Irrespective of how well your financial affairs are managed, you are not immune to being selected for a tax audit.With federal and state government agencies including the ATO continuing to increase activity to ensure parties are compliant and meeting their obligations, the chances of being audited are higher than ever. The ATO has said they will focus on small and medium sized businesses (SMBs), sole traders and salary earners, especially those with investments, rental properties and high net worth individuals. State taxes are also being audited more frequently, including Payroll Tax, Stamp Duty, Gaming Tax and Workers Compensation. The ATO can also focus on Superannuation Contributions, Income Tax, BAS, FBT, CGT, Customs Duty, Fuel Rebate, etc.
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Any audit process is time consuming and professional fees are incurred regardless of the outcome of the audit process. Professional fees associated with an audit depend on the type of audit and the number of periods being audited. They include extensive time spent preparing for the audit, as well as responding to the audit outcomes.