Every year the Australian Taxation Office audits a range of small businesses to ensure obligations under the taxation and superannuation regulations are being met. At best, being the subject of a tax audit may be an inconvenience, but the reality is a full audit can be expensive, especially if you need to employ an accountant or lawyer to complete the audit on your behalf. Using a Tax Audit Insurance Broker to have the right cover in place can help to offset the expense of hiring a professional, leaving you free to focus on running your business.
What can a Tax Audit Insurance Broker do for my business?
Dealing with a tax audit can be a mine field. Not only can it be time consuming and expensive, the potential impact of an audit on your business could be significant. This is why you need to plan ahead and access the best advice available, before you receive a letter or phone call from the Australian Taxation Office auditors.
Advice from an experienced Tax Audit Insurance Broker can be invaluable, a properly qualified and knowledgeable broker can:
- Provide expert advice about the tax audit process and compliance;
- Help you to navigate through the maze of information and options; and
- Assist you to select the level of Tax Audit Insurance Cover that is most appropriate for you and your business.
Is this something I really need to worry about?
In June 2014, the Australian Taxation Office announced a dramatic increase in field audits on small to medium-sized businesses, individuals and self-managed superannuation funds, with almost 80,000 audits to be conducted the 2014/15 financial year.
A request to audit your business can happen at any time and could include the following audits or investigations:
- Income Tax Audit
- Fringe Benefits Tax Audit
- Capital Gains Tax Audits
- WorkCover Authority – Audit of WorkCover returns
- Payroll Tax Audits
If your business is subject to any sort of tax investigation, having access to the best advice and a team of experts can to assist you to work through the compliance process in the most efficient way. The last thing you need is to have you, or your senior managers, ‘off line’ dealing with an audit for weeks or months.
Where can I find a Tax Audit Insurance Broker?
Contractor Cover have Tax Audit Insurance Broker’s with extensive experience in providing advice on Tax Audit Insurance to many small, medium, and large Australian businesses across multiple industries.
Why not visit Contract Cover and try the easy online quoting system? It’s one of the fastest ways to get a quote and arrange your Tax Audit Insurance. Alternatively, give their office a call on 1300 GETCOVER (1300 438 268) to speak one of the Contractor Cover real-life team.
