Let our experience be your guide. At King Lawyers, our professional and experienced tax lawyers will help you manage your tax affairs.
The principal of King Lawyers, Navid King, is an experienced tax lawyer who is also a former tax auditor and tax lawyer of the Australian Taxation Office (ATO). In fact, when Navid worked for the ATO, he worked in the wealthy individuals team of the ATO and was responsible for auditing their tax affairs. Therefore, he is the best person to give you advice and guidance on how you should prepare for an ATO tax audit.
The Australian Taxation Office (ATO) may consider you to be a wealthy individual or group if:
- You and your associated entities control net wealth of over $5 million; or
- Your private company and its associated subsidiaries have an annual turnover of more than $2 million.
If you fall in that category, you have a much higher chance of being audited by the ATO. Therefore, it is essential that you seek advice from an experienced tax lawyer to adequately prepare for the likely ATO audit.
You may be considered high risk and audited by the ATO in any of the following circumstances:
- Your tax or economic performance is not comparable to similar businesses
- Your tax affairs are not transparent
- You make large, one-off or unusual transactions, including transfer or shifting of wealth
- You have a history of aggressive tax planning
- Your tax outcomes are inconsistent with the intent of tax laws
- You are choosing not to comply with the tax laws
- You regularly take controversial interpretations of the tax laws
- Your lifestyle is not supported by your after-tax income
- You are accessing business assets for tax-free private use
- You have poor governance or risk-management systems
At King Lawyers, many of our clients fall within the wealthy individual or group category. We regularly provide legal advice and representation to those clients to ensure that they properly comply with their tax obligations and achieve the best results.
To get legal advice from King Lawyers, please contact us to arrange an initial meeting.