At any one time, the Australian Tax Office (ATO) and other regulators are focused on a range of review programs or audits that can affect your business now, or in the near future.
Understanding what it is they are looking for, rectifying your tax processes to meet these regulatory expectations and taking a proactive approach can minimise significant risk to your business. Failing to be ready or having exposure areas within your tax documentation and planning can result in penalties, and your case can even be escalated to the courts.
Your business might fall within the scope of the ATO’s current programs, reviews and audits alongside multiple, if not thousands, of other organisations. But how an ATO program affects your business and tax planning may be unique to your operations and industry.
For some, the nature of your sector might mean a heightened focus by the ATO on certain aspects of your tax reporting. In other cases, the ATO may concentrate on other tax issues common to a number of industries.
How we help
The tax disputes and rulings team at Grant Thornton helps our clients to meet the full range of tax reviews and tax audits undertaken by Australian and global regulators. We test and assess your internal capability and tax processes against the increasingly sophisticated and multi-faceted expectations of today’s environment, and develop resolution plans where we identify an issue of tax controversy or potential dispute. This can include taking matters to the ATO early, whether that is to obtain a private binding ruling, a class ruling or help you utilise other early engagement options.
We understand what the ATO is looking to achieve through its reviews, including industry specific hot topics, and how these must be reflected in your processes. We stay across the latest ATO developments, and also have a clear understanding of what is on the horizon so you can be ready early.
When dealing with the ATO or any other regulator, whether at an early review stage through to where an issue has escalated to a dispute, we work with you to present your tax documentation and procedures in accordance with regulatory requirements, and can bring in our tax lawyers where required.
Our specialists with work with you to establish or strengthen your tax governance and tax risk management framework and policies to manage tax risks.
Tax law in Australia is a complex area for businesses to navigate. It can be a deciding due diligence factor in transactions, underpins agreements and is at the core of disputes between taxpayers and the ATO.
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