The ATO’s audit activities have increased from the information available on income tax returns, Business Activity Statements, Single Touch Payroll and other data-matching programs.
The audit activities will also be expanded through the extension of the ATO’s amendment period for business taxpayers and certain categories of taxpayers.
In the event of an ATO audit, taxpayers have the burden of proof to demonstrate the ATO’s default assessment is excessive and what the taxable income should be instead of merely disagreeing with the ATO. Taxpayers are required to obtain evidence to defend their tax position.
We encourage you to seek professional advice promptly in the event of a tax dispute and undisclosed income to avoid escalating into tax litigation and minimise potential tax penalties.
- At Ezzura Tax Advisory, our experienced tax specialist can help with:
- the ATO’s audit or review
- voluntary disclosure of undisclosed income
- payroll audit
- landholder duties audit
- objection to the ATO’s assessment or ruling
- applying for the ATO private binding ruling
