A tax review of your tax affairs generally happen when the Australian Taxation Office (ATO) identify a compliance risk. Depending on your tax affairs, the scope of the review may range from a single issue to multiple issues or your entire business operation. Reviews help the ATO determine if there are tax issues requiring a more in-depth examination and response. During a review, the ATO generally request information from you on an informal basis without having to use formal powers. The review process provides an opportunity for both the ATO and the taxpayer to quickly and cooperatively resolve matters in a transparent way. A review may result in audit if ATO identify areas of concern requiring closer examination.
A tax audit is conducted when the ATO consider that a more in-depth examination of an issue is required. The audit program ranges from relatively quick examinations of source documents to more intensive analysis of complex arrangements and transactions. Most audits are escalated from a verification check or review. However, where it is warranted, ATO may proceed directly to audit without conducting a review.
FCG Tax Pty Ltd has the abilities and experience to handle tax reviews and audits from day one; holding your hand and guiding you through the whole process. We will make contact with ATO and resolve the reviews and audits as quickly and effective as possible to minimise the cost and disruption to your daily life. We always strive to provide you with the best outcome.
For our client, FCG Tax Pty Ltd strives to minimise the risk of being reviewed and audited. We believe that prevention is better than cure.
