Tax logement "under review", audit likely?

Discussion in 'Accounting & Tax' started by spludgey, 3rd Jul, 2019.

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  1. spludgey

    spludgey Well-Known Member

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    I lodged my tax return a week ago (my accountant got multiple extensions, because I couldn't get my **** together).

    Now it's been sitting as "under review" for a few days. Does this mind an audit is likely? I hope not!!! Not that I did anything dodgy, I didn't, but it took me probably at least 20 hours of work to get everything together and I would assume an audit would take substantially longer than that.

    If I get audited, do I normally deal with the ATO myself, or do I do it through my accountant (I'm guessing that would get expensive quickly).

    upload_2019-7-3_7-43-54.png
     
    spludgey, 3rd Jul, 2019
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Have you considered audit insurance through your accountant?
     
    Scott No Mates, 3rd Jul, 2019
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  3. Kassy

    Kassy Well-Known Member

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    Mine had the status ‘under review’ on myGov for about 3 weeks after I lodged it with my accountant last financial year but went through fine. My husband’s which was lodged at the same time took about 3 days. This was in November. No issues. I thought it was because I had owed them money the year before and last year they owed me money so we’re holding out lol...
     
    Kassy, 3rd Jul, 2019
    #3
  4. Harry30

    Harry30 Well-Known Member

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    How much does audit insurance cost? Does it scale based on total income/deductions or the complexity of your affairs?
     
    Harry30, 3rd Jul, 2019
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  5. MTR

    MTR Well-Known Member

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    Nothing may happen, dependent on their workload etc
    I was supposed to be audited never happened. Acct said they dont have resources????

    I also just lodged my tax return as my US accountant caused massive delays this year.
    Hope I dont get stuck with penalties
     
    MTR, 3rd Jul, 2019
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Ask your accountant. I'm not an insurer nor an accountant.

    (My accountant offers it but I haven't taken up the offer).
     
    Scott No Mates, 3rd Jul, 2019
    #6
  7. wylie

    wylie Moderator Staff Member

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    I think we pay $225 per annum. Some will see that as wasted money, much like many see health insurance as wasted money.

    I see it as probably one hour of our accountant's time if we are ever audited against goodness knows how many hours we would pay him for dealing with any possible audit.
     
    wylie, 3rd Jul, 2019
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