During the 2020 to 2023 period effected by Covid, the Australian Tax Office introduced several tax relief measures to support businesses suffering reduced revenue during this period.
While these measures have now ceased, there is concern that not all businesses were fully aware of the opportunities to them, and as such may have unclaimed cash sitting in the ATO’s hands. An example of this was recently highlighted to us by Colin Samuel, Partner at Prosperity Advisers, who shared the below case study:
"Earlier in 2024 Prosperity were introduced to a multi-entity family business who had been using the same accountant for 25 years. They were concerned with the tax advice given to them as their profits had substantially dropped during the 2020-2023 period from a profit of circa $6m per year, to a loss of $4m over the 4 year period. Following several discussions, we were invited to conduct an audit of their tax returns for the 4 years. Through this, we identified a number of missed opportunities to obtain relief from the ATO that resulted in us securing them just under $1m in additional tax refunds. Obviously, a very happy client.”
As a valued partner of GSA, Prosperity are offering to provide all GSA clients a second opinion on the returns of any business or entity that suffered reduced profits during the 2020-23 period.
