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This article was originally published in CCH iKnow. To many taxpayers and their tax advisors, the ATO is primarily a revenue agency, tasked with raising taxes – but the true picture is more complicated than that. From its Corporate Plan, the ATO says: The ATO’s purpose is to contribute to the economic and social wellbeing of Australians by...
Read MoreAs a tax agent, you have responsibilities to ensure that you meet the rules and requirements set out in the Professional Code of Conduct and Tax Agent Services Act 2009. As a tax agent, you have to be an expert in tax law, adapt your processes to various policy or law changes and manage client relationships, all while meeting your personal obligati...
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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