Audit Insurance

Posted on October 25, 2015 by ATB Chartered Accountants

It is a common misconception that you will only be audited if you are not compliant. The approach by the Australian Taxation Office (ATO) and other government bodies in this respect have changed.

In addition to audits, the ATO and other government bodies have significantly increased the number of enquiries, investigations and reviews they are now undertaking. These organisations are utilising powerful data matching capabilities so even compliant and correctly prepared returns can be under scrutiny. For this reason we offer an Audit Shield service, which guards against unexpected and potentially significant professional fees.

Audit Insurance provides for the payment of professional fees, otherwise incurred by you, when audits, official enquiries, reviews or investigations are initiated by the ATO or federal, state and territory agencies. An ‘audit’ is very broadly defined as a matter from a basic phone enquiry to a complete audit of lodged returns with the ATO, federal, state and territory agencies; and extends to engaging relevant specialists such as tax lawyers, if required.

Audit Shield can cover audits, enquiries, reviews and investigations relating to the following:

• Income Tax
• BAS and GST
• Recordkeeping
• Fringe Benefits Tax
• Capital Gains Tax
• Superannuation Compliance
• Superannuation Guarantee Charge
• Payroll Tax
• Work Cover
• Workplace Ombudsman Audits
• R & D Annual Returns
• ASIC Annual Returns