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012-070 - Tax Audits

Tax audits are an occupational hazard for small business operators. This paper outlines the purpose of a tax audit, which the Australian Taxation Office claims is to encourage voluntary compliance with the Taxation Laws by ensuring taxpayers pay the correct amount of tax - no more and no less. This ...Read more
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Tax audits are an occupational hazard for small business operators. This paper outlines the purpose of a tax audit, which the Australian Taxation Office claims is to encourage voluntary compliance with the Taxation Laws by ensuring taxpayers pay the correct amount of tax - no more and no less.

This paper, presented in twelve pages, considers many of the issues under the following headings:

  • Purpose Of A Tax Audit
  • What Is A Tax Audit?
  • What Is Involved?
  • How Long Will It Take?
  • Taxpayer’s Declaration
  • Returns And Records
  • Self Assessment
  • Cross Checking
  • Records That Should Be Kept
  • Contact By An Australian Taxation Office Auditor
  • What Are The Taxpayer’s Rights?
  • First Meeting With Taxation Auditor
  • Section 264 Notice
  • Record Keeping Audits
  • Content Of A Record Keeping Audit
  • Standard Questionnaire For A Record Keeping Audit
  • Report From Record Keeping Audit
  • Business Audits
  • Business Audits - Selection
  • Score System Used By The Australian Taxation Office
  • Taxpayer Information Profile System
  • What Is The Tax Auditor Looking At?
  • Common Business Deficiencies
  • Target Of Business Audits
  • Ratios Examined
  • Lack Of Records
  • Penalties