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Risk managing your documentation presentation
Published on 05 May 06 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
Accounting practices with SME clients are often responsible for maintaining the statutory records and many of the accounting records for their clients. So what should advisors retain on their files? This presentation discusses:
- what records must be maintained by law for various entities?
- what are the specific income tax and GST requirements regarding record-keeping?
- the Commissioner's powers of access to books, records and accountants’ working papers
- what work papers should (and should not) be maintained in files?
- internal quality control procedures
- what the ATO may be looking for in the event of a review / audit?
Author profiles
Karen Adams
Karen has been an officer in the ATO for over 25 years and for over 20 years of those has been in compliance roles, as an auditor, team leader and manager. She has dealt with income tax assessments and audits, PAYE, PPS and sales tax compliance, has been actively involved in the investigation of many tax frauds and now she works in GST and PAYG compliance as team leader in several cash economy projects. - Current at 23 February 2006Michael Fairlie CTA
Michael is a partner in Tregloans Chartered Accountants with over 20 years experience, many of which were in a 'Big 4' environment. He provides advice on income tax, FBT, GST, superannuation and general business matters to a diverse range of SME clients in all types of business structures, including retailers, primary producers, manufacturers and professionals. - Current at 23 February 2006
This was presented at 40th South Australian State Convention: Let's Celebrate .
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Individual sessions
Managing ATO contact and tax disputes
Author(s): Scott BRYANTMaterials from this session:
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Tax issues relating to debts
Author(s): Paul TANTIMaterials from this session:
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The right side of the law - Financial Services Reform Act and investment advice
Author(s): Shannon COATESMaterials from this session:
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The legacy of Justice Graham Hill
Author(s): The Hon. Justice Ian GZELLMaterials from this session:
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GST and adjustments: a GST horror!
Author(s): David KUHNEMaterials from this session:
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Practical guide to using trust losses
Author(s): Arlene MACDONALDMaterials from this session:
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Advising a client who is buying a company from a tax consolidate group
Author(s): Alistair HutsonMaterials from this session:
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Paying death benefits from superannuation funds
Author(s): Tony SIMMONSMaterials from this session:
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Risk managing your documentation
Author(s): Michael FAIRLIE, Karen ADAMSMaterials from this session:
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Where's the value shift? - hits and misses
Author(s): Marc ROMALDIMaterials from this session:
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Super splitting
Author(s): Steven WILDMaterials from this session:
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Recent developments in GST and property
Author(s): Lachlan R WOLFERSMaterials from this session:
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Practical CGT problems in developing residential property
Author(s): Gordon S COOPERMaterials from this session:
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The erosion of asset protection
Author(s): Matthew TRIPODIMaterials from this session:
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Discretionary trusts: where are we now with splitting and cloning?
Author(s): Andrew SINCLAIRMaterials from this session:
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