FinanceNews.com.au‘Never seen this before’: $860k ATO audit leaves accountant baffled
A Darwin tradie was hit with an $860,000 ATO bill, with up to $280,000 of that made up of penalties and interest after a bookkeeping error wiped out all his business expenses.
There’s perhaps no worse feeling than being told you’re being audited by the ATO, but spare a thought for a Northern Territory construction business owner, who was told he owed the tax office a staggering $860,000.
A Northern Territory construction business owner received an ATO audit bill of $860,000, leaving his Darwin accountant stunned by the size of the penalties.
Between $260,000 and $280,000 of the total was penalties and interest, after the ATO wiped out all the business's building supply expenses due to a bookkeeping misallocation.
The accountant, who posted a viral video saying she had never seen anything like it, suspects the audit may have used AI, a claim the ATO has denied.
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