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Objection

Tax

How to Object to Tax Assessments

Bruce Collins, May 23 2022

This 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 tax.

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Tax

Audits and Reviews by the ATO and State and Territory Revenue agencies

Bruce Collins, August 16 2021

In 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.

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Tax

ATO reviews and Audits

Bruce Collins, July 13 2021

I’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...

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Tax

Asset Betterment Assessments

Bruce Collins, July 13 2021

The 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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