Tax Management and Governance
Tax risk is the risk that companies may be paying or accounting for an incorrect amount of tax (including both income and indirect taxes), or that the tax positions a company adopts are out of step with the tax risk appetite that the directors have authorised or believe is prudent. Based on ATO guidance the tax risk management should be a part of good corporate governance.
Corporate Tax Advisory
Taxation is a complex and ever changing area that affects every part of your business. It’s important to stay one step ahead of the changes and plan well. Tax regulations and approaches are continually changing in Australia and internationally, with tax decisions under scrutiny like never before.
The Corporate Advisory team provides alternative boards service, so you have to place to ask questions. Our senior management with practical, hands on assistance to identify opportunities for business improvement and enhanced business value, and successfully implement a range of transactions.
GST, PAYG, FBT &tax returns lodgements
Understanding tax requirements ensures your business is taxed correctly and avoids penalties. Get an overview of the tax requirements for your business including record keeping, registering for taxes and your options for paying. Tax is money that you’re legally required to pay the government. It’s applied to a lot of the things we buy, it’s taken out of people’s regular wages each payday, and your business will need to pay tax too.
ATO conducts audits where they consider a more in-depth examination of the issue is required. ATO 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 review. However, where it is warranted ATO may proceed straight to audit without conducting a review.
We are experts in dealings with Tax Audits in Australia
We can help you deal with the tax authorities and achieve the best possible result for your tax audit. We have achieved excellent results for our clients’ tax audits for both federal tax and state tax matters.
Our tax professionals have the experience to handle your tax audit from the start to the end and give you legal advice and representation.
If you have received notification of a tax audit, review or investigation from the ATO or Office of State Revenue (OSR), you should contact us immediately to arrange a meeting at our office and seek legal advice. It is important and in your best interest to understand your legal rights and obligations before you say or do anything in relation to such matters.
If you engage us to act for you in relation to your tax audit, we will deal with the tax authorities on your behalf and manage the audit for you from the start to the end. We will work with you and your accountant to identify and deal with all the relevant tax issues as quickly and cost-effectively as possible. By doing so, we will be able to have the audit completed as soon as possible with the best possible result.
In Australia, the tax authorities have the legal power to review, audit and investigate your tax affairs to ensure that you have correctly complied with your tax obligations under the law. The audit may find that you have failed to comply with your tax obligations and underpaid the required tax. In such circumstances, you may be issued with a tax assessment that will require you to pay the tax shortfall together with very heavy penalties and interest.
By managing the audit properly from the start, we have been very successful in achieving great results for our clients. In each case, we will do our very best to ensure that you pay the correct amount of tax and minimise the additional penalty and interest that you will have to pay on the tax shortfall.