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  • Writer's pictureUHY Haines Norton

Best Practice deserves an A+

By Tina Zawila

A few weeks ago we were contacted by the ATO to participate in a review of our processes and quality control systems as part of their engagement with tax agents to encourage compliance and best practice. I’m proud to say we passed with flying colours!

Whilst these types of exercises can feel a bit like a teacher marking your homework in front of you, they are an invaluable tool to confirm that we are serving our clients to the highest possible standard.

As a taxpayer, what you need to know, is just how much information the ATO now has at their fingertips. We live in an age where data is easily accessible, easily matched and easily analysed. They can compare your return to those in your same occupation, industry, income level, and even location, and then their systems automatically identify any deviations from the norm. The ATO then simply compares income and deductions claimed.

As tax agents we too have access to the ATO industry information and averages, and we are here to guide you when preparing your return to ensure compliance as well as tax minimisation. We can provide advice and education regarding your deductions, how to correctly declare income and gains, maximise tax offsets and minimise tax, as well as ensure you meet your substantiation requirements in the event of an ATO audit or review.

We were able to respond to the ATO’s questions confidently and clearly in respect to our client’s deductions and confirm supporting evidence because of the standard of our files and the professional knowledge of our team. These practices are often ‘behind the scenes’ when we are preparing your return but are invaluable to you in the event of an enquiry, review or audit.

Are you confident that your return has been prepared correctly and to your best advantage? If not, call our professional team today on 4972 1300. We proudly stand behind our work, strive to ensure you of the best possible outcome, and give you peace of mind.

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