An audit by the ATO can challenge any business. Are you ready? I know of a newsagent who has spend more than $5,000 on accounting fees to deal with a super audit spanning three years. The audit became problematic because of high turnover of casual employees and poor record keeping.
The newsagent told me the ATO auditor mentioned that the ATO is targeting small businesses like newsagents. While I have no evidence to support this, there is no harm whatsoever in the reminder to be ready for an ATO audit with up to date and accurate accounting records including super records.
Mark, paying an auditing fee via an accountant, is a complete waste of money, when dealing with the ATO.
All accountants sign off with an indemnity. Small business owner’s need to take responsibilty for their method of receipt handling/write off’s.
John, this was not an auditing fee. In this instance, the ATO required information the newsagent could not readily provide due to lack of proper management of their records. They had to pay their accountant to assemble all the paperwork.