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ATO Audit Hot Spots

The ATO have completed more audits in the following areas than any other year, as the ATO are collecting more data: Small Business Benchmarks Small business benchmarks are a guide to help you compare your business’s performance against …

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ASIC warns against low-cost audits

After an investigation into cheap audits in the 2016/17 financial year, the Australian Tax Office has expressed concerns with low-cost audits and referred several of them to ASIC. The ATO has focused on the activities related to cheap …

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7 Things Your Tax Accountant May Not Have Told You About Tax Audits

As a business owner, property investor or trustee of a property investor trust, it’s possible that one day you could be selected for a tax audit. If this happens, it’s important to be aware that you – and not your bookkeeper or accountant – will be held responsible for any errors or omissions in your taxation affairs. This makes it very important to take a keen interest in your financial and tax affairs rather than simply handing them over to your accountant to manage.

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