ATO’s Tax Compliance Crack Down Calls for Audit Management as a Safeguard 

In recent years, wealthy Australians and small business operators have come under increasing scrutiny from the Australian Taxation Office (ATO) as it intensifies efforts to ensure tax compliance. With millions of client engagement activities conducted in the last financial year, including tax audits and actions against incorrect claims, it’s clear that the ATO is leaving no stone unturned. 

In light of these developments, we strongly encourage clients to participate in our Morrows Audit Management Service (AMS) as an essential safeguard against unforeseen tax audits and investigations. 

The Growing Impact of Tax Audits on Small Business 

The ATO’s latest figures reveal that client engagement activities added billions to federal government revenue in the last financial year. This demonstrates the ATO’s determination to hold taxpayers accountable for their financial obligations. As a result, small businesses, in particular, continue to be over-represented in tax debt, according to the ATO.

AI and Automation Helps to Enhance Tax Compliance 

The ATO has invested heavily in AI and automated systems to find incorrect claims and enhance tax compliance. These systems sent over 11,000 prompts to sole trader taxpayers, urging them to review amounts reported in their tax returns if discrepancies were found. This initiative resulted in numerous sole traders adjusting their annual returns to comply with the new requirements.  

Morrows Audit Management Service (AMS): A Wise Investment to Safeguard Your Finances 

Given the increasing focus on tax compliance and the ATO’s expanding reach, our Morrows AMS has become an invaluable service for individuals and businesses, helping protect their financial interests by covering expenses related to professional representation due to an ATO audit or investigation. 

What is Morrows Audit Management Service, and what are the benefits? 

By opting into Morrows Audit Management Service, you won’t need to bear the burden of paying our professional fees incurred (up to your Fee Limit per audit) in responding to an audit, official enquiry, investigation, examination or review by the ATO or other government authorities.

The service includes the audit of

• Income Tax
• PAYE, Employer Obligations
• Workcover
• GST / BAS / Record Keeping
• Payroll Tax
• Fringe Benefits Tax 
• Self-Managed Superannuation Funds
• Superannuation Guarantee
• Capital Gains Tax
• Stamp Duty
• Land Tax

The service is relatively inexpensive and depends on the taxpayer’s size and income. 

Now more than ever, our Morrows AMS is proving to be a wise investment to safeguard yourself and your business interests.  

It’s never too late to protect yourself and your business interests. 

Recently, we have reached out to clients to offer them the opportunity to take up our Audit Management Service. For more information, please contact your Morrow’s Advisor; they will be happy to discuss.