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Am I likely to be audited?
What happens in a Tax Audit?
The ATO moved to self assessment some years ago now - that freed up staff to move from processing to audit.
The ATO have a variety of targets every year, which get published.
Their systems will show unusual claims. Otherwise, computerised data matching can highlight missed interest, dividends, etc.Its impossible to call the odds on the likelihood of an audit.
We get data matching letters every year. Occasionally, we'll be involved in a full-on desk audit - that can take months. The ATO may just want to substantiate expenses claimed, or check super or FBT liability, Or GST, or PSI for contractors, the list is virtually endless. And the onus is on you the taxpayer to prove and substantiate what's been lodged.
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At Tax Advantage, we understand just how important peace of mind in tax matters is.
As well as paying the least tax that is ethically possible. That's why we guarantee all the income tax returns we lodge.
"If any penalties or interest charges in your assessment are due to a Tax Advantage error when preparing your return, we'll pay the penalties & interest."
Tax Audits can be long and involved. And expensive, whatever the outcome. We can arrange cover through AIB Audit Shield which
- covers the cost of all enquiries, reviews, investigations and audits of your returns retrospectively
- Includes queries on Payroll Tax, Workers Compensation, Self Managed Superannuation Funds, Income Tax, BAS/GST, FBT, Superannuation Guarantee,
- Recordkeeping, R&D Grants.
- Includes specialists fees if a lawyer is needed for an opinion or defence
- Covers commonly owned entities and directors under the one premium
- tax deductible
- claims paid in 14 days
- Underwritten by Vero
