Dealing with audits can be time-consuming, stressful and expensive. Get peace of mind in the event of an ATO audit.
Don't fear a tax audit on you or your business.
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Each year The Field Group Accounting offers clients the opportunity to purchase tax audit insurance. This excess-free, tax deductible insurance covers up to $10,000 in professional fees (be it legal, or accounting) in the event you or your business are unlucky enough to receive extra attention from the Australian Tax Office, State Revenue Office, WorkSafe, or other government organisation.
Dealing with audits can be time-consuming, stressful and expensive, however Tax Audit Insurance will reduce the stress and cover your expenses. If you are subject to an audit, you simply pass the details to us and we will manage the process with the tax office or other agency.
THE FIELD GROUP
TAX AUDIT INSURANCE
Government agencies continue to announce significant increases in their audit activity and sophisticated computer cross-checking is making additional enquiries much more likely. Random audits and investigations are carried out not only by the tax office, but by a whole range of state and federal government agencies covering matters such as:
HOW LIKELY AM I TO GET A RANDOM AUDIT OR INVESTIGATION?
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 if your records are up to date and you have done nothing wrong, a simple enquiry can require hours of work by your bookkeeper or accountant to respond effectively.
If you get audited you need the best help available to minimise the risk of the investigation becoming extended. In some cases, specialist accountants and lawyers could be involved and your business could face serious cash flow problems - the enquiry could even spread to your customers. It is a distracting and time consuming process - it just takes your attention away from your core business.
WHAT ARE THE COSTS TO MY BUSINESS IF I AM AUDITED?
Type of Audit: Employer Obligations
A client was selected when a data matching flag notified the ATO that the employees had claimed more PAYG Withholding than the employer had reported. Although the discrepancy was cleared, the client was found to have not paid the correct amount of superannuation and was assessed $4,083 in Superannuation Guarantee Charge.
Total accounting fees of $7,374 were fully covered by Tax Audit Insurance
Accounting and legal fees totalling $9,625 were fully covered by Tax Audit Insurance.
Type of Audit: Income Tax (CGT) Review
A review was undertaken for the use of CGT Small Business Concessions on a gain of approximately $5 million reduced to $450,000. After providing all the responses and obtaining legal advice to further validate the client’s position, the tax office accepted the return as lodged.