Is your business a target for an ATO review?
Virtue Private Advisory can work with you to manage an ATO review or audit in a practical and proactive way.
Chances are, you have experienced an ATO review or audit, if not, you might take comfort, for now.
The ATO publishes its Corporate plan annually, including its intended compliance activities. “Big data” helps the ATO to find its targets: analysis of large volumes of data to reveal patterns and trends. This information helps establish norms for industry groups and also helps identify taxpayers that are “outliers”. The ATO’s capabilities in this area will continue to be improved and refined through greater data sharing across a broad range of sources, with the help of automation and artificial intelligence.
If you happen to you might receive a letter, questionnaire or telephone call from the ATO you should start by contacting your accountant.
Importantly, your accountant will be able to inform you of your rights and obligations and help in responding to the ATO in a professional and timely way.
You should take the opportunity to review your lodgements in advance of any audit activity. If a mistake is identified, you should consider the opportunity to make a voluntary disclosure.