Abbott’s Chartered Accountants focus is on achieving sound taxation outcomes for its clients. At the forefront of this focus is ensuring that neither our clients nor our practice are seen as viable targets of the ATO for audit investigation. We structure our client’s affairs so as to comply with the law and to not raise unnecessary audit flags. Not being audited is far more important than merely surviving an audit. The scars of an audit linger whether you win the argument or lose it.
In recent years, the Australian Taxation Office has increased its audit activity and audits are inevitable and part of our daily life, however most don’t go beyond an initial enquiry as we are always highly prepared to resolve an audit inquiry promptly and efficiently and often without our clients even knowing it happened. That’s the Peace of mind part of our philosophy.
We can provide comprehensive advice and assist you to identify any compliance issues that your business is having difficulty with and we can liaise with the Tax Office on your behalf in regards to any objections and appeals. if required we can provide representation on your behalf during the audit procedures.
We provide a vast array of tax audits services which broadly fall into the following categories:
- Case Management
- Audit Insurance
- Strategic Planning
- Binding Private Rulings
- Tax Opinions
- Internal Audit Review
- Risk Assessments
Managing a tax audit is as much about managing the process as it is about responding to an audit demand.There are documents to examine and understand and there are people to examine and understand. Abbott’s Chartered Accountants has extensive experience in managing ATO audit enquiries and we know what is necessary to guide a tax auditor through to a mutually acceptable outcome.
Audits are inevitable as the ATO moves increasingly toward data matching and target oriented audit examinations. Abbott’s Chartered Accountants can offer comprehensive audit insurance to ensure the costly burden of responding to an audit enquiry is insured.
Understanding the tax audit risks associated with transactions is crucial when planning business structures and ventures. Abbott’s Chartered Accountants has a core focus on strategic planning as all levels of a transaction or enterprise venture. We can assist you to structure transactions so as to both comply with the law and minimise the possibility or the impact of a tax audit.
Binding Private Rulings
When a proposed transaction enters the grey and blurred zone of uncertainty Abbott’s Chartered Accountants can prepare private binding ruling requests to ensure your proposed transaction will be treated by the tax office exactly as you expect. If this means the transaction has to be restructured to accommodate a known tax exposure then it is always best to have that information up front before you commit to a course of action.
When things are a little uncertain and it is prudent to seek a more detailed opinion of a tax transaction Abbott’s Chartered Accountants can provide detailed tax opinions. In the case of particularly complex legal matters we can refer you to highly competent and respected taxation lawyers who are familiar with the transactions you are contemplating.
Internal Audit Review
To provide you with the peace of mind that your business affairs are in order Abbott’s Chartered Accountants can conduct internal audit reviews of your taxation compliance procedures and advise on areas of weakness for review.
To provide you with the peace of mind that you are not exposed to unnecessary tax audit risk Abbott’s Chartered Accountants can conduct risk assessments of your business or divisions within it to allow your to focus on lowering your risk exposure to particular practices or transactions.