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ATO Audits

Are you aware that within 5 years of lodging your tax return the ATO can decide to audit you? This period starts from the day you submit your tax return. Also, people and businesses can be randomly chosen for an audit, or chosen as an industry benchmark to compare your industry with others. So, be aware that filling out a tax return poorly is not the only reason you can be audited. It鈥檚 in your best interest to make sure each and every tax return you complete is done properly.

In cases where you are already being audited, we鈥檒l find out the time frame the ATO is allowing for a reply and make sure yours is submitted on time. If the deadline passes, it鈥檚 the end of the story 鈥 at that stage we can鈥檛 do anything for you.

We鈥檒l evaluate the audit situation and then provide the taxpayer with several options on how best to reply to the ATO. For example, we can disagree with the ATO鈥檚 analysis, or, if we see a problem with a specific transaction we鈥檒l ask you everything about it 鈥 looking at the big picture 鈥 and then think about all of the possible options you have to produce an honest and positive outcome with the ATO.

Making a false statement is a criminal liability, so our approach is to always ensure our client will not be subject to any potential activities that can be deemed as a crime. At Chiu Consulting we actually find ATO audits to be incredibly interesting, as they are challenging, and every case is different. Where other accountants are afraid of taking on clients who are being audited, we take it as the natural responsibility of our profession.