Audits, reviews and investigations are conducted by the Australian Tax Office (ATO) and other state and federal government agencies to ensure business and tax payer compliance with various tax and legislative requirements such as Income, Land and Payroll Tax, GST, FBT, Record Keeping, Workers Compensation, Employer Obligations, Superannuation Guarantee and Self Managed Superannuation Fund Compliance amongst others.
Whilst historically Tax Audits were targeted at big business and the wealthy, this has changed. Increasingly the ATO and other Government Agencies are turning their attention to both small to medium businesses and individuals, particularly those who operate trusts, own rental properties, and/or have a Self Managed Super Fund.
Audit Insurance protects you from the unexpected costs incurred in responding to an audit or review of a return you have previously lodged (e.g. Tax Return), covering the costs of related professional fees and associated costs.
The audit process can be very time consuming including preparation time and time responding to audit findings. Related professional fees can be expensive, depending on the type of audit and the number of periods being audited. Whilst the most common Audits are those undertaken by the ATO in relation to personal or business returns, compliance audits are also becoming more common, particularly those in relation to Superannuation Guarantee and Payroll Tax obligations.
ASG can offer you an Audit Shield Service which can provide you with comprehensive relief from the costs (professional fees) associated with a Government audit or review. The Audit Shield Service provides a fixed, cost effective solution to guard against these unbudgeted costs. Please contact us if you would like further information.
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