It can be worrisome to realise that you owe money after an audit. Chances are that you know deep down inside when something doesn’t look right. However, you might not know if you should attempt to object. With that being said, if you choose not to object when you know that the information in your audit is wrong, there’s a good chance that you will quite literally pay the price. Nobody wants this to happen, as it can severely disrupt your life. Thankfully, there are ways that you can object to your tax audit. One of the things that you can do is write an objection letter to the ATO. If you are unsure how to write objection letters, there are numerous resources available to help you out. Before you know it, you will be able to make an objection to your tax audit.
What Is an ATO Objection Letter?
As the name suggests, an ATO objection letter is a letter that you can write to the ATO if you do not agree with your tax audit. There are many things you have to consider when you are writing your objection letter, such as how much time you have to make your objection and what you are going to write in your letter. In some cases, you will have around 60 days to write your letter. In other cases, you will have even less time than that. This makes it all the more important to understand what exactly goes into writing an objection letter.
Depending on the type of objection letter you are writing, you will have several templates to choose from. For instance, if you are writing an objection letter for capital gains tax, you will want to include information such as the issues that you have with your audit, as well as the facts about how the situation really is. In addition to this, you will also need to submit your tax documents that correlate with your facts. Once you have gathered all these parts and written them down, you can then work on sending the letter out. If you feel lost when you are writing such a letter, there are usually professionals who will be more than happy to work with you to make sure that everything in your objection letter is properly filled out.
When Should You Send an Objection Letter?
There are a few situations that call for an objection letter being sent to the ATO. If you do not agree with the way the ATO has interpreted the law, such as you are disagreeing with an amended assessment from the ATO, you might be able to benefit from sending an objection letter. You might also be able to benefit from sending a letter if you are not certain about how the law was interpreted during your tax audit. More often than not, choosing to send an objection letter can serve you well when you think that the ATO has not done a proper job with your tax audit. By choosing to rely on professionals to help you fill out your letter, you can rest assured knowing that your letter, as well as your situation, are in the hands of people who care.