Personal Taxation Advice

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Although receiving notification from the Australian Taxation Office (ATO) that a tax audit is required can be stressful, staying calm and organising yourself is crucial. Some recommended steps include:

• Remain objective
  Audit notices are not an indication that you are in trouble. The ATO uses various methods to select individuals to audit, including:

• • Risk profiling
  • Random selections
  • Comparison with industry benchmarks
  • Third-party data from banks, employers, and government agencies
  • Following up on previous audits
  • Significant or unusual transactions
  • A chequered history of compliance

Stay calm and work your way through the steps systematically. 

• Review the audit notice
  Read the audit letter carefully (seeking advice if necessary) to understand what is required and the timeframe involved. Reach out to the ATO for clarification if you are confused.
• Respond promptly
  Note the specified timeframe and begin immediately to avoid penalties or potential legal action
• Gather relevant documents
  An organised system of maintaining records and storing documents makes it easier to locate everything you need, including:
  • Receipts
  • Invoices
  • Financial statements
• Seek professional advice
  The advice and assistance of a tax lawyer or advisor are invaluable when facing tax audits. Their knowledge, experience, and calm, methodical approach are the perfect way to proceed, and they may even liaise with the ATO on your behalf.
• Ensure all the information you provide is complete and accurate
  Answer each question honestly and do not provide unrequested information.
• Review Your Tax Position
  Double-check everything for errors and correct them by lodging an amendment if necessary

When you engage the services of Coleman Greig as your tax law specialist, our experts will take the brunt of the work off your hands and ensure everything is in perfect order before submitting your tax return.

A tax lawyer is an invaluable resource when tax planning in Australia. Some critical ways they can assist include:

• Tax planning strategically
  Your taxation lawyer will analyse your finances and help develop strategies that ensure compliance with Australian tax laws while minimising your tax liabilities. They are experienced in identifying potential tax credits, deductions, and breaks you might not realise you are entitled to.
• Legal representation as required
  If you face a tax audit or dispute with the Australian Taxation Office (ATO), a tax lawyer can represent you, providing legal advice and negotiating on your behalf to achieve the best possible outcome.
• Facilitating complex transactions
  In scenarios involving acquisitions, mergers, or other complex transactions, your tax solicitor will structure them efficiently, avoiding unnecessary tax liabilities.
• Risk management and compliance
  A competent tax lawyer in Australia will ensure compliance with constantly changing tax regulations and laws. This reduces the risk of legal issues and penalties. They will advise you on managing tax risks moving forward and capitalising on any opportunities.
• Resolving tax disputes
  When disputes with tax authorities occur, your tax planning law firm will assist in drafting any submissions, appeals, and objections you wish to file. They will provide legal representation in any subsequent negotiations or court proceedings.

Several essential steps will significantly improve your chances of complying with tax laws in Australia, as follows:

• Recognise and understand your obligations
• Maintain accurate, detailed records
• Always lodge tax returns expediently
• Source professional advice from a tax planning lawyer
• Remain current with amendments to tax laws and regulations