Audit- meaning and definition
What is an audit?
An audit is an examination of a taxpayers returns or accounting systems to check these are compliant with tax laws. If any errors are found in these, a taxpayer is liable to pay the increased amount of tax as well as interest and penalties on this.
Audit- video guide
Grace Evetts, our Client Relationship Manager, explains a tax audit.
Further Resources for Paying Tax:
- Our Provisional Tax Guide
- Learn more about doing tax on your terms
- Get help with reassessments
- Learn more about voluntary disclosures