Now that the dust has settled on Taxpayer Alert TA 2013/3, it is time to take stock and look in the mirror. Unless you practise in your own name, then the Taxpayer Alert is the catalyst to review your practice structure, as well as any service entity arrangements. This must be done prior to the announced and keenly expected ATO audit activity.
As the Commissioner gets more active in the audit and enforcement area, it remains important for professionals to be aware of the impact of a sec 264 notice on their practice and on their clients. Complying with a notice is a time consuming and extensive exercise - but the damage can be minimised if you know what to look for!
If the worst happens, you need to look to your defences. Does your PI policy really protect you? These and a myriad of other hot issues in professional practice were covered in this event.