Enforcement of tax liabilities and solvency
Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2015
The Commissioner of Taxation has broad powers of recovery of taxation liabilities, quite apart from the assessment, review and appeal process. Enforcement action by the Commissioner often presents issues of solvency of the taxpayer. In cases where the taxpayer wishes to dispute the tax assessed, a basic concern is to ensure that the opportunity to do so is not lost because of enforcement action. A taxpayer has options available to maintain a challenge to an underlying tax assessment, but careful consideration should be given to the approach taken, particularly as timing constraints are involved. Four topics within the overall framework of recovery that commonly give rise to questions of solvency are windings-up, stays, deferrals of time for payment, and garnishee notices.
This article explains the legal framework for each topic and discusses some practical issues that need to be managed in order to maximise the taxpayer's chances of being able to argue the substantive tax dispute.
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Details
- Published By: Nishad Kulkarni
- Published On:1 Apr 2015
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