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Early engagement process open to small business

November 2016


The ATO has broadened its existing early engagement program for taxpayers seeking advice for complex transactions to all business taxpayers.

The ATO has broadened its existing early engagement program for taxpayers seeking advice for complex transactions to all business taxpayers.

This option was previously restricted to large businesses but will allow more taxpayers to contact the ATO for their view on the tax treatment of a proposed transaction or a transaction that has recently been undertaken. The process may involve meeting with the ATO or discussing key issues over the phone and may also result in a private ruling.

When early engagement is sought, the ATO aims to be in contact with the taxpayer (or their tax agent) within two working days and keep them informed of the progress.


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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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