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Notes Online Home 2012 Practice One-Offs NTAA guide to surviving an ATO audit
Where any Government authority wields power to the extent the ATO does, there must be ‘checks and balances’ in place to ensure there is a responsible exercise of power. Some of these ‘checks and balances’ are embedded in the legislation itself.
These ‘checks’ and balances’ are crucial to ensure the ‘system’ is workable. This segment of the notes will consider some of the more important aspects of the ATO’s revenue collection procedures with particular focus on the ATO’s audit powers and taxpayers’ rights.
The discussion will take place under the following headings:
1. What are the ATO’s powers in an audit?;
2. What role does Legal Professional Privilege play?;
3. NTAA ‘Action Plan’ for unannounced visits;
4. Advising a client in the event of an ATO Audit;
5. A practical look at penalties;
6. Objecting against a tax assessment; and
7. Tax Practitioners’ exposure during an audit?