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The Australian Taxation Office (ATO) regularly conducts tax audits of small and medium businesses to ensure that these businesses are fulfilling their tax obligations. Broadly speaking, the audits that are conducted on small and medium businesses focus on the examination of the accounting records and supporting documents of the business, to verify the information that has been used in the preparation of the tax returns of the business.

Generally, if you are the business owner, an auditor from the ATO will contact you directly, or may contact your registered tax agent (for example your accountant) to discuss the requirements of the audit. Usually, a meeting will take place between yourself and the auditor at your business premises. The purpose of meeting you at your business premises is to help the auditor gain a better understanding of the business and the nature of the business environment you operate in. As part of this meeting, the ATO auditor may wish to conduct a ‘walk through’ of the business. The auditor may also need access to a place where they can work and a photocopier.

The Audit Process

Broadly speaking, a representative from the ATO will contact you to organize an initial interview at an appropriate time. You will receive a written confirmation of the interview time and location, and will include a list of the items that you are required to bring to the interview.

Once the audit has been completed, the ATO auditor will meet with you to discuss the outcome of the audit. The purpose of this meeting is for the auditor to discuss with you their findings and give you an opportunity to understand the findings of the audit and provide you with an opportunity to provide a response in relation to the findings of the audit.

Generally, an audit finalisation letter will be sent to you within seven days of the ATO reaching a final decision on your audit.

Prior to meeting with the ATO auditor, you will have an opportunity to review your documents and records to determine whether you have made any errors in your declarations. In certain circumstances, the penalties that the ATO can give may be reduced by up to 80% where you make voluntary disclosures to the ATO about any errors or omissions that you have made.

If you are a business owner or operator and have been advised by the ATO of their intention to conduct an audit on your business, it is important that you obtain tax legal advice on what your legal obligations are in relation to the taxation of your business. Our experienced tax lawyers are able to consider your circumstances and provide you with tax legal advice to assist you through the business tax audit process. You can speak with one of our tax lawyers by contacting our firm on (02) 9233 4048 or sending an email to info@navad.com.au and arranging a consultation.

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This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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