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The Australian Tax Office (ATO) vows to get tough!

Jun 17, 2014

The Australian Tax Office is about to get serious with small business… and there will be casualties. The Tax Commissioner has predicted that almost 15% of small to medium enterprises will be subject to the ATO’s compliance program, including some form of tax audit.

This has lead to a dramatic increase in ATO field audits on small to medium-sized businesses, individuals and self-managed superannuation funds, with almost 80,000 audits to be conducted this financial year.

Each audit can therefore lead to additional work for your accountant and potentially significant costs for your business. So can you afford to pay?

You can be protected through AustBrokers Comsure with a policy that will cover the professional fees in connection with the audit of your individual or business’s returns.

It provides cover for audits conducted by the Australian Tax Office, plus audits by other organisations where a business has an obligation to lodge a return. There is also an option to extend cover to directors or business partners of the business.

An recent example of a claim is a Restaurant with a Turnover of <$1m. The ATO conducted an unforseen audit and the costs associated with the audit cost the company $19,175.00… Thankfully the company took Tax Audit Insurance, and their premium was $281 dollars.

Premiums are usually tax deductible and the cover provides peace of mind.

Contact your Adviser at AustBrokers Comsure today should you wish to learn more.

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