))
45: ATO Audits? Don’t Panic! Here’s What To Do
Manage episode 441537876 series 3530481
Content provided by Sally Preston. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Sally Preston or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Got a letter from the ATO? Don’t panic — learn exactly what to do (and not do) when the Tax Office comes knocking.
Today’s episode dives into the often nerve-wracking world of ATO audits and reviews. Sally is joined by David Hughes, a seasoned tax law specialist and partner at McCullough Robertson Lawyers.
David isn’t your average tax lawyer — he’s got years of experience turning daunting ATO encounters into manageable processes. He shares compelling stories of tax mishaps, from ignoring ATO letters to facing million-dollar assessments, and offers expert advice on how to handle each stage of an ATO review.
We’ll explore what those colour-coded ATO letters mean, the importance of not panicking, and why seeking help early could save you a fortune.
If you've ever wondered what to do when the ATO starts asking questions, this episode is your essential guide.
In this episode of Smarten Up! The Tax and Business Podcast, you'll learn:
- A cautionary tale of a young real estate agent overwhelmed by ATO letters and the consequences of ignoring them (00:50)
- How ATO letters escalate in urgency and why ignoring them is the worst thing you can do (02:31)
- The common “deer in the headlights” reaction to ATO audits and why curling up and hoping it’ll pass is never the answer (03:33)
- Why the ATO knows more than you think (04:15)
- How the ATO uses real-time data to cross-check your transactions and why keeping good records is crucial (07:42)
- The value of voluntary disclosure and why timing is everything (11:04)
- The importance of getting a second opinion, especially when facing complex ATO queries (14:17)
- What happens once the ATO has formed an official view (18:22)
- The costly impact of interest and penalties (20:22)
- The last resort: Appealing ATO decisions (26:46)
- The value of detailed record-keeping (30:55)
- Sally and David’s key takeaways (32:31)
This episode arms you with the knowledge and strategies to tackle ATO audits and reviews head-on. Remember, it’s free to open the letter — but the cost of ignoring it can be enormous. The right help at the right time can make all the difference!
CONNECT WITH SALLY PRESTON
- Website: http://www.smartsolutionstax.com.au/
- Facebook: https://www.facebook.com/SmartSolutionsTax
- Instagram: https://www.instagram.com/smartsolutionsau/
- Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517
- Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/
- LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/
51 episoade
Distribuie
