Australian Treasurer Peter Costello has announced that the government is to undertake a review of the country’s self-assessment system, introduced in 1992, citing a lack of certainty on the ATO’s rulings on deductibility as the primary motive for the move.
Addressing parliament, Mr Costello said that the current system "means that not all tax returns are audited but there is a capacity after a person has self-assessed for matters to be reopened".
"Some taxpayers say that this leads to unreasonable delays or unreasonable (uncertainty) and in light of that the government has commissioned a review", he explained.
According to some reports, the end result of the review may be that those taxpayers with very basic tax affairs may be spared the self assessment system, a development which would bring Australia into line with New Zealand and the United Kingdom.
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