Tax audit doesn’t always mean you have done something wrong sometimes it’s just the luck of the draw. Reduce the risk of raising a red flag with these tips.
Avoid being audited by the ATO by watching out for these key warning signs.
Tradies be warned. Already the ATO has hit 250,000-plus contractors with over $2.3 billion in tax bills for avoiding their income tax and GST obligations.
Cheating the tax system may not have immediate repercussions until years later you find yourself the subject of a personal audit by the ATO.
The ATO may conduct a GST audit to ensure your business fulfils its legal obligations. Here are some guiding principles to ensure compliance.