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ATO Signs Compliance Agreement With BAE Systems

by Mary Swire, Tax-News.com, Hong Kong

25 December 2012


The Australian Taxation Office (ATO) has signed an annual compliance arrangement with defence giant BAE Systems, a move Tax Commissioner Michael D'Ascenzo says strengthens compliance and reduces costs for both parties.

The agreement was signed by D'Ascenzo and BAE Systems Finance Director Alan Osborne. It covers BAE's income tax and goods and services tax (GST) obligations.

According to D'Ascenzo, such an arrangement provides the ATO "with an insight into an entity's tax arrangements and provides a platform for business to raise tax issues with us and to resolve disputes without litigation." The deal offers an innovative way forward for business to work closely with the ATO, D'Ascenzo added, and will help in the building of an "open and transparent relationship."

The arrangements are designed to improve practical certainty for businesses by considering tax risks in real time. This, D'Ascenzo explained, "offers a 'no surprises' approach." He hopes that the deal will set a trend that other large businesses will follow.

 

TAGS: compliance | Finance | tax | business | goods and services tax (GST) | Australia | tax authority | agreements | services

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