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ATO Audits

Expert support and guidance for navigating ATO Audits

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Whether the ATO has commenced an audit of your personal tax or business tax affairs, the process can be extremely stressful and intimidating, which is why seeking experienced and specialised legal advice at an early stage is extremely important.

In a personal audit, the ATO will examine your personal tax affairs to ensure the information you have provided to the ATO is accurate and you have complied with your tax obligations.

If you are an Australian resident for tax purposes, you must pay income tax on your worldwide income, and the ATO may wish to question you about your international transactions. Once you have provided the requested information, the ATO will likely take steps to verify the information with third parties before issuing an audit position paper. You will have an opportunity to respond before the ATO issues an amended or penalty assessment.

The most common audits for businesses are in relation to income tax and GST, however, the ATO also conducts superannuation audits, PAYG withholding audits and FBT audits. If you are found to have underreported your business income, overclaimed expenses, or kept incorrect records, your business can be issued with a large tax bill, as well as additional penalties and interest charges, which often have income tax and GST implications. Given the significant financial implications, it is essential that you seek experienced and capable legal advice as soon as possible.

Whether you are an individual who is under a personal tax audit, or your business is under a business tax audit, contact Dormer Stanhope and we will guide you through the audit process, ensuring that your rights are protected and that you receive the best possible outcome.

Where they have found mistakes, the ATO generally administers heavy penalties in addition to requiring you to pay the tax shortfall. Consequently, it is critical that you seek expert legal advice to give you the best chance of minimising any penalty.

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