Audits, enquiries, investigations and reviews are conducted by the Australian Taxation Office (ATO) and other federal and state agencies to ensure business and tax payer compliance with various legislative requirements. These include Income Tax, Land and Payroll Tax, GST, FBT, Workers Compensation, Superannuation Guarantee and Self Managed Superannuation Fund (SMSF) compliance.
How likely am I to get audited?
The ATO, along with other agencies, continue to announce significant increases in their audit activity. More than ever, individuals, businesses and SMSFs are at risk of being selected for an audit or review. The ATOs enhanced data-matching capability now enables wider scope to target both businesses and individuals.
How much does an audit cost?
If your business, SMSF or individual return is subjected to an audit, you are responsible for the costs (professional fees) involved in providing the required information. Even the simplest enquiry can require hours of work. In multiple years, or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred.
How do I protect myself from the unexpected costs of an audit?
Marsh & Partners offer Audit Shield to our clients for comprehensive relief from the associated fee cost of an audit. The Audit Shield Service provides a cost effective solution to guard against these unbudgeted expenses.
What costs are covered?
The insurance covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you, in an audit. These include not only our fees but also legal fees, bookkeeping fees and specialist advisor fees (eg. quantity surveyors, valuers and actuaries).
What types of audits are covered?
- Income Tax
- GST & BAS
- Fringe Benefits Tax
- Employer obligation audits
- Record keeping
- Capital Gains Tax
- Payroll Tax
- Workcover / Workers Compensation
- SMSFs (cover available separately)
Further help:
If you would like to take up our Tax Audit Insurance offer, please contact our Marsh & Partners advisors. You can reach us on 07 3023 4800 or at mail@marshpartners.com.au.
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