We Guide You Through A Personal Tax Audit
The Australian Tax Office (ATO) can be vigilant during a tax audit, and complying with the ATO’s requests can take up your valuable time. Many of our clients find the tax audit process to be extremely arduous and frustrating. Yet unfortunately, for many Australians, it’s a necessary part of the government’s tax process.
When revenue agencies conduct tax audits, taxpayers can benefit immensely from having tax representation to stand for their interests.
Tax audits can involve time-intensive processes, such as examinations of your transactions and other documents to investigate all sorts of tax issues, such as:
- Unreported or underreported income,
- Unexplained wealth,
- Sales of major assets,
- Company transactions,
- Trust transactions, and
- Tax credit claims.
How can a tax audit help you?
Tax representation with a trusted professional can ensure your interests are upheld throughout this complicated – and often tedious – process. We can manage the end-to-end tax audit process, working with the ATO on your behalf. Throughout the process, we’ll ensure that any information given will satisfy the ATO’s requirements.
We can also work to better understand what the ATO wants. Whether you’re involved in a personal tax audit or a business tax audit, our goal is to help you navigate through the process as quickly as possible. We aim to minimise the disruption to your personal life or business by providing accurate, up-to-date information and all required records to ensure a speedy conclusion of your audit.
Contact our accountant team
To learn more, please read on or contact us to learn more about our tax audit services and how they can benefit you or your business.
Navigating your way through a tax audit can be stressful and extremely time-consuming. Our tax audit services can help you:
- Manage a tax audit and work through it quickly,
- Manage tax audits for your SMSF, your trust, or your business,
- Organise tax audit insurance to assist individuals to cover the cost of fees if needed,
- Liaise with the ATO and understand exactly what is needed and when,
- Provide clarity on the tax audit process so you always know what to expect,
- Ensure your record-keeping and documentation are correct and up-to-date,
- Ensure transactions and records are kept in a way that will satisfy the ATO’s requirements, streamlining the tax audit process,
- Understand the consequences of non-compliance, and
- Negotiate with the ATO for the best outcome.
The ATO has stringent requirements when it comes to tax audits. While tax audits are important and necessary, they can also be highly disruptive. Tax audits can cause unnecessary anguish and frustration – but this doesn’t need to be the case.
Proper tax planning and meticulous record-keeping can ensure that, when the ATO does come calling, you’re prepared. Our team can also help you prepare for tax time to reduce the impact of tax audits and ensure that you’ll always have your records and documentation up to date.
Need assistance with a personal tax audit? Or perhaps your business needs assistance with tax audits? Either way, don’t waste any time. Contact our team to learn more about our tax representation services today.
If you’ve been contacted by the ATO and notified that you will your tax history will be audited, you will:
- have a phone call to arrange a meeting time with the ATO
- receive a follow up with written confirmation and a meeting agenda outlining key issues that will be discussed.
For help preparing for this meeting and your audit, please contact us.
The ATO undertakes audits of businesses and high net worth individuals to ensure compliance with the Australian tax laws. There are many things that may alert the ATO, and encourage audits, such as:
- Skewed data in business income (low or high)
- Indications that all income isn’t being declared
- Having a lifestyle or assets that may not match declared incomes
- Repeated late submissions on tax returns and obligations
For more information, please contact our friendly tax audit team for an obligation-free discussion.
Book an obligation-free consultation here.