Audits, reviews and investigations are conducted by the ATO and other state and federal government agencies to ensure business and tax payer compliance with various tax and legislative requirements such as income, land and payroll tax, GST, workers’ compensation, superannuation guarantee, compliance research, development grants and many more.
The ATO, along with other federal and state agencies continue to announce significant increases in their audit activity.
Now, more than ever, individuals, businesses and self-managed super funds are at risk of being selected for a random audit or review.
If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs 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.
Audit Protection Service is worth considering as it provides for the payment of professional fees incurred as a result of you being selected for an audit, review or investigation by the ATO or other government body.
The cost of being properly represented in these matters can be quite considerable depending on the length of time involved. Audit Protection Service provides a fixed, cost-effective solution to guard against unbudgeted costs.
What audits, reviews and investigations are covered?
- Income Tax
- GST & BAS
- Superannuation Guarantee
- PAYG Withholding
- Fringe Benefits Tax
- Payroll Tax
- Land Tax
- Stamp Duty
- Work Cover
- Self-Managed Superannuation Funds
- And many other lodged returns
What costs are covered?
The policy covers all professional fees up to the prescribed limit (with no excess) when responding to or representing you in a review, audit or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, and actuaries).
Who is covered?
All of our clients can take advantage of the Audit Protection Service. Different levels of cover are available for:
- salary and wage earners
- businesses or business groups with turnover under $100 million
- self-managed superannuation funds
In most cases, individuals and family entities can be covered by the same policy that covers the business entity – for no extra cost. And a tax deduction can be claimed against the cost of the policy.
OBT’s Audit Protection Service provides cover for tax audits so we bill the insurer, not you! Ask us how you can protect yourself by contacting OBT’s friendly team.