How We Can Help with Your Individual Tax Requirements
Federal and State Tax and statutory audits are an unfortunate reality for most businesses. 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 time-consuming and exhaustive process already. It is also incredibly costly, especially as you’ll have to pay the accounting fees regardless of the outcome.
With assistance from the Kew-based Stones Sharp accounting team, those random ATO and government audits, reviews and investigations will become a much less expensive and painful experience. We provide our clients with the ability to participate in Audit Shield coverage by paying an annual fee, which can help to minimise and even elevate any unexpected accounting fees that accompany the audit and review process.
*The Tax Audit Shield service covers:
- All professional accounting and representative fees incurred during the process directly related to the audit activity
- 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
- Prior year audits and reviews, even if a previous Tax Agent prepared the records
*Certain activities and fees may not be covered by the Audit Shield policy. Please speak to Stones Sharp to enquire within.
Tax Audit Shield covers more than income audit and lodgement reviews, it also covers:
- Payroll tax
- Superannuation guarantee payments
- Activity statements and GST
- Luxury car tax
- Capital gains tax
- Wine tax
- Fringe benefits
Stones Sharp offers all its clients the chance to protect themselves with Audit Shield coverage, which premiums are also tax deductible to the person or entity taking out the cover.
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Get In Touch About Your Tax Audit Shield
Why do you need Tax Audit Shield?
If you have experienced a period of significant activity, whether it be positive or negative, then chances are you have been flagged by the ATO to possibly be reviewed. It is 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 happen to anyone, which is why Tax Audit Shield coverage is so important.
With Tax Audit Shield, you can rest assured that your business is always prepared. You won’t need to worry about the possibility of being burdened with significant accounting bills in the case of a sudden audit when you are covered by Tax Audit Shield.
The level of cover and the cost of your policy will be dependent on your specific circumstances and group turnover, which are assessed at the time of applying for the cover. Ensure that your business is adequately prepared by choosing to be covered by Tax Audit Shield.
What Our Clients Say
“I have had the pleasure of dealing with Shane and Stones Sharp for a number of years now and cannot fault them. They have always been professional and prompt to deal with, as well as giving me the best advice possible for my tax and other financial needs.”
Stones Sharp Client
“Prompt, precise and always professional, Stones Sharp have taken care of our company’s tax affairs and ASIC reporting obligations for over twenty years. We can always rely on the friendly staff at Stones Sharp for timely advice, and we truly appreciate their skill in instructing us how to record various transactions and keep our books accurately.”
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Frequently Asked Questions about Tax Audit Shield
How much does Stones Sharp’s Tax Audit Shield coverage cost?
Your Tax Audit Shield coverage cost and premiums will be determined based on the turnover of your business at the time of assessing. This means you will not be paying for unnecessary extras or for additional coverage which you do not need. There are different levels of cover according to if you are a salary worker, business director or SMSF.
Do Stones Sharp’s Tax Audit Shield services cover both federal and state audits?
Tax audit shield covers Australian Tax Office (ATO), federal and state government audits, reviews, or inquiries that business owners may be required to comply with. This coverage is not exclusive to income tax lodgements. It can also cover other financial compliance obligations, including WorkCover, Superannuation Guarantee, and Employer Obligations.
What documents and records does my business need to keep in case of an audit?
It can be difficult to predict if and when your business will be reviewed but often an increase or decrease in business activity, being in a targeted industry, and being late with returns can be triggers for audits. It is important to maintain clear and organised records across the entire business’ activity as reviews can also extend to multiple years of business history.