Are you ready for e-Audits? The ATO is finally moving with the times and have started conducting e-Audits using computer assisted verification techniques. This process is said to be more efficient, accurate and thorough than traditional audits with the advantage of also minimising the time ATO spends on your business premises.
In this fast-paced world of everchanging technology, the ATO is finally catching up with the times by using computer assisted verification techniques to conduct audits, a process they are calling e-Audits. The process for selecting taxpayers for an e-Audit is the same as a normal audit. Although because the ATO can do these types of audits cheaper and more efficiently, it might mean there will be more of them as businesses increasingly move to a paperless environment.
According to the ATO, a tax officer skilled in e-Audit will be able to analyse the electronic information obtained more efficiently, accurately and thoroughly than if they had use manual processes. In addition, providing electronic information reduces the time spent on your business premises minimising disruption to your business.
If your business is selected for an e-Audit, here is what you need to know:
To save time you time in case of an e-Audit, the following information will generally be requested by the ATO:
For those taxpayers unable to provide any of the above, the ATO will attempt to visit your business premises to obtain any data required to carry out the e-Audit and this may include bank records and copies of back-up data for the period examined.
Need help?
ATO e-Audits can be just a minor blip in running your business with the right record keeping and compliance with the relevant tax laws. We can make sure that your tax data is complete and accurate in the event of an e-Audit. Don't let the prospect of an e-Audit turn into a major headache.
Phone: 07 3289 1700
Email: reception@RGAaccounting.com.au
Office Location: 2/32 Main Street, Samford QLD 4520
Postal Address: PO Box 35, Samford QLD 4520
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