It is hard not to panic when you hear the phone ring. You never know who might be on the other line when you do pick up the phone. The anxiety skyrockets when you hear that it is someone who has decided to audit you. Thankfully, there are helpful ways to deal with a situation such as this so that you can protect yourself and your family.
The Best Place to Start
The ATO audits will usually start by asking you questions. This may seem harmless enough, but you will not want to answer unless you have no doubt that the answer you are giving is correct. They will write down whatever answer you give them, which may provide some opposition later for you. It is best not to answer right away so that you can think about it more later on, when you are not under so much pressure.
Once you get off that dreadful phone call, you will want to make sure that you have all of your tax information in order. This will help you be prepared to answer any further questions that you may receive. You can rest knowing that you know more about your taxes than any ATO does. This gives you the advantage because you know more, at this point, than they do. The key is making sure that all that knowledge is correct and not giving more information than is asked or inquired about.
The ATO will often ask you for tons of information. You will need to check and double check that all of the information that you give is correct. This will help you avoid being under any suspicion during your audit. You will also only want to give them the information that they asked you for. Sometimes, they may ask for all of your tax documents, but do not fear, most of them will not take the time to actually read through everything.
What to Be Prepared for
One of the most intimidating things that an audit may do is ask you for more information at a later date. This should not cause you to worry though. They will usually ask you to do this just so they can continue looking through the information that you have already given them. This is a good thing because it usually means that they are having no luck with finding incriminating evidence on you.
People on Your Side
If at any time you feel like you have no control over the audit anymore or that you are given an unfair accusation, it would be wise for you to consult your lawyer or accountant. They will be well versed in these areas so they will be able to give you a fresh perspective over the entire situation. Remember, you do not have to face this all on your own. There are professionals that you can count on to be there and that want to help protect you and your family!