By Chris Smith
As the COVID-19 stimulus measures start to wind up, the ATO is re-commencing audit activity.
We have already seen a substantial increase in payment demands as well as the commencement of some early stage ATO audits.
It is also worth noting the Federal Budget has recently provided the ATO with increased funds to focus on:
- 5,000 high wealth private groups – net wealth >$50m
- Medium and emerging private groups – net wealth >$5m