While you may be very diligent when lodging your tax return, there is still something you can do to protect yourself from unexpected fees. Don’t be vulnerable, consult with your tax accountant.
If you are a business owner, you can choose from different types of coverage depending on what your business needs. An audit insurance covers any investigation, enquiry, review or audit that the Australian Tax Office or other relevant government revenue agencies may instigate to ensure tax compliance.
A tax accountant can help you work through auditing regulations and reduce the chances of an audit. However, business owners can still be audited and incur fees even when they are not at fault due to the government’s increased audit activity.
The ATO may review your tax return anytime and while your deductions may be substantiated and you won’t owe additional taxes because of the tax review, you may still incur steep fees for professional services related to the cost of an audit. You wouldn’t have anything to worry about if you have taken out audit insurance, as this will cover the total cost of any professional fees incurred.
An audit insurance policy can cover lodged returns, including employer obligations, capital gains tax, fringe benefits tax, superannuation guarantee, payroll tax and income tax, among others. However, it is advisable to discuss coverage options with your tax accountant to ensure the best option for you has been selected.
Make sure that you review the full list of coverage as well as excluded items and possible scenarios, so that you can choose the best audit insurance available for your business. In doing so, you help protect your business from those unexpected expenses.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision. You can click here to speak to experts who specialise in business tax and consultancy. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.
Sky Accountants specialise in small business tax. We can keep track of the profits and taxes of your business to avoid surprises at year end and develop tailored strategies and systems specifically for your business to streamline your bookkeeping and accounting.
Our vision is to allow you to focus your energy and enthusiasm for your business and save time and money at the same time through our low cost, efficient systems with fast turnarounds. We ensure accuracy and that all the deductions and offsets available to you will be secured.