This session explored how taxpayers and advisors can prepare for, and in some cases even invite, ATO and state tax reviews. The discussion covered essential steps and strategies across the full compliance lifecycle, from the planning stage to the end of the review period and beyond.
Key topics include:
- A sequential consideration of various tax and commercial aspects arising from pre-transaction through to the finalisation of the compliance activity
- Techniques for recording and creating contemporaneous, appropriate evidence
- Preparedness for the typical lines of enquiry by the ATO or RevenueWA
- Consideration of the general and specific anti-avoidance provisions; and
- Insights into recent case law addressing the above issues with a focus on how effective responses to auditors and compliance officers can be made.