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The ATO has today announced that they will investigate close to 46 Cheap Air Max DLX ,000 businesses who they suspect may be underreporting their income or involved in some form of tax evasion.


It is important to that if you have been involved in these activities to make sure you consult an appropriately qualified professional to handle your case. The principal of Omega Partners has represented a number of clients on matters related to the offshore voluntary disclosure initiative and various audits by the ATO. We have found that where a client presents themselves to the ATO prior to audit the penalties and interest can be significantly reduced. If the client is detected and audit proceedings are commenced the opportunity to negotiate with the ATO is severely reduced.


Areas that are currently being investigated include


. understating of sales income. In some cases individuals may even keep two sets of books to represent the real cash taken by the business and another to present to the ATO. The ATO has developed a number of benchmarks to compare businesses across similar industries and if you have been involved in understating income it is wise to come forward and present your case to the ATO.
. GST being incorrectly claimed. This can be quite common in the property development sector where the margin scheme is incorrectly applied. Property developers may not have taken into account a change to the nature of the property and the potential GST adjustments required as a result of this change.
. Fringe Benefits Tax being incorrectly calculated. We have seen instances where the operating cost method, requiring the use of a logbook and other requirements, is used but the supporting records do not support the use of the operating cost method. The client will then be required to apply the statutory method resulting in potentially significant additional taxation liabilities Cheap Air Max Deluxe , penalties and interest.
. Offshore income not being declared or inaccurately declared. Many clients and advisers are uncertain as to the application of the TOFA provisions and is an area where gains or losses can be inaccurate.
. CGT calculations being incorrect. This can include not taking into account capital allowances on a property, incorrect application of the CGT small business concessions, scrip for scrip rollover relief when the relief is not available Cheap Air Max Classic BW ,CGT discount being applied when it should not and a host of other issues. Capital gains on sale of assets is highly complex area and one that requires someone who understands these provisions.


These are just some of the areas that the ATO could audit and you need to ensure your affairs are in order prior to audit. After audit it may be too late and the costs can be enormous.


Give Omega Partners Accountants in Sydney a call on (02) 8211 0429 to discuss how we can assist with your ATO tax audit or voluntary disclosure.


Click here for more information about expat tax Australia and business accountants.


Wonderful Autos: Bring Ease in your Life! Autos Articles | May 13, 2011
Are you unhappy with traveling through local transports? Do you want to get rid of this mess? Do you want to have your own car? Well, there are lots of issues which eventually force us to think of ...


Are you unhappy with traveling through local transports? Do you want to get rid of this mess? Do you want to have your own car? Well Cheap Air Max Axis , there are lots of issues which eventually force us to think of our own auto. In the next section, you will find out a few aspects which will reveal the significance of our own cars. Let us carry on?


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Local Transport: Huge Stress and Tension!


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