The information below is to provide our clients with a better understanding of the ATO’s new drive re audits. We will consistently update you as the ATO releases new information on their activities.
The ATO are expanding their audit department with 200 more auditors who will target Australia’s top 500 private companies and 5,000 high net wealth individuals, associates and trusts.
For clarification the ATO considers private companies to be companies with a turnover greater than $10m and individuals and associates that control net wealth in excess of $5m.
Information requests from the ATO are expected to flow in the first half of 2020.