Do you want to know what happens when you get an ATO Audit?
Tax season is coming. and as a lot of people have had bad experiences with ATO auditing in the past, we have been asked a lot of questions about it. The most popular questions have been, (1) How does the ATO decide whether or not to do an audit? (2) If you are audited, what do you have to prepare and (3) What happens next?
Here are the short answers to these questions:
- The ATO has a range of ways it selects people for auditing. Most audits are completely random, while for others, the ATO has specific programs and checks across different industries. As we have well over 10,000 clients, we have a lot of experience in working on ATO audits within a range of industries. Remember if you have done the right thing, an audit is nothing to worry about!
- Once you are notified of the audit, they will clearly state what paperwork or details are required, such as bank statements or receipts. It is important to keep a record of these types of documents, and having a good bookkeeping system, like Xero or Quickbooks, will make this much easier.
- Once you are asked to undertake an audit, it is important that you respond as quickly as possible to each request for information, so you can avoid any problems or future troubles. Generally you have 28 or 60 days to respond. Remember – the quicker, the better.
If you get audited by the ATO, your local Mas Tax Office will be more than happy to help. We can help you to understand what is required by you, as well as help to organise the paperwork that needs to be submitted.
For more information, please contact us below or call us on 1300 627 829
