Tuesday 22nd July 2014
Duration: 2 hours:
Audits are on the rise and so often the client ends up in your office, having ignored the law. How can you ensure that you achieve a good result for the client when you’re on the back foot? This session discusses the key issues and the best strategies, including:
- Common client problems:
- private company loans and payments – no Division 7A loan agreement
- failure to lodge a flight of tax returns
- botched trust distributions
- project audits – eg Wickenby
- refusal to allow PAYG credits to directors/owners if not remitted
- Dealing with the ATO where problems have occurred:
- when and how to raise the issue with the ATO
- what disclosures to make
- should you throw yourself on their mercy?
- when should you make payments to the ATO?
- dealing with garnishees and freezing orders
- Handling the technical issues:
- Division 7A – getting the Commissioner to exercise his discretion
- how far can he go back – the fraud and evasion issue
- providing a proper basis for your estimate of income
- amended assessments and the reverse onus problem – prove we’re wrong!
- other common tax technical issues in audit
- Getting a good outcome on shortfall penalties:
- thinking about penalties from the getgo
- can you prove you have a RAP?
- if not, how to get 75% or 50% to 25%
- ameliorating the factors further
This webinar is suitable for accountants and lawyers advising in taxation matters and in-House tax counsel – Australia wide
PRESENTED BY: Ray Cummings, Principal, Greenoak Advisory, Melbourne
Whilst most of Ray’s career has been in Chartered Accounting, he also has experience in the legal profession and industry. Ray combines his business, legal and accounting experience in a pragmatic way to assist his clients with their business tax needs.
Ray is a skilled presenter, having delivered numerous presentations to various business and professional audiences. He has also often been quoted in business publications such as BRW and AFR and has also appeared on radio and Sky Business News.
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