Reply To: Tax return audit

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#3805
Debbie
Participant

I was a professional bookkeeper for 17 years and here are my thoughts (when dealing with the system, not outside the system – as these questions above are within the system)

Andrew Gleeson – You might need to search this site for setting up a foundation. It will cost some money but will be worth every cent. Foundations are private and have NO taxes to pay. On accounting programs with payroll there are tax codes for employees, TFT (tax free threshold) No TFT, etc and the very last one, no.8 on the list is NO TAX. Research this site, ask for info about foundations, then get your employer to contract with you.

Brian Grebert – if you are registered to the GST system and have agreed to lodge your BAS monthly/quarterly or annually, then you must do so. Every BAS not lodged incurrs a late fine of $220 which you might find on your online account or statement when they send it out. There is a way around this, lodge a form with zeros. The details might not be right but he fine cannot be imposed.
If you decide to correct the details at a later stage then you lodge an amended BAS for the period.

Adam – Good luck with that question, they will NEVER tell you what you want to know. As for the audit, it is a request, however, you sent in your tax return so you are in contract with them, not sure you can get out of the audit, but you can submit an amended tax return, not sure that will help stop the audit.