The Australian Tax Office, quite rightly, wants taxpayers to pay their fair share of tax.
However, in our experience businesses often overpay indirect taxes because of missed credits. Claiming your entitlement to credits is just as important to the concept of paying your fair share of tax as paying tax on income.
The problem is that indirect taxes can apply to every purchase you make, every sale you make and sometimes to other flows of money outside your mainstream activity. Decisions on claiming credits and paying taxes have to be made real time, by people who aren't tax experts. The net result we see is that taxpayers, often in an attempt to be conservative, end up not claiming their full credits.
A missed credit when viewed in isolation may not be significant but repeated errors over a period of time can add up to a material cash refund.
The good news is that taxpayers are entitled to obtain refunds for missed tax credits. However, there is a four-year clock that applies, meaning that taxpayers need to stay on top of this with regular reviews or credits can be missed forever.
Only the very largest businesses have the resources to regularly conduct reviews to capture missed credits. We bring highly specialist Big 4 tax experience to enable businesses of any size to recover their full entitlements to credits without distracting from their core business.
We undertake a quick scoping study of your business, identify any likely refunds and then undertake the necessary work to enable you to claim including supporting advice and audit trail. Where required we will liaise with the ATO on your behalf.
We're happy to conduct reviews on a success fee basis meaning that there is no financial risk to engaging us, only potential upside.
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