Recorded Webinar: ATO Compliance: Are You Audit Ready?

The ATO regularly revisits its areas of focus in relation to audit activity. This session is an update on the ATO’s current audit focus areas and the approach being taken in the reviews. It discusses what you need to do to be audit ready, including:

• Who and what is on the ATO’s hit list?

  • which industries are under the microscope?

  • what types of transactions are being examined?

• Undertaking your own prudential audits:

  • what are you looking for?

  • how do you document your review?

  • what if you find errors?

  • voluntary disclosure and how to manage it

• Strategies for dealing with ATO audits:

  • role of the tax adviser in the audit - when should you be there, when should you actively participate

  • managing disclosures

  • dealing with privileged communications and the accountants working paper exemption

  • negotiating with the ATO on the statement of position

  • dealing with audits where Part IVA is in play - the GAAR panel and other issues

  • cutting a deal

  • negotiating on tax shortfall and GIC penalties