5 Reasons for Tax Audit Insurance
Shortly we will be sending out our annual tax audit insurance offers. Today we offer five good reasons why you should consider the risk removal this provides.
1. You are comprehensively covered – All of your current and previously lodged returns are covered by our Audit Shield service, even if you had another accountant taking care of your tax affairs in the past. All Federal and State government revenue agencies are covered. The list includes income tax, fringe benefits tax, GST, employee superannuation, payroll tax, SMSFs, WorkCover, Land Tax and many more.
2. The ATO has a host of additional resources – Each year the ATO allocates financial resources to audit, enquire, investigate and review the lodged returns of many Australian individuals, businesses and SMSFs. With such resources available to the ATO, audit activity will most likely increase, even to those who have previously not been targeted.
3. There are no unplanned fees – Where there are adjustments required to your lodged returns, our Audit Shield service will cover the cost of the professional fees, including specialists we may need to engage to assist us on your behalf. Audit expenses can be very high. We had a relatively simple employee superannuation audit that resulted in fees of $7,000.00. This was covered in full with zero deductions by the insurer.
4. It is simple – In order to be covered under our Audit Shield service, all you need to do is complete the Client Acceptance Form that we send to you, and follow the instructions to make payment.
5. It is tax deductible – A bonus of the Audit Shield service is that you can add it to the list of your tax deductions each year.
Call Warren Maris on 07 3483 0100 if you would like to discuss the matter further.