Individuals, partnerships, companies, trusts, super funds are all at a risk of a tax audit following an unsatisfactory tax review.  Tax audits which follow an unsatisfactory tax review can be very costly in terms of time and money.  So, it is better to satisfy the Australian Taxation Office (ATO) at the review stage.

The ATO may escalate a tax review to a tax audit for a variety of reasons, including but not limited to: examination of source documents, suspect fraud or evasion or there is an arrangement considered high risk.

With more access to data-matching from multiple sources, the ATO is able to identify suspicious transaction faster than before.

What do you need to do if you are under tax review or tax audit?

The ATO wants to establish a productive and professional working relationship that encourages transparency. It is therefore important to make contact with the case officer as early as possible.

It is recommended at this point to engage a professional, such as Waterhouse Tax Lawyers, to assist you with contact with the ATO. We have a wealth of experience at all levels of a tax audit; from individual audits looking at deductions to audits of high wealth international families who conduct business globally.

Most of our team are former ATO senior management and are experienced in identifying and resolving ATO issues with the tax review/audit.  We have a track record of providing successful results for our clients.

What can Waterhouse Lawyers do for you during an audit?

We can be the point of contact during the audit with the ATO to save you the hassle.

We are able to explain the circumstances that may have lead to transactions or the audit in a technical manner.  In the past, we have organised face-to-face meetings during an audit with the ATO case officer, as we find that this approach allows for better communication and a natural flow of conversation. We can assist in preparing your audit documents and preparing letters that further explain the documents in a technical manner.

During an audit, we are able to identify transactions that may have been implemented incorrectly, and can assist in preparing a voluntary disclosure.

If you would like to discuss our audit services, please contact us via our website, emailing us via admin@waterhouselawyers.com.au or calling 02 92252 8746.