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Paul, I don't think they issue a S264 notice to conduct an audit, except on rare occasions. If they ask for records (in the absence of a 264) and you refuse, what are they going to do? Knock out your deductions? If they do, lodge an objection with copies of your receipts. End of story. Of...

What if you are contacted by the ATO for an audit and you say that you will only produce records if you are served with a notice under Section 264. I don't think they will go to the trouble of issuing such notice on a small taxpayer.

Take a couple of aspirins and lie down fellow investor. The ATO are pretty much transperant. Heck they even tell you via the media what they are going to do eg pick on teachers or carpenters etc The ATO knows which industries are making the biggest boo boos or fraud. They know were the...