KNS ACCOUTANT
Tax Audit Service
In the complex, ever-changing world of Australian economics, businesses and individuals are faced with the ongoing task of adhering to the intricate regulations of the Australian Taxation Office (ATO).
At KNS Accountants, we stand at the forefront of assisting you in these tax-related matters, offering premier tax audit assistance as an essential part of our extensive suite of accounting services.
KNS Audit Services
Not for profit
Religious Organisation
Sport Clubs
SMSF
Real estate Trust account
ACNC (Capital)
The Audit Process For Organisations
Many financial statements must undergo an audit for various reasons such as:
- Legislation Obligations;
- Funding Agreement Requirements
- To Be Open And Transparent With Stakeholders
Understanding ATO Audits
The ATO, in its function as the nation’s tax authority, conducts audits to ensure that individuals and business owners meet their tax obligations.
Tax audits don’t occur by chance. They’re usually triggered by certain indicators that raise questions about the completeness and accuracy of tax returns.
These indicators are often related to deviations from standard industry benchmarks, substantial fluctuations in income or expenses, and inconsistencies between different tax forms.
For businesses and individuals, these audits can be daunting, especially because Australian tax laws are continually evolving. This challenge is compounded by the sheer volume of resources often required to manage an audit efficiently.
At KNS Accountants, our approach is rooted in a comprehensive understanding of the ATO’s tax system, guidelines, and audit processes.
Our team of experienced professionals begins by thoroughly analysing your audit notification. This involves understanding the precise scope and nature of the audit, along with recognising its potential implications on your financial stability.
ATO Audit Triggers | Explanation |
Substantial Variations in Declared Income | ATO may initiate an audit if there are significant fluctuations in individual or business income from year to year without a clear reason. |
Consistent Losses | Businesses declaring losses year after year may trigger an audit, as this could indicate potential tax avoidance strategies. |
Deviation from Industry Benchmarks | The ATO uses industry benchmarks for comparison; significant deviations in income or expenses may signal non-compliance. |
Discrepancies between Tax Returns and BAS | Inconsistencies between the information reported in income tax returns and Business Activity Statements (such as with your fringe benefits tax). |
Lifestyle and Income Mismatch | If a taxpayer’s lifestyle is not commensurate with their declared income, this discrepancy may trigger an audit. |
Proactive Audit Preparation
Being proactive in preparing for an audit can make all the difference.
At KNS Accountants, we focus on the pre-emptive identification of potential areas of concern long before they escalate into significant issues.
Our team conducts rigorous pre-audit assessments, particularly focusing on the areas that the ATO typically targets. We believe that a forward-thinking approach, paired with an in-depth understanding of ATO’s auditing methods, can significantly reduce the potential impact of an audit.
Education and Empowerment
At KNS Accountants, we believe that our clients are at their most powerful when they are informed.
We endeavour to provide you with a clear understanding of the audit process, equipping you with the knowledge necessary to make well-informed decisions.
We educate you about your rights and obligations under the tax law, the potential penalties associated with non-compliance, and effective strategies to mitigate any disruption to your business operations.
Our goal is to empower you with this knowledge, which will give you the confidence you need to perform your audit effectively.
Transparency and Confidentiality
We are steadfast in our commitment to maintaining transparency and confidentiality in our client relationships.
We offer regular, clear reports detailing the status of your audit, along with any significant developments. At the same time, we understand and respect the importance of maintaining the confidentiality of your financial data and uphold strict standards to safeguard your information.
Need Help With Your Tax Audit? Contact KNS Accountants and Business Advisors Today!
ATO audits can pose significant threats to your financial stability and the continuity of your business operations. However, with the right assistance and guidance, this daunting process can be navigated effectively.
Our dedicated team at KNS Accountants is prepared to stand by your side, offering the support you need throughout this complex journey. Our tax audit assistance gives you more than just the knowledge and expertise of a trusted accounting firm; you gain a strategic partner dedicated to your success.
Client Focused
We put our clients at the centre of everything we do, and our systems and processes are designed to help us look after you throughout your financial journey. We will assist you in providing invaluable payroll advice that will provide security and stability as your business grows.
Professionalism
As outsourced payroll providers, our primary goal is to be available and provide insightful advice to enable our clients to make informed decisions. We believe that by combining our expertise and dedication to customer service, we can provide each client with the close personal and professional attention they deserve.
Quality
As outsourced payroll providers, our primary goal is to be available and provide insightful advice to enable our clients to make informed decisions. We understand that businesses need to focus on their core competencies; that's why we offer a comprehensive suite of quality services that you can customise to meet each client's specific needs.
Accounting Made Simple.
Speak To Our Accountants, Business Advisors And Tax Agents Today!
Feel the peace of mind that comes with having professional support in your corner. We encourage you to connect with KNS Accountants to discover how our tax audit assistance can be tailored to suit your unique circumstances.
Remember, in the realm of finance and taxation, proactive measures often lead to better outcomes.
Let us help you turn our expertise into your strength.
Phone
(02) 9625 2388
info@knsaccountants.com.au
LUDDENHAM OFFICE
70 Campbell St Luddenham NSW 2745
Arndell Park Office
Suite 102, 69 Holbeche Rd Arndell Park NSW 2148
ALBURY OFFICE
Level 1, 6/571 Dean Street Albury NSW 2640
Lets Have A Chat
We focus on relationships with our clients, being available to answer any business, accounting, or tax questions you have.
