While, historically, Tax Audits were targeted at corporations and the wealthy, this has changed. Increasingly, the ATO and other Government Agencies are turning their attention to both small to medium businesses and individuals, particularly those who own rental properties, operate trusts, and have a Self-Managed Super Fund. Audit Insurance can help protect you if the tax office calls.
Tax[RU1] audit insurance covers the professional fees usually charged to assist and respond to eligible official enquiries, and reviews, investigations, or audits of lodged returns. Tax audit insurance also covers reviews initiated by other government agencies, such as WorkCover and the Office of State Revenue.
The modest tax audit Insurance premiums are tax deductible and are inexpensive when compared to having a professional assist in an actual audit, a daunting experience in itself. Professional fees typically can range from $6000.00 - $10,000.00.
Tax Audits are real and can prove to be expensive if you don't have tax audit insurance. Don’t get caught short, contact us to find out more.