To help you get things right, you should consider the behaviours, characteristics and tax issues that attract the ATO’s attention.
It’s part of their commitment to transparency in working with privately owned and wealthy groups.
Broadly, the following behaviours and characteristics may attract their attention:
- Tax or economic performance is not comparable to similar businesses
- Low transparency of your tax affairs
- Large, one-off or unusual transactions, including transfer or shifting of wealth
- A history of aggressive tax planning
- Tax outcomes inconsistent with the intent of tax law
- Choosing not to comply or regularly taking controversial interpretations of the law
- Lifestyle not supported by after-tax income
- Accessing business assets for tax-free private use
- Poor governance and risk-management systems.
If you feel like there are any potential concerns with any aspect of your financial business affairs, not matter how big or small, we’d be more than happy to review them for you.
Are you in need of sound business advice? Do you clearly understand tax law and all your obligations? Contact us for a free 30 min strategy consultation. Click here to get started
