ATO audits are a very stressful time for a business owner. There is often a lack of understanding about the audit process and what the ATO is looking for. If not managed properly, audits can escalate and result in a poor tax outcome for the business. We also find that business performance suffers due to increased levels of stress in the management team.
Time is critical when dealing with the ATO. We recommend engaging with your accountant early so the issue doesn’t escalate further.
New clients Bill and Mark came to us after their business was audited. Unfortunately, they’d received some poor advice and the outcome wasn’t good.
We worked with them to re-examine the audit process, analyse the information they provided, and work out what could have been done differently. We then objected to the ATO assessments with different arguments and negotiated a new settlement which saved Bill and Mark $35 million.
Note: These are real case studies of clients we’ve worked with, though we have changed their names to protect their privacy.
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