The Australian Tax Office has fundamentally changed the way it looks at business and personal taxpayer compliance.
Gone are the days of extensive audits and visits as many state, federal and territory agencies are able to look at the information you report from a wide array of sources. The ATO in particular has made it very clear to taxpayers that its data mining capabilities are well resourced to look at the information you report versus that held by third parties and whether your information is consistent with industry norms and patterns of behaviour.
Why do I need audit insurance?
Audit insurance covers the cost of professional fees should your business or personal tax affairs be audited by the Australian Tax Office or other Federal, State or Territory agencies. An audit, review or investigation is designed to ensure that you are complying with various tax and legislative requirements such as:
• Income, land and payroll tax
• Goods & Services Tax (GST) and BAC compliance
• Workers Compensation
• Superannuation Guarantee payments and compliance
• Self-managed super funds
• Research and development grants
• Fringe Benefits Tax
• Record keeping
• And any matter where you are compelled to respond.
Busy Bookkeeping has acquired access to a Tax & Government Audit Insurance Policy, which will cover professional fees (up to a prescribed limit) incurred by you, for any audit activity relating to current and previous years lodged returns.
If you would like further information on this, please contact Conrad on 02 9369 5330 or by email on Conrad@busybooks.com
AUDIT INSURANCE – RANDOM TAX & GOVERNMENT AUDITS
- November 3, 2015