You want a tax audit?

You want a tax audit?

The Australian Taxation Office constantly conducts reviews of tax returns lodged and contacts taxpayers when issues come to their attention.

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The most common instance, is after you lodge a tax return reporting interest income, and they write to you and ask you about the other $1000 you might have earned, that you haven’t included in your tax return.

Other common examples are:

  • missing employment income or taxable government benefits

  • employee share scheme amounts

  • eligibility to exemption from the Medicare Levy Surcharge

  • significant amounts deducted against income, such as employment or rental income

Increasingly the ATO are:

  • identifying disposals of shares

  • picking-up errors in private health insurance disclosures

  • chasing people who have not lodged one or more income tax returns

So by not lodging tax returns, or lodging them and omitting income or CGT reporting for asset transactions, or claiming large deductions are excellent ways to have yourself audited by the ATO.

The best way to avoid a tax audit?  Well, lodge regularly, and stick within the rules!

Our clients hardly ever have any issues or questions raised by the ATO, and generally the only issues that arise are:

  • when Clients have not supplied their tax information for us to prepare their outstanding tax returns

  • errors … by the ATO

That’s one benefit of having your taxation affairs handled by a professional tax expert.  Not just a Chartered Accountant.  Not just a Registered Tax Agent.  But someone with 20+ years of experience and care of a wide-range of clients, who knows how to protect you as a client, and provide you advice that is in your best interests.

Stealthy Tax Rises

Stealthy Tax Rises

2015 Federal Budget: Deficits less important, apparently

2015 Federal Budget: Deficits less important, apparently