Data matching and the ATO
The ATO increases its data matching capability each year. It doesn’t mean you’ve done anything wrong. The ATO may commence a review for any number of reasons including:
- Tax Gap
- AUSTRAC reporting
- Benchmarking similar business performance
- single or material transaction
- transactions involving offshore entities or jurisdictions
Whatever the reason behind your review or audit, we have the capability to handle it efficiently and effectively.
As we are lawyers, your conversations with us are likely to be protected. get in touch to find out more or visit murphytax.com.au
Resolve your dispute early
As lawyers we know litigation is a last resort. We encourage a working relationship with the ATO to resolve your dispute early. That way you may achieve an acceptable outcome without incurring the high costs of litigation.
ATO Audit Hot Topic |Inbound Investment into Australia
With COVID-19 restricting global movement, inbound investment into Australia has become a hot topic. Recent changes to FIRB mean all inbound investment requires approval.
There are dedicated teams at the Governemnt working on money transfered from China, a part of Asia and the Middle East. If you are receiving funds from overseas for private or business purposes, there is every chance the ATO knows about it.
Current areas of concern for the ATO include:
- Loans or gifts of substantial funds from friends or relatives;
- Islamic finance transactions via interposed entities;
- Initial start-up loans with high-interest rates subject to withholding tax.
Contact us for a confidential discussion.
Contact us about how we can help with protecting you whilst under ATO review or audit.