Voluntary disclosures are an important risk mitigation process that taxpayers can deploy in order to reduce the potential amount of tax penalties and interest arising from tax short shortfalls. In the world of "double penalties" within which SGE's (including their subsidiaries) and other large taxpayer groups now operate, understanding the strategic importance of voluntary disclosures for all taxpayers is critical, particularly the points in time when making a voluntary disclosure is most effective.
This paper covers:
- The basic mechanics involved in making a voluntary disclosure and requests for remission
- Some of the drivers and matters to consider in advance of making a voluntarily disclosure to the Commissioner
- The timing of a voluntary disclosure and whether any other options are available