ATO Audits and AusIndustry Reviews
Audits and reviews can happen anytime. Sometimes it’s just the luck of the draw, and sometimes something specific in your lodgement triggers the review. Reviews can occur before or even after you’ve received your benefit or refund. In fact, in some cases, reviews can occur years after your lodgement.
However, in every case, getting PPM’s professional audit assistance can mean the difference between a time-consuming, stressful experience with negative results, and a seamless, streamlined experience with optimal results.
Whether you’re under a personal or a business audit, a tax audit by the ATO can be a very serious matter. In each case, the ATO will go through your tax affairs to ensure that the information you’ve provided is true and correct and that you, or your business, have complied with all your Australian tax obligations.
In all cases you’ll be required to provide them with more information, and often be requested to attend an in-person meeting or interview. If the ATO finds errors in your documentation, you could be subject to heavy penalties in addition to the tax shortfall. In some severe cases, the ATO may also consider criminal action.
The most common audits for Australian businesses are GST and income tax audits. However, the ATO will also perform other business tax audits, such as superannuation audits, PAYG withholding audits and FBT audits.
How We Help
The best first step is to ensure that you’re getting the right advice before lodging any documentation with the ATO. Of course, sometimes even the most complete and truthful lodgements are selected for review.
If you’re subject to an ATO review, we can certainly help manage the process. Our wide range of ATO audit services include:
If you’ve lodged a R&D Tax Incentive application, you may be subject to an AusIndustry Review. Because R&D Tax Incentive applications are self-assessing (meaning you are responsible for ensuring your research and development is eligible and you are complying with all the requirements), AusIndustry expects that everything will have been properly reviewed before submission.
However, AusIndustry does perform random reviews on applications, and will also review an application where something has raised a red flag. (It is important to note that all first-time EMDG applicants are reviewed, as are applicants with significant expenses related to overseas representations or marketing visits.)
If you become the subject of an AusIndustry review you will likely need to respond to questions, concerns or requests for additional information. You may also need to appear at hearings or before the Administrative Appeals Tribunal. Ultimately, if things don’t go well, you may be required to repay the R&D Tax Incentive benefit, possibly with penalties.
How We Help
The best first step is to ensure that you get the right advice and assistance before you lodge your R&D Tax Incentive application. Of course, sometimes even the most complete and truthful applications are randomly or otherwise selected for review.
If you’re subject to an AusIndustry review, we can help. Our review services include:
Why Choose PPM?
Our audit specialists have decades of experiencing working with the ATO. We understand how the ATO works and thinks. More importantly, we understand the protocols and steps to make the audit process less intimidating and time consuming and ensure the best outcomes for your specific situation.
Our audit specialists have decades of experiencing working with R&C Tax Incentive applications and AusIndustry. Our depth of experience means that we have the ability to make a stressful, time consuming and resource-draining process move along more efficiently, with less stress, and achieve the best outcomes for you.
Specialisation is the key to unlocking exceptional outcomes for clients.
PPM is Australia’s premier boutique specialist tax group, with an unparalleled track record of delivering exceptional value in highly specialised areas of tax.
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