AUSTRALIAN COMPANIES MUST DECLARE POTENTIAL DISPUTES WITH TAX OFFICE UNDER NEW RULES
July 1st, 2016UPCOMING Australian Accounting Standards Board (AASB) guidance will tell Australian company directors that they must anticipate a potential disputed tax demands from the Australian Tax Office (ATO) in financial reports. This is even if their business is not under audit, if it is “probable that the tax authority will not accept the company’s treatment” of tax liability, said the AASB. See http://www.aasb.gov.au/Media-Releases/More-companies-should-report-on-tax-liabilities?newsID=233399
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