Last financial year we hired a bookkeeper to assist with our family business as I was unable to manage for health reasons. While preparing this years tax (myself) I saw figures from the first quarter (while still employing help) and at first glance they look VERY wrong, I have yet to go through and check everything but I'm now questioning if she ever did a proper/ thorough job and starting to believe we 'paid' too much tax (we actually have a huge tax debt). Question is- if I re lodge/ edit last years tax is that 'asking' for an audit as it really scares me, the extra effort, time and stress that would all require makes me really anxious :(
2 Replies
We own a small business aswell and honestly with anything that is about tax we always ask out accountant a good accountant is worth their weight in gold
As a chartered accountant working in business services re-lodging your tax return is not asking for an audit. Usually the ATO focus on certain industries and professions (I.e. High income individuals, people in mining industry for example) rather than just because you made a change. Just make sure that you have everything to support your claim and there should be no problems.
Previously in a firm I've worked for a client had completed several years of incorrect tax returns resulting in a considerable amount owing. We submitted the correct tax returns reducing the amount due. No audit.