Self assessment: Are we there yet? Are we there yet?

Abstract

Australia embarked on the journey towards self–assessment some 20 years ago and it is appropriate, following the implementation of the Review of Self-Assessment (‘ROSA’) in 2005/06, to evaluate the progress towards an effective self-assessment system. It is important to bear in mind that a good tax system seeks to balance potentially conflicting objectives including revenue collection, economic efficiency, equity and other social goals, while minimising administrative and compliance costs, providing adequate certainty and finality and making it easy for taxpayers to comply with their tax obligations in a timely and cost-effective way.