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Our advocacy work: Shortened period of review
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Our advocacy work: Shortened period of review

The period of review (“POR”) is an important feature of the tax system, providing taxpayers with a certainty as to their tax affairs by limiting the time during which the ATO can amend their income tax assessments, generally either two years or four years.

In August, Treasury released draft regulations that would exclude entities with “complex affairs or significant international dealings” from the shorter two-year POR that had been extended to medium businesses (aggregated turnover less than $50m) in 2020.

While the draft regulations limiting the two-year POR for certain taxpayers was foreshadowed in the original Budget announcement, the proposed regulations went beyond the stated policy by applying to small businesses (aggregated turnover of less than $10m) and individuals that already qualified before the extension.

In our response to Treasury, we recommended that the proposed changes only apply to entities that are medium businesses and not small businesses as well as making a number of other recommendations.

You can read our submission below.

You can find out more about our advocacy work on the website here

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.
asdfafsdfa Nigel Fischer

Nigel Fischer

Chairman of Partners

Brisbane


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asdfafsdfa Alexis Kokkinos

Alexis Kokkinos

Partner

Melbourne


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asdfafsdfa Michael Minter

Michael Minter

Managing Partner

Newcastle and Hunter


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asdfafsdfa Leon Mok

Leon Mok

Managing Director

Perth


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asdfafsdfa Chris Ardagna

Chris Ardagna

Partner

Sydney


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