The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 29/03/2004

NO.017

RELEASE OF DISCUSSION PAPER ON INCOME TAX SELF ASSESSMENT

Today I am releasing a discussion paper on the income tax self assessment system. The discussion paper represents the latest stage of the Government’s Review of Income Tax Self Assessment.

The aim of the Review is to reduce taxpayer uncertainty and compliance costs while maintaining the Tax Office’s capacity to collect income tax revenue for the benefit of the Australian community.

The discussion paper explores the main issues facing the current system of income tax self assessment. It also seeks feedback on different options for addressing these issues.

The main options canvassed in the discussion paper include:

  • making more of the Tax Office’s advice legally binding;
  • shortening the period in which the Tax Office can amend assessments of certain taxpayers;
  • introducing a time limit for the Tax Office to advise taxpayers that their assessments may be reviewed and therefore could ultimately be subject to amendment; and
  • reducing the general interest charge where assessments are amended to increase tax payable.

The Government is seeking submissions from interested parties on the issues and options set out in the discussion paper. Submissions should be sent by 21 May 2004 to:

Review of Self Assessment
Department of the Treasury
Langton Crescent
PARKES ACT 2600

Submissions can also be e-mailed to: selfassessment@treasury.gov.au.

Copies of the paper are available from the Review website http://selfassessment.treasury.gov.au. They can also be obtained from the review team on (02) 6263 3707.

The Review, being carried out by the Treasury, is to report to Government in mid-2004.

CANBERRA
29 March 2004

Contact: Amanda Kennedy
02 6277 7340