EWM Accountants provides audit services to all industry groups from SMEs to large firms, government, incorporated associations and sporting clubs.
Our team of specialists keep up to date with the latest business regulatory and compliance procedures to ensure your business achieve the highest quality of audit and insight. At EWM our audit team are committed in understanding your business from a holistic perspective and working with you in achieving the most cost-effective audit to be conducted and completed in an acceptable time-frame. Our audit management reports give you comprehensive picture of your business and can advise on the best ways to tighten your procedures and controls within the business.
The complexity of Australian taxation law means that it makes sense to take a proactive approach to reducing tax risks. While the Australian taxation system largely relies on self assessment and voluntary compliance, the Australian Taxation Office has increased its audit activity in recent years.
The EWM Accountants & Business advisors auditing team can help you navigate both domestic and international taxation laws to identify any compliance issues faced by your specific business. We’ll reduce your risk of non-compliance, help prepare your business for a potential ATO audit and, in the event of an audit, liaise on your behalf. Engaging EWM Australia’s expert advisers to deal with ATO audit activity can reduce time, stress and costs.
By drawing on the experience of our team, compliance risks can be identified and resolved early. We can serve your business in many ways:
Using our Australian tax system expertise to assist with preparation in this area allows peace of mind, whether or not your business is audited.
Having problems with the tax authority could be a nightmare for anyone. We understand the situations through our extensive experiences in tax matters. The Australia Taxation Office now eagerly targets more taxpayers in the areas including offshore income and assets that once believed safe. However, for almost a decade, our team at Australian Tax Experts have successfully defended our clients’ tax matters in favour of our clients’ interests by rigorous accounting analysis and negotiation skills with the ATO.
If you’ve never been subject to an audit before (which is most of us), you’d be forgiven for not really understanding what an audit entails.
Simply put, an audit is when the ATO singles out your personal or business taxes for closer scrutiny.
They can be triggered if the ATO notices that the numbers don’t add up:
ATO Audits are conducted when ATO systems detect signs that someone is cheating on their taxes. The Australian Tax Office (ATO) now uses more advanced computers to detect suspicious claims and fraudulent tax returns.
A series of 20 computer models run on every tax return, with flags raised on data that looks suspicious.
ATO systems reviewed more than 11 million tax returns in the past 12 months. 29,526 tax returns had flags raised. This stopped $132 million going to taxpayers in erroneous and fraudulent returns.
The ATO acknowledges that some tax return errors are accidental. But it isn’t hard to differentiate between genuine mistakes and an attempt to get away with fraud. It’s safe to say that they have seen it all. Consequently, leniency isn’t an option for those who attempt to file a tax return with inflated deductions or missing income..