Many business owners wonder what triggers an ATO audit and how businesses and individuals are selected from the millions of tax payers every year.
Basically, the ATO will data match and look for anomalies (“red flags”). Government data matching has never been as sophisticated as it is today. This fast paced utilisation of technology provides the Australian Taxation Office (ATO) with better audit opportunities.
The ATO have increased their data matching capabilities and are able to collect and match data from over 20 government agencies. This has resulted in publicised warnings that audits will increase in the coming financial years, with government payments such as JobKeeper, Cashflow Booster, and other government grants being highlighted by the ATO as an area likely to attract future scrutiny.
Clients who experience audits are genuinely shocked at the time it takes to comply with audit requests and the costs involved – they are expensive, time consuming, and always unwanted! If you are selected for an audit, as your professional advisers, we will be essential to assist in responding to information requests.
How do you minimise the cost of an ATO audit?
At Walsh Accountants, we want to protect and support our clients. This is why we give all our clients the opportunity to subscribe to our AuditSafe program.
Audit Safe is an annual audit coverage program providing quality service at an affordable price that protects you from unexpected professional fees that arise in responding to an audit.
Suitable for businesses, self-managed superannuation funds and even individuals, in the event of an audit, you will be covered for professional service fees incurred for the duration of your ATO audit (up to your delineated coverage amount).
If you are interested in knowing more about our Auditsafe program or would like to make an enquiry on how to subscribe, please do not hesitate to contact our Client Experience Manager Robin Curry on 5592 3644 or email@example.com