Angela Wood, Peter Madden and Glen Hutchings provide an outline of the ATO Deputy Commissioner's presentation on large business taxation issues to the KPMG Tax practice in Singapore.
On 4 April 2018, the tax practices of KPMG Australia and KPMG Singapore hosted an event in Singapore for over 120 Asia Pacific (ASPAC) regional tax directors. The keynote speaker was the Australian Taxation Office's (ATO) Deputy Commissioner of Taxation, Public Groups and International, Jeremy Hirschhorn.
Mr Hirschhorn presented on the ATO’s current taxation administration and focus areas for public groups including 'Justified Trust', early engagement, the Top 100 taxpayer experience, the Top 1,000 taxpayer experience, new entrants and the pathway for resolution of disputes.
Following Mr Hirschhorn's insights a panel discussion, chaired by Angela Wood and including Peter Madden, Glen Hutchings and Simon Clark, Tax Partner, KPMG Singapore, was held. The panel discussed the practical implications of recent Australian taxation developments including the Federal Government's announcement regarding stapled structures.
Themes emerging from this presentation and the subsequent panel discussion included:
Challenges remain for tax functions of multinational enterprises (MNEs), as they seek to achieve the right balance to manage tax risk and compliance in Australia. The type and intensity of interaction expected of MNEs by the ATO has shifted. The legislative and policy landscape continues to evolve quickly and MNEs must continue to re-evaluate their approach.
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