Our Australian tax laws can be pretty complex, confusing, and for business owners, a bit stressful. The best thing you can do to ease the stress around your next tax audit is to take a proactive approach. With a team of expert tax accountants on hand, we can get you ready for a tax audit. It’ll start with a complete tax risk assessment where we’ll file through and inspect your record keeping and tax documents.
We’ll particularly look at transactions that concern the ATO. Basically, we’ll work with you to ensure your company is compliant for your next tax audit. If you do get audited, we’re able to communicate with the ATO on your behalf. We’ll manage the entire tax audit process for you.
A tax audit, put simply, is where the ATO audits your company or you as an individual to determine whether or not you’ve been compliant with the relevant tax laws. The idea is to ensure companies meet their tax obligations by regularly auditing select businesses. It’s how the ATO detects, deters, and deals with non-compliance relating to tax.
A tax audit may vary from a “relatively quick” examination of your documents to a more intense analysis of your financial arrangements and transactions. These usually escalate from a review, however there are circumstances where the ATO will skip a review and go straight to the audit.
Tax audits may be conducted when the government suspects “foul play” like fraud or evasion, but it could be launched from a suspicious or “high risk” transaction.
Business owners are busy. Between managing your team, your business, and your finances — making sure it’s all compliant is just another layer. Keeping compliant across all of your accounts isn’t just necessary in the case of a tax audit though. If you’re seeking a business loan, your lender will want to see that your accounts are well-maintained and compliant.
When we audit your accounts, you’ll get an opportunity to learn a lot more about your business and the accounting steps you should be taking regularly. Having one of our accountants run a tax audit for you will help you keep everything compliant, work as a learning opportunity for you, and save you money.
Our team can also audit any family trust accounts you may have. We’ll take a look at your finances and audit your family trust to ensure it’s totally compliant. Having your trusts audited regularly means any breaches will be picked up sooner — saving you ATO headaches later on.
You must have any trust accounts audited annually by a qualified auditor. We’ll work with you to establish and maintain compliant trust accounts in your business.