Audit Insurance – Have you got it covered?
The ATO (and other government authorities such as the OSR) have never been more active or able to conduct enquiries, reviews or investigations of your returns. Audit Insurance is designed to protect businesses from the costs associated with an audit of their tax affairs by a government body.
Audit Insurance – Who is it for?
• Covers the cost of all eligible enquiries, reviews, investigations and audits of your returns, retrospectively
• Includes claims for queries on Payroll Tax, Workers Compensation, Self Managed Superannuation Funds, Income Tax, BAS/GST, FBT, Superannuation Guarantee and Record Keeping
• Includes specialist’s fees if you need a tax expert or lawyer for an opinion or defence
• Covers your clients commonly owned legal entities and Directors under one single premium – SMSFs are normally offered separately
• Is tax deductIble for your clients
• Normally pays your claim within 14 days
Who takes out the policy?
The policy is taken out by your accountancy practice but is paid for by you.
Why should someone have Audit insurance?
Audit insurance is offered in a proactive, yet optional manner to your clients, it indicates that you are on the lookout for your client’s financial wellbeing.
Most clients are concerned about the potential costs to them should they be subjected to an audit, review or investigation by the ATO or other Government Authority. Audit insurance is a service that satisfies that concern and provides peace of mind.
If you have received notice of an audit by the ATO, need assistance with meeting compliance or have any queries with regards to the audit insurance or for any other business tax advice , please submit an online enquiry or call our experienced team of Tax Accountants, Tax Agents and Tax Lawyers at The Quinn Group on 1300 QUINNS (784 667) to book an appointment.