverse A TO findings is discussed.
The article outlines how a taxpayer or its tax adviser can expect the ATO to interact with them if the ATO forms a view that fraud or evasion has occurred. Finally, the article explores the recent recommendations about fraud or evasion findings from the House of Representatives Standing Committee on Tax and Revenue Inquiry into Tax Disputes, and the ATO’s recent amnesty, Project DO IT.
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