Kostov Chartered Accountants and tax audits
The prospect of a tax audit from the ATO is daunting to any individual or business. However, hiring the services of chartered accountants to assist and provide aid during a tax audit can yield positive results.
We at Kostov Chartered Accountants have been offering professional services to individuals and businesses across Australia and overseas for 20 years. We know how to communicate with the ATO on your behalf.
The importance of chartered accountants
Chartered accountants spend their professional lives dealing in large part with taxes and taxation, and are very knowledgeable as to the legislation governing taxation and the practices common to its collection and enforcement.
Whereas private individuals and small businesses may accumulate some financial and business acumen, chartered accountants practice fiscal discipline as a career and can provide an exponentially greater command of the relevant information.
In much the same way that only the inexperienced would choose to represent themselves in court for important matters, so too should individuals or businesses undergoing a tax audit use the services of a chartered accountant to improve their likely results.
ATO audits and the chartered accountant advantage
While all certified accountants have similar education and skills, a chartered accountant is an accounting professional bearing the internationally recognised designation of belonging to Chartered Accountants Australia and New Zealand, founding member of the Global Accounting Alliance (GAA).
Chartered accountants maintain an ongoing education, keeping abreast of changes to their industry and respective areas of specialisation, and can offer a wealth of knowledge and assistance when dealing with potentially troublesome investigations by the ATO and other government bodies.
Many private citizens with little to no financial or legal knowledge are unaware as to their rights and responsibilities as they relate to tax law. A chartered accountant is familiar with these issues and will be of invaluable aid in ensuring that the rights of the person or persons under investigation are protected. As such, avoiding harsh penalties, loss of assets and even imprisonment are the prime reasons to seek out the services of a chartered accountant to help deal with auditors looking into the financial affairs of any individual or business.
Chartered accountants can also operate proactively to assess and address potentially troubling issues with personal or business finances, and can help considerably in getting your finances in order well ahead of a tax audit.
Contact Kristian at Kostov Chartered Accountants by filling out the contact form or ringing him directly on 0409 871 861.