ATO Comprehensive Risk Reviews & Audits 

At Pietsch Partners we have experience in working with Clients and the ATO in the review process providing a clear pathway to work through the reviews and resolution of any emerging issues. 

The ATO conducts many review and audit processes and is able to gather information from various other statutory authorities.

ATO review and audit processes inlcudes:

  • Risk Reviews are undertaken to determine if there are any compliance issues in the group which may require further investigation.  During a review period there is often the opportunity to resolve any emerging issues without the need to proceed into an audit phase. 
  • Comprehensive Risk Reviews - is generally has a broad scope of gathering information about the group over a period of time, including group structure, office and shareholdings, trust, partnership and superannuation details, financial reports and taxable income calculations.  From this information a review is undertaking to identify and areas of possible tax risk and further specific reviews may be commenced.
  • Specific Risk Reviews - are generally in respect of areas of identified tax risk where additional information is required to be reviewed.   
  • Pre-lodgement Reviews - where the ATO identifies a significant transaction it may initiate a pre-lodgement review which provides for a review of the taxation treatment of the transaction in the relevant income tax return and agreement between the ATO and the taxpayer prior to lodgement of the income tax return. 
  • Audits - the ATO may proceed to audit where matters have not been resolved at the Risk Review stages or additional tax risks have been identified. The ATO endeavour to complete audits within 18 months of commencement.  Any relevant penalties are greater where tax risks are identified and there are shortfalls of tax payments during the audit stage. 

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