Why Should Your Protect Your Business Against Audit Activity?

1. Why Should Your Protect Your Business Against Audit Activity? No one of you (business owners) wants to be evaluated and the ATO has no reason to suppose you will be. However, with the widespread focus on escalating audit activity, the probability has increased more than ever, and your business could be noticed for a tax review or audit by the Australian Taxation Office or other government body. Many accountants believe that each business should have an Audit Insurance policy to safeguard them if the condition ever arose. The ATO, along with other state, federal, and territory agencies, carry on announcing considerable increases in their audit activity. Now more than ever, businesses, individuals, and SMSF are at risk of being chosen for a tax evaluation work. The enhanced data-matching capabilities of the ATO enable extensive scope to target individuals and businesses.

2. Through a partnership with Accountancy Insurance, many accountants or accounting service providers offer clients, like you, an ‘Audit Shield’ Insurance Policy that is available with very competitive premiums. Audit Shield Insurance The Audit Shield Insurance Policy gives for the payment of the expert fees for the execution of audit activities that you select for a tax audit, investigation, enquiry, or review done by the ATO (Australian Taxation Office) or other authorised body. The cost of being correctly disclosed in these matters can be quite significant depending on the time involved. Even the simplest evaluation can need hours of work. What is covered? When you contact an accounting professional in your audit activity matters, the expert takes prescribed fees that cover charge for different activities, such as

3. bookkeeping and legal advisor. Audit Shield also offers retrospective cover so that you can cover up previously lodged returns. It is extensive. Here are some situations that are covered in audit shield: FBT Audit GST and BAS Audit Income Tax Audit Land Tax Audit PAYG Withholding Audit Payroll Tax Audit Self Managed Superannuation Funds (SMSF) Audit Stamp Duty Audit Superannuation Guarantee Audit WorkCover Audit Why should you get it? A business owner of any sector can take benefits of the Audit Shield Service. Varied levels of cover are accessible for businesses, SMSFs, and wage & salary earners. Any of you can be targeted, even if your lodgements are correct. With this in mind, many accounting service providers offer you the chance to protect your business with a superior Audit Shield Service. Legal Information The Audit Shield Insurance policy is optional. However, you should insure your audit shield with an insurance policy. Your accountant Sydney CBD can guide you more on it and hold this policy on your behalf. The policy is for one year, and so, the associated person will contact your earlier for the renewal of it before the expiration date. As the Audit Shield Insurance is not mechanical so you must receive the cover.