Powered by MOMENTUM MEDIA
accountants daily logo

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ATO rejects claims of 100A overreach

Tax

In this week’s Accountants Daily podcast, ATO acting assistant commissioner Chris Ryan rejects claims the draft ruling on section 100A reflects overreach or heavy-handedness.

By Philip King2 minute read

“Although many in the community are suggesting that our view of the law and our compliance approach is a matter of overreach, we don’t believe that’s the case. We’ve come to our position having carefully considered our view of the law, which is consistent with the limited judicial guidance available out there, as well as how we’ve applied the law in a number of compliance cases over several years,” Mr Ryan says.

Advertisement
Advertisement

“What we do know is that many trusts won’t be affected particularly where the beneficiary knows they’re presently entitled, and they receive or enjoy the benefit of their entitlement.

“While the ATO and practitioners also may not agree on how 100A applies, that of itself does not mean that our view of the law is overreach. Where there’s a disagreement as to the operation of law, that should be and can be resolved in a respectful manner.

“I also respectfully challenge the assertion that the ATO’s approach has been heavy-handed. Our approach has been quite the opposite. We’ve reiterated today and previously, that we will stand by the 2014 guidance for distributions made up 30 June 2022.”

ATO rejects claims of 100A overreach
image intro
accountantsdaily logo

accountants daily logo Newsletter

Receive breaking news directly to your inbox each day.

SUBSCRIBE NOW