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Australia signs second annual compliance arrangement in a month
The Australian tax office is predicting an increase in annual compliance arrangements after it signed its second ever agreement with Integral Energy, one of the country's largest state owned energy companies.
The tax office signed its first compliance arrangement with ANZ bank in October.
The annual compliance arrangement covers Integral Energy's goods and services tax (GST) obligations.
The ATO said the arrangement provides increased certainty, strengthens compliance and reduces compliance costs for business and the tax office.
"We are working with several large businesses to develop other ACAs," said a tax office spokesperson. "Interest in the ACA is increasing as it goes a long way towards meeting large business's overriding desire for no surprises. Its benefits can include the business knowing where they stand on current transactions, greater certainty for GST obligations and signoff of the annual income tax return," he said.
Integral Energy's arrangement is effective from November 1 and will run for an initial trial period of three years.
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