This draft QWBA explains that a person does not have a choice of calculation methods and must use a default method to calculate FIF income if they fail to declare the income in a tax return and later file a voluntary disclosure, or fail to file a tax return by the due date and later provide one with the income.

CA ANZ do not agree with the position stated. In our view, the Commissioner’s interpretation of the key FDR provisions is incorrect and does not align with the policy intent of the FIF regime. The outcome is also overly harsh, unfair, and does not promote voluntary compliance.