Anthony Carafa
Director
Having the support of your tax agent during an ATO review is essential for ensuring a smooth and successful outcome. We assist in navigating complex tax laws, minimizing errors, and communicating effectively with the ATO on your behalf. From collating accurate documentation, to meeting deadlines and reducing your stress throughout the process. With us by your side, you can focus on your business while we confidently address any ATO concerns and minimize potential financial risks.
Facing an audit can be stressful and overwhelming, particularly when it comesunexpectedly. With the ATO’s increased focus on tax risk reviews and other compliance programs, it’s essential for businesses to be proactive around ensuring reporting is accurate and that documentation is satisfactorily prepared for an ATO audit.
Develop and Maintain a Strong Tax Risk Management System – Implement a Board policy on tax risk, document procedures for tax administration, and keep your tax risk register up to date.
Stay Informed About Industry- Specific Tax Issues – Monitor ATO announcements about key tax issues affecting specific industries to proactively manage risks;
Review Unusual Business Activities – Carefully assess the tax implications of mergers, restructures, or expansions, and document all relevant actions; and
Address Discrepancies Between Accounts and Tax Returns – Ensure any differences between financial accounts and tax returns are justified and reconciled to avoid ATO scrutiny.
We are specialists in supporting clients through ATO reviews reach out to us today for a coffee on us, and let’s discuss your specific requirements.
We also assist with drafting tax governance documents, upgrading existing systems, and providing the external reviews the ATO looks for during an audit. By partnering with us, you reduce risks for your Board and management, and navigate the complexities of ATO audits with confidence.
Equipped with a team that has the experience and capabilities of a big firm, but maintaining our deep, personal connection is something we pride ourselves on. Our team are highly supported and we are conscious of wanting to keep our numbers small, but our value high.
We have a team of experienced professionals from a diverse range of backgrounds, highly qualified for every business need. Some of the qualifications our team possess include:
We take great pride in our customer service and the deep relationships we have with our clients and we are humbled to learn that our clients feel the same way.
Much like client NPS®, we take great pride in our employee engagement and the deep relationships we have with our team as we support them on their professional journey.
Director
Director
Director
Senior Client Manager
Senior Client Manager
Client Manager
The ATO may conduct audits or reviews based on discrepancies between your tax return and financial statements, industry-specific risks, or unusual business activities such as mergers or expansions. It’s crucial to maintain accurate reporting and stay informed about the ATO’s focus areas.
To prepare, ensure your tax risk management system is up to date, maintain detailed documentation of all business activities, and regularly review any discrepancies between your financial accounts and tax returns. Staying proactive can minimize risks during an audit.
The duration of an ATO audit can vary depending on the complexity of your business and the issues being examined. It can take anywhere from a few weeks to several months.
Yes, if you disagree with the outcome of an ATO audit, you can lodge an objection to have the decision reviewed. Engaging a tax professional can be beneficial in managing this process and presenting a strong case.
Let us buy you a coffee to discuss your requirements.