Although tax audits have traditionally been targeted at the wealthy and big businesses, this has changed in recent years. ATO and other government agencies are increasingly focusing on small to medium businesses and individuals, especially those who own rental properties, operate trusts, and/or have Self Managed Super Funds. If the tax office calls, Audit Insurance can help protect you!
What are the benefits of tax audit insurance?
The purpose of Tax Audit Insurance is to reimburse you for related professional fees and associated expenses in the event of a compliance audit or audit of a previous return you have lodged (e.g. Tax Return).
Most clients are concerned about the potential costs to them should they be subject to an audit, enquiry, investigation or review by the ATO or other government revenue agency. Audit Shield alleviates this concern.
The kind of audits and reviews typically covered by the policy include:
- BAS/GST Compliance
- Income, Land and Payroll Tax
- Record Keeping
- Self-Managed Superannuation Funds
- Superannuation Guarantee and Compliance
- Workers Compensation / WorkCover
- Any query of any lodged return where the client is compelled to respond or act**
The five most common audit activity areas 1 July 2022 – 30 June 2023 were:
- Payroll Tax (All States)
- Employer Obligations (PAYG/SG/FBT)
- Income Tax (Full/ General/Combined)
- BAS (Pre & Post Assessment)
- Income Tax (Other Specific)
Want to learn more? Feel free to contact our dedicated account manager Adam Amore from Accountancy Insurance on 0417 324 888.
Thank you for reading!
Should you have any queries in regards to the above please contact our office on (03) 9728 1448
The TAS Team
3/653 Mountain Highway, Bayswater VIC 3153
Dorothea Farmakis (CPA)
Dorothea, our CPA Qualified Accountant (Registered Tax Agent), has over 25 years experience within international corporate firms in Accountancy, Funds Management and Asset Management for firms such as HSBC, P&O, Lend Lease and more.
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