Random government audits, reviews and investigations are increasing in number and scope every year. It's almost a case of when you will be audited rather than if. It could start with a BAS, Superfund or Workers Compensation inquiry and spread to your whole business. Responding to the inquiry or audit could take your book-keeper or accountant hours and cost your business thousands.
How likely am I to get a Random Government Audit or Investigation?
Random audits and investigations are carried out not only by the ATO, but by a whole range of State and Federal Government agencies covering matters such as:
Government agencies continue to announce significant increases in their audit activity and sophisticated computer cross checking is making additional inquiries much more likely.
What are the costs to my business of Random Government Audits and Investigations?
If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs involved in providing the required information. Even a simple enquiry can require hours of work by your financial representative (your book-keeper or accountant) to respond effectively - even if your records are up to date and you have done nothing wrong.
If you get audited you need the best help available to minimise the risk of the investigation becoming
In some cases, specialist accountants and lawyers could be involved and your business could face serious cash flow problems - the inquiry could even spread to your customers.
It is a distracting and time consuming process - it just takes your attention away from your core business.
How can I protect my business from these unexpected costs?
Tax & Government audit insurance cover is specifically designed to be affordable for small to medium sized businesses.
If you receive an enquiry from a government agency such as the ATO, you simply pass the enquiry or audit onto your book-keeper or accountant and they manage the process with the ATO or other agency. When you receive your invoice from your book-keeper or Accountant, you can then pass their invoice on to the underwriter CGU who pay’s you directly.
Tax & Government Audit Insurance allows you to get the best help available when you need it most - simply because it covers the cost
To ensure your business is covered under the practices Tax & Government Audit Insurance protection service, complete the online quotation on this website. Your cover commences at midnight, on the day your payment is accepted.
Contact Tax Audit Insurance Australia now for more information.
It's a better way to protect your business.
1300 685 606