Tax compliance is a complex procedure. There are frequent changes in rules and legislation, as well as social, economic, political and global influences to be accounted for. If you have any concerns or are worried about tax risk within your organisation, then contact Lockwood and Ward to help minimise your exposure or to clarify any issues.
Potential tax risks can include:
Operational risk – day to day risks such as making incorrect tax withholdings
Compliance risk – such as making inadequate tax return disclosures
Transaction risk – potential taxes arising from, for example, asset sales
Financial accounting risk – in disclosing tax assets and provisions for tax payable
Personal risk – to directors from, for example, unremitted PAYG and GST
Non-compliance can result in severe consequences. The ATO and state tax authorities regularly audit and investigate companies to ensure tax compliance. Lockwood and Ward will be able to perform a simple and easy tax risk check to ensure you peace of mind and confidence. We can also help reveal ways in which you can save tax!