The Australian Taxation Office are ramping up audit activity this year 

Do you currently have audit insurance? 

Tax audit insurance is an insurance policy designed to help cover the costs your business incurs when it’s being audited by the ATO.

If you don’t currently have this important cover, we strongly urge you to get it now.

Anyone can be audited by the ATO

The ATO, as well as several State and Federal Government agencies, are increasingly carrying out audits and investigations. This is in part due to increased data matching capabilities, and a result of extra funding from the federal government.

The thing is, the audits aren’t being triggered by anything you, (or we), are doing wrong, rather, they’re triggered by the ATO undertaking a specific crackdown. Audit activity in the coming years is only set to increase, not decrease. 

Audit insurance will cover costs of the investigation or audit process including:

• Our/your accountant’s fees
• Other specified professional fees such as lawyers, bookkeepers, advisers etc.
• Expenses incurred during audit (can be between $10,000-$20,000)

Audit insurance won’t cover any fines or taxes that you may receive as a result of the audit.

The cost of audit insurance, like the cover offered, will largely depend on the amount of coverage you require.

Do you have questions about audit insurance?

If you haven’t got audit insurance in place and you’d like some more information, please call us on (08) 9071 2173 or complete the form below and we’ll be in touch.  

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