Federal and State Tax and statutory audits are an unfortunate reality for most businesses and they take a lot of time and effort. If you own a business, rent out a property or are in many other set-ups there is a good chance you will be familiar with the process already.
It is time that you experienced the Stones Sharp difference when it comes to audits.
With Stones Sharp assistance, those random ATO and government audits, reviews and investigations will become a much less costly experience. Our clients are able to access our group Audit Insurance policy, you can minimise and even elevate any unexpected accounting fees that accompany the audit and review process.
If you have experienced a period of significant activity (be it positive or negative), then chances are you have been flagged by the ATO as possibly needing to be reviewed.
If this has never happened to you before you should prepare yourself for the fact that you will be responsible for all costs incurred during this process – a process that has been known to be time consuming and extremely costly leaving you to pay the accounting fees no mater the outcome of the audit and review. You may also possibly need someone to represent your best interests for the duration of this audit and review period.
It’s essential that businesses understand that audits are not an indicator of the quality of one’s current accounting service provider or legal advisor. A business can be audited even if it has not done anything wrong, has not broken the law in any way and maintains excellent records. An audit can literally happen to anyone, which is why audit insurance is so important.
PROTECT YOUR BUSINESS FOR POSSIBLE FUTURE AUDITS
Stones Sharp offers all its clients the chance to protect themselves with audit insurance. This insurance will cover all professional fees incurred during the audit process, which will cover our fees as well as other advisor fees incurred as a result of the audit. Level of cover and costs of the policy is dependent on various matters, which are assessed at the time of applying for the cover. Audit insurance premiums are also tax deductible to the person or entity taking out the cover.
As a client of Stones Sharp, our Audit Insurance policy covers for prior year audits and reviews even if a previously engaged Tax Agent prepared your records. This will cover all audit fees as well as any other costs incurred in investigations, reviews and enquiries related to the audit as undertaken by ATO and the Australian Government.
Stones Sharp audit Insurance group policy not only covers Australian Taxation Office income tax audits and various lodgement reviews but also covers the following audits and reviews:
- Payroll tax
- Superannuation guarantee payments
- Activity statements and GST
- Fringe benefits tax
- Luxury car tax
- Wine tax
- Capital gains tax
Our group policy is available to all taxpayers and entities including:
- Self Managed Superannuation Funds
If you are unsure whether or not you need audit insurance we recommend that you speak to Stones Sharp as soon as possible to see how we can assist.