10 Ways To Survive A Tax Audit

Now’s about the time that you’ll be putting together your tax return for the 2011/12 financial year.

But what do you do if ATO comes knocking to make sure that all of your property investment deductions are genuine?

Don’t panic, Your Investment Property offers 10 bite-sized tips to get you through the audit process.

 

 

 

 

 

• Don’t freak out. You are innocent until proven guilty

• If you have done the wrong thing then fess up to the ATO straight away and limit the damage

• Keep your receipts and have them all in order and ready for the tax office

• Make sure you have a depreciation schedule from a quantity surveyor if you are claiming depreciation for rental properties

• Have a 13-week log book for car deductions

• Seek professional advice from a tax lawyer/accountant who has experience in dealing with ATO tax audits

• Get everything prepared in advance – bank statements, records, invoices and receipts

• Be honest, and explain anything relevant in as timely a fashion as possible

• Don’t sign anything until you fully understand the document, and agree with the conclusions that it has come to

• If necessary, seek a payment plan or a retraction of penalties

Australian Taxation Office

 

 

About Port Douglas

Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
This entry was posted in ATO, Audit, Australia and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

web design by precedence