The promoter penalty regime is designed to deter the promotion of tax exploitation schemes and provides for civil penalties, statutory injunctions to stop the promotion of a scheme and voluntary undertakings. This paper provides practical insights into:
- promoter penalties and large corporates - it's not just product developers who may be exposed. The ATO draws from their experience to outline some examples where conduct may have contravened the promoter penalty laws
- when should a corporate consider offering the Commissioner an enforceable voluntary undertaking and what should it contain?
- how the ATO approaches promoter risk in its administration of the promoter penalty laws
- an in-house corporate case study on establishing good governance in the process of product development.