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.
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.
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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If you require assistance with a Tax matter, you should make an appointment to see one of our Lawyers in one of the following locations:
- Sydney