By Chris Burnett

The recent federal government budget provided the ATO $1 billion over four years from 2019-20 to extend their compliance and audit activity. This unprecedented funding coupled with advances in technology and reporting obligations has provided the ATO with more information and data matching capabilities than ever before. They now have the ability to data match at more sophisticated levels against other government organisations and third parties such as banks, employers and insurance providers.

Now more than ever, individuals, businesses and self-managed superannuation funds are at risk of being selected for an audit, investigation or review. Even a simple audit or review can turn out to be a long and expensive process for the client. Responding to an ATO audit or review is not the time to cut corners in an attempt to keep costs down either!

It is for the reasons mentioned above clients have realised the value in covering themselves for any unexpected out of pocket expenses if the tax man comes knocking. Participation in our audit insurance can be a valuable choice for greater piece of mind.

Audit insurance is an optional service which can provide you with cover for all professional fees (including specialists such as tax lawyers), up to a prescribed limit, in the event of an audit or review by the ATO or other government revenue agency such as OSR or WorkCover.

The service is so broad it covers the areas of Capital Gains Tax, Employer Obligations, Fringe Benefits Tax, GST/ BAS, Income Tax, Land Tax, Payroll Tax, PAYG Tax, R&D Tax Incentives with ATO, Record Keeping, SMSF’s, Stamp Duty, Superannuation Guarantee, WorkCover/ Workers Compensation, plus many more areas.

If any of our clients start to participate in the audit insurance service they will automatically be provided protection retrospectively! – even for previously lodged tax returns for periods when they weren’t a participant of the service. This provides you piece of mind from day one!

And yes, participation in this service is fully tax deductible!