Our risk reviews
We undertake reviews that apply a risk approach to privately owned and wealthy groups.
We base case selection for these reviews on our profiling and data analytics.
We may conduct the reviews at the group or entity level depending on the presence of tax risk.
Comprehensive reviews
A comprehensive review is used where we have identified multiple potential issues or risks, usually across multiple related entities within your group, through profiling and data analytics.
Specific reviews
We undertake specific reviews where we have identified one or two potential issues or risks within your group, which often relate to a single entity, and require further investigation.
Our approach to risk reviews
When undertaking comprehensive and specific reviews, we'll:
- notify you in writing
- meet with you to understand your business
- write to you to request information
- contact you to discuss next steps.
Notify you in writing
We'll notify you in writing that we're starting a comprehensive review or a specific review.
Meet with you to understand your business
We'll offer to meet with you to get a better understanding of your business and to discuss timeframes and the information we'll need from you.
Write to you to request information
We'll write to you setting out the information we need you to provide. This information will clarify our understanding of risks within the context of your circumstances.
Australian tax and super laws require you to keep records to support your claims. Keeping accurate and complete records will help you with our enquiries.
Where you're unwilling to work with us in an open and transparent way in responding to our requests for information, we'll use our formal information gathering powers.
Contact you to discuss next steps
After we receive your response and consider the information you've provided, we'll contact you to discuss our analysis and next steps.
Where we're undertaking a comprehensive review, we may also organise a meeting to discuss areas of concern we've identified.
How to prepare for a review
Prepare for a review by considering the documents we typically request, such as:
- information used to prepare your tax return
- your group structure
- financial statements
- agreements.
Our comprehensive reviews generally focus on the latest 2 tax returns (lodged before the start of the review). So, we're likely to request information for this time period.
We'll tailor our request for information to your business, focusing on the tax risks and issues we've identified.
Voluntary disclosure
When we notify you of your review, we encourage you to:
- review your records and recent significant transactions or business events
- correct any mistakes by making a voluntary disclosure.
When reviewing your records you may wish to contact your adviser and discuss any tax risks you identify. You can make a voluntary disclosure at any time during a review.
What to expect at the end of the review
At the end of a review, we'll discuss our outcomes with you and provide you with a finalisation letter that specifies either:
- if there are no outstanding concerns, that we have concluded our review
- that we have escalated the review to an audit.