A notice from the Australian Tax Office (ATO) lands on your desk. Your business is facing a tax audit. Regardless of the reasons, this can unsettle your usual operations.
“We conduct audits where we consider a more in-depth examination of the issue is required. Our audit program ranges from relatively quick examinations of source documents to more intensive analysis of complex arrangements and transactions… most audits are escalated from a verification check or review. However, where it is warranted we may proceed straight to audit without conducting a review.”ATO
The objective of many businesses is to survive a tax audit and hope to maintain normal business operations. But, especially if you are prepared, you can ease the sense of burden and reasonably hope to thrive beyond potential ATO audit penalties. Calibre Business Advisory helps businesses of all sizes with tax audits in Australia.
A tax audit aims to assess the functions of your business to examine how you may have failed to comply with taxation regulations. It its performed by taxation offices and bodies; unlike an external audit, it may result in ATO audit penalties.
|Employee Pay Issues||Failure to meet ATO Benchmarks|
|International Transaction Discrepancy||Questionable tax lodgement|
|You run a cash business||Losses|
|Bad Press||Drastic Business Changes|
|Agency Information Sharing||Delays and Failures in Reporting|
Calibre works hard at this and has a solid relationship with the ATO. Consequently we can clarify the scope of any ATO tax audit, thus alleviating some of the imposing stress involved.
Entities that generally operate with clear, consistent, and detailed documentation will be best prepared for any ATO tax audit. External audits are often undertaken to ensure this. Cash-flow, contractors, pay, reconciliation, investments, assets, liquidation – regardless of your financial activity, being able to demonstrate on paper the movement and nature of your assets and funds is the best way to manage any tax audit in Australia.
“I’d run a successful contract welding business for many years, but over the last four years I was involved in a lengthy dispute with the OSR regarding the payroll tax on my contractors. The potential liability imposed by the OSR was substantial. Of course, I was very stressed. Calibre helped me reach a successful outcome. The most important thing was that they took the lead in this matter. At each step they gave me clarity as to the issue at hand and explained what was required next.” Local Welding Client
Preparing and presenting documentation takes time. Tax audits are thorough and painstaking. ATO audit penalties can be severe and the requisite action is often specific down to a dollar amount. Yet an expert tax accountant may be able to create options with an ATO tax audit that might soften the consequences on your business. Calibre has had great results in dealing with tax audits. Reputed, reliable, and respected, our solid relationship with the Australian Tax Office and inexhaustible energy make sure that the burden on you is eased.
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