Then making a voluntary disclosure will solve your tax problems (and let you sleep easy at night).
And it doesn’t matter if you can’t find your receipts etc. The ATO can assist in trying to figure out how much income you derived in a particular year. For instance, with your assistance they can do what is called an asset betterment test to see if your assets far outweigh your income.
We have had several fantastic results for our clients. For instance:
This was a significant victory for our Chinese clients, particularly as they made the voluntary disclosure after the audit had commenced. What assisted them in this particular case was the forensic accounting that we were able to undertake to show how all the monies flowed. We also established an excellent rapport with the ATO case officers.
Message: Engage early. You will be amazed at how helpful the ATO is if you engage with them before they start auditing.
Once the ATO starts auditing you are facing massive penalties. It is possible to overcome the large penalties by engaging a lawyer to try represent you to try to minimise penalties and outcomes. However it makes the lawyers’ task much more difficult.