We were approached by a company to review their FBT compliance. The previous accountant had recommended a amendment with approx $40,000 of FBT payable per year for last 4 years.
We reviewed the FBT returns lodged for last 4 FBT years. From our review and recalculation of liability it was clear that the company had overpaid $190,000 of FBT for the years in contention. A $350,000 turnaround.
The company was audited for employment matters on conclusion of our review. We assisted with preparation of information for the ATO auditor. The auditor was very impressed with the detailed workings and compliance.
On conclusion of the audit the company was declared compliant. We requested the ATO officer for expedited amendment of the FBT returns that resulted in overpayment. The client received $190,000 + interest on overpayment of tax as a refund.
At the time, the client was also in discussion with a potential buyer for their business during this period and our professional representation removed uncertainty on this transaction from ATO audit.
