Tax audits can be stressful and time consuming. Beyond the sheer resources and effort needed to collate the requested information and explain the relevant circumstances, there’s always the concern the regulatory body may identify further issues of interest. Should a problem be identified, the imposition of penalties and interest can sometimes be just as costly, if not more costly, as the tax liability itself.
Achieving a successful outcome from audits and reviews requires a clear understanding of the relevant issues, the technical interpretation of those issues and deciding on the best way to liaise with the regulatory body. This is where Rosskelly Advisory can help.
We can review your client’s background information, assist with preparing and collating responses, and liaise with the regulatory body undertaking the audit. If issues are identified, we can prepare technical papers to support the taxpayer’s position or prepare submissions requesting the remission of any penalties and interest.
