The capabilities and scope of the Australian Tax Office (ATO) are at an all-time high. The ATO, along with other Australian government agencies (e.g. Work Cover, State Revenue Office), are utilising the resources at their fingertips, such as data-matching, to rigorously analyse Australian taxpayers.
Despite honest and through declarations, taxpayers can still be targeted for an audit, enquiry, investigation or review by the ATO. The costs incurred can be significant, even if the lodgments are correct, and no further amendments are made. The ATO are making sure that every step of the way they are connecting the dots to every transaction and interaction of a taxpayer.
The increased frequency and scope of Audit, Review and Investigation activities in regards to Individuals, Businesses and Self Managed Super Funds continues at a high volume which does not look like decreasing.
WLM has put in place a Tax Audit Insurance arrangement to cover professional fees incurred (up to a prescribed limit) with the preparation of material and management of the response process. This provides cover for your latest lodged return and all previous years’ lodged returns and the fee is tax deductible.
For more information please contact WLM and we will be happy to discuss this in furhter detail for your individual circumstances.