This review drills down to the very understanding of claims-made & occurrence-based insurance policies. The following insurance classes are often claims-made, as opposed to occurrence-based insurance policies. Tax Audit Insurance Professional Indemnity Directors & Officers Liability Employment Practices Liability Management Liability *The crucial impact & indeed importance of the variance in the cover provided (under […]
ATO Target Areas: Before, During, and After COVID-19
As we expected, the Australian Tax Office (ATO) is poised to double down its debt recovery and audit activity efforts. Slowly but surely, it is lifting self-imposed restraints that gave Australians temporary relief in 2020. Here, I take a look at the ATO target areas in 2020 and how they could expand, shift and evolve […]
ATO Audit: How to navigate the process
When the Australian Tax Office (ATO) plans to review or audit your tax return, it will also notify your accountant. Your accountant will then serve as your guide in managing the process from start to finish. So what happens next, and how should you respond to an ATO audit? Are there limits to the kinds […]
How Do ATO Tax Audits in Australia Work?
The ATO is planning on restarting its tax audit activities in October according to a recent parliamentary commission. […]
ATO targets JobKeeper and restarts tax audits in October
The ATO is planning on restarting its tax audit activities in October according to a recent parliamentary commission. […]
What is tax audit insurance, and what should I look for when choosing a provider?
Accountants around Australia will have come across numerous tax audit insurance providers in their time running a practice. Policies that are backed by larger insurance companies may present more prudent partnership opportunities, whereas those without may be riskier for the accountant. How ATO Is Tackling The Problem As an accountant, it makes sense to offer […]
ATO Targets: Cryptocurrency Trade in Australia
When it comes to tax time, cryptocurrency is an area often fraught with underreporting and broad misunderstanding. The ATO is implementing stringent measures to capture lost income tax revenue, which includes hundreds of thousands of taxpaying Aussies. Over the next several weeks, the ATO will notify some 350,000 people that their cryptocurrency earnings and trading […]
I am an Accountant: Can my clients avoid an ATO tax audit?
Tax time is quickly approaching and as the largest contributor to Australia’s whopping $8.7B tax revenue deficit, “the ATO compliance focus is likely to be on the small business sector” with high-wealth contributing “substantially lower” than some expected. With plans to send hundreds of thousands of “please explain” notices to ordinary Australians, it is worthwhile having the conversation with […]
As ATO Closes Income Tax Gap, How Important Is Audit Insurance?
The previous few federal budgets have included funding aimed at supporting the ATO in implementing and enforcing measures to close the burgeoning gap in lost tax revenue as a result of non-compliance. This action has been spurred on by numerous factors, not least of which includes the active ‘Black Economy’ in Australia. With compliance rules […]