Managing General Interest Charge Remission Requests with the ATO
Overview
Interest charges can quickly escalate tax debt, but remission is possible with the right approach. Master practical strategies for preparing and managing GIC remission requests, including key considerations and ATO expectations.
The ATO has been funded by Government to increase collection levels for small business and private group debts, which has resulted in increased recognition of, and firmer attempts to collect, GIC accrued on client accounts with the ATO.
This has highlighted the importance of tax advisors effectively engaging with the ATO to seek remission of such GIC, in line with the law, policy and decided case.
The session will look at:
- Context for current ‘harder-edged’ debt collection programs targeting small business and private groups
- Role of GIC in ‘encouraging’ taxpayers to pay their tax-related and superannuation liabilities
- ATO’s recent guidance on new approach for applying for remission
- Structure of statutory discretion to remit GIC (but NOT Judgment Interest)
- ATO Practice Statement PSLA 2011/12 (on GIC remission)
- Relevant case law as practical examples of how the power is applied in real-life
- Suggested approaches to optimise the prospects of success in seeking remission of GIC through better engagement with the ATO (and providing better/more persuasive supporting evidence).
Learning Outcomes:
Participants will gain an improved understanding of:
- the ATO’s current small business and private wealth debt collection strategies
- ATO statutory power to remit GIC
- ATO administrative approaches to applying that power
- Case law about how the courts see this power working in practice
- Some strategies to optimise the prospects of success in seeking remission of GIC
Suited to:
Accountants, tax practitioners, BAS agents, lawyers and other practitioners serving small businesses, private groups and wealthy individuals.
This On Demand recording Includes:
- Recording of the Live Webinar, which can be viewed multiple times, for as long as required
- Presenters contact details for follow up questions
- CPD Quiz
- CPD Certificate
- CPD Report – Logged automatically
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
Course syllabus
3 lessons
- Video – Managing General Interest Charge Remission Requests with the ATOVideo
- Feedback Survey QuestionsSurvey
- Knowledge QuizTest
Your presenter
Bruce CollinsTax Controversy Partners
is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues with the ATO and SROs. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Compliance & Engagement Group, covering most ATO functions. Bruce was the head of the Technical & Case Leadership area in Aggressive Tax Planning and then Private Wealth for several years prior to leaving the ATO, as well as having previously been the strategic and technical lead for many of the ATO’s private group and adviser-focused compliance programs. In those roles, Bruce was also involved in dealing with many of the most complex settlement and debt collection negotiation cases for private group and scheme participant cases.
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW, a member of the AICD and is both a member of the Law Council of Australia, their Tax Committee and is the current Chair of the Law Council SME Business Law Committee.