Written by: Evan Lowenstein
Once again this year , we are very pleased to announce that we will be offering you an opportunity to take up Audit Insurance.
This insurance can be used in the event of you being in the unfortunate but nevertheless realistic circumstance where you are selected for a tax audit initiated by the ATO or state government authority.
We are experiencing a period of greater ATO surveillance across the whole tax community and with increased focus and funding from the Federal Government audits are becoming much more the norm than previous.
In our firm last year, we have experienced increased audit activity with many more of our clients than in previous years
With much more sophisticated technology the ATO can pinpoint with great accuracy clients that they wish to select for an audit.
The insurance that we are offering is through Accountancy Insurance Pty Ltd. The annual premium of around $120.00 covers the costs of our time in answering questionnaires and complying with any tax documentation and negotiations with the ATO the costs of which could be quite considerable.
We encourage all our clients to take up this offer.