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16 Jan, 2014

Australia plans to put Big Business in charge of own tax – Sydney Morning Herald

The Australian Taxation Office wants to allow big business to oversee its own tax returns, internal documents reveal, despite the potential for conflict of interest, greed and even corruption.

The Tax Office has been working on a “transformational” plan to fundamentally change Australia’s corporate tax system with companies allowed to use their own accountants to sign off on their tax bills, effectively outsourcing tax oversight to the private sector.

But discussion papers obtained by Fairfax Media concede the plan, which will bring huge savings for the ATO, comes with dangers of conflicts of interest, greed or even intimidation corrupting the process.

Read the rest: Big business in charge of own tax.