CCH, a Wolters Kluwer business, held a CCH Gateway Forum on Thursday November 15, 2012 at The Portside Centre Sydney to provide its customers in the Tax & Accounting industry with “inside knowledge” of the Australian Taxation Office (ATO) Risk Differentiation Framework (RDF), a mechanism represented graphically by four quadrants and which the ATO uses to assess an Australian taxpayer’s tax risk.
In 2011 the ATO rolled out this RDF for large corporate taxpayers. However in 2012 it announced that it was going to apply its RDF to proprietors of Small- to Medium-sized Enterprises (SMEs) and to wealthy and highly-wealthy individuals. CEO of Wolters Kluwer Asia Pacific, Russell Evans, explained that this is creating a large degree of uncertainty and concern as to who will be in the ATO’s sights.
“If an Accountant’s client is Quadrant One (‘Higher Risk Taxpayers’) or Quadrant Three (‘Medium Risk Taxpayers’) of the RDF, they face intense ATO scrutiny. If they are in Quandrant One, it’s not a lot of fun! If an Accountant’s client has any exposure around Transfer Pricing, Thin Cap, CGT or R&D Offsets, the ATO will be all over them and will continue to be so,” he warned.
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