Last year the ATO scrutinised over 760,000 business operations, resulting in, close to, an extra billion tax dollars for the Australian Government. While an audit can be a good learning experience for business owners, it can also be a time-consuming lesson. The investigation can take months, or even years, and requires a lot of time and energy regardless if you … Read More
How to avoid audit agony
For most small business owners, the thought of getting an audit notification from the ATO is horrifying. But if you’re well prepared, patient and co-operative audits don’t have to be as painful as they sound. The ATO orders audits based on suspicion of incorrect or fraudulent tax returns. Audits can involve varying degrees of scrutiny, from a simple phone call … Read More
Business audits: does your business need one?
We are super excited to welcome our auditing extraordinaire, Adam Brown into the fold. Adam completes our full service structure at 542 Partners and leaves no stone unturned to get under the skin of our clients businesses. Most business owners cringe at the thought of an audit but audits are actually a great thing! Most people think of the ATO … Read More