How frequently should taxpayers review their compliance status according to the ATO Green Book?

Taxpayers should review their compliance status regularly, as this approach allows them to stay updated on their obligations and any changes in their circumstances that may affect their tax situation. Regular reviews help ensure that all aspects of compliance are managed correctly and that no important updates, such as tax law changes or shifts in personal or business finances, are overlooked. By being proactive and evaluating their compliance status regularly, taxpayers can identify potential issues before they escalate and take appropriate measures to address them, ultimately reducing the risk of penalties or non-compliance with the ATO's regulations. This practice reflects a commitment to responsible tax management and helps maintain a transparent relationship with tax authorities.