Relieve your costs from Tax Audits and Reviews

By taking up Tax Audit Shield Service

Tax audits are a real expensive risk for business owners, landlords owning rental properties or trustees with a Self Managed Super Funds. They generally create stress and is a costly exercise for the taxpayer.

Our objective is to help you protect your assets by  insuring you against the costs you might incur in a tax audit or review from the Australian Tax Office. We do so by offering Tax Audit Insurance for our individual and business clients.

Who does the ATO target for an audit or review?

Business owners who are in the cash industry such as Cafe, bars and restaurants are targets to audits and reviews by the tax man. The Australian Taxation Office use advance technology and data matching determined by  industry benchmarks to select business and individuals for their audits. For example in the past, property investors were a target in the which the ATO cracked down on rental deductions resulting in penalties and fines to the taxpayer.

The ATO can audit or review on the following areas:

• Income tax
• GST
• PAYG
• BAS returns
• SMSF
• Wage earners
• Superannuation
• FBT

What does an ATO audit or review cost?

The cost for your accountant to act on your behalf will depend on the complexity and time involved in the audit and review.

We have partner with Audit Shield Service which can reduce you of these fees to a limit.  The Audit Shield Service provides a fixed annual premium which is a cheap alternative to be paying for your accountant’s time involved in the audit and review.

How can I insure my business from the cost of an audit?

Yes, we can assist you review your records and accounting systems to ensure that your business  is compliant with the ATO current requirements of record keeping. However,  if you are unlucky and get called upon, we can continue to work with you and the ATO to clear your name  at no extra charge so long you have Audit Shield insurance.

There are different levels of cover for:

• employees and wage earners;
• businesses owners ;
• trustees of Self Managed Superannuation Funds;

For peace of mind and to insure your business from the high costs of an ATO audit or review, please contact us get an acceptance form for audit insurance today.