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We are all familiar with the process of taxpayers lodging tax returns and the Commissioner issuing an assessment which determines their tax liability. For income tax, this is done using the Commissioner’s general assessment power in s 166 of ITAA 1936 or via the deemed assessment power in s 166A for full self-assessment
Read MoreThis article was originally posted on CCH iKnow. Your client has just received an amended assessment after an extended audit process. The client is unhappy with the outcome and additional tax payable. In addition, the ATO has imposed shortfall panellise of 50% on the shortfall of
Read MoreIn the course of your taxpaying life, revenue agencies like the ATO may conduct a review or an audit of your tax or super affairs. While you may have an accountant or tax agent handling your routine affairs, tax laws are complex and reviews or audits also involve a lot of administrative law.
Read MoreI’ve received an audit letter from the ATO – what do I do? All entities – individual, partnerships, companies, trusts and super funds can be reviewed or audited where there is concern by the ATO on the preparation of tax returns. With more data-matching capabilities and ease of access to information, the ATO is able to identify undisclosed income o...
Read MoreThe ATO and other revenue agencies have a broad power to calculate tax assessments on the basis of ‘other information’, rather than just relying on documents lodged by taxpayers. These are commonly called ‘default assessments’ and for the ATO often focus on ‘unexplained wealth’. Such ‘other information’ includes the results of ‘indirect audit metho...
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