Recently, the Australian Tax Office (ATO) released a guide for large public and multinational companies covered by the Top 1,000 Tax Performance Program. The guide sets out the standard of information and documentation typically required for the ATO to obtain assurance that the tax affairs of the business is likely in order.
Some of the main risk areas that may attract the ATO’s attention include:
If you have such issues, we can:
If you have such issues, we can analyse your data to help determine whether the COT or BCT would be satisfied.
If you have such issues, we can assist you with all your working papers and documentation.
If you have such issues, we can assist you with providing complete valuation reports.
It’s important to review your tax affairs regularly and make a voluntary disclosure to the ATO as soon as you identify any errors, omissions or false or misleading information in tax returns or statements lodged.
A voluntary disclosure made after you have been notified that a Next Actions review or audit will commence will not lead to a reduction in penalties. However, shortfall penalties will be reduced by at least 80% if you voluntarily:
For a financial health check of your business or to determine whether a voluntary disclosure may be necessary, speak to your adviser or contact the Crowe Tax Advisory team.