The world can be a tumultuous and unpredictable place and seems to be getting more complicated by the week. It’s hardly surprising that more and more Australians are trying to take responsibility for their own affairs and for their future. This has led to a considerable growth in the number of people who are taking to self managed superannuation funds.
Nobody likes to hear that they are up for an audit of their tax returns, but it is all too common with the Australian Tax Office (ATO) continuing to apply a high level of scrutiny to personal tax returns and business returns. While it can be scary to get an audit notice, it helps to remember a few simple tips.
It seems as if tax season is always just around the corner, and if you are a small business owner you may worry from time to time about getting an audit by the Australian Tax Office. Even though you may consider yourself to be very stringent when it comes to rules and records, it can still be a worrying time