The ATO has published their wide reaching focus on ensuring compliance with tax legislation performed by conducting a tax audit. The areas of focus for 2013/14 include:
- Checking business systems taxpayers use to determine GST payable, the focus will be on specific industries, including mining, financial and insurance services
- PAYG withholding reviews to ensure obligations are being met correctly by small, medium and large businesses
- Medium enterprises to be reviewed for income tax determination (including capital gains tax, consolidation, trusts, profit shifting, private company schemes etc)
- Self-managed super funds for income tax obligations and regulatory obligations
Audits conducted by the ATO or any regulatory body can be time consuming, pedantic and quite confronting for business owners. Even if there are no adjustments to your returns, you are likely to be facing disruption to your business and costs from your professional advisors to respond to queries.
To ensure you're able to comply with the investigative demands of an Audit by a regulatory body, Hanrick Curran recommends our clients to take out a Tax Audit Insurance Policy. This cover ensures you have access to a cost effective way minimising the financial stress and disruption that a government audit imposes on a business and/or individuals.
Hanrick Curran has a joint venture arrangement with Ausure Insurance Brokers South East QLD who have sourced a competitive and effective Tax Audit Insurance Policy to provide you with peace of mind when you have the imposition of an Audit.
The policy will cover the reasonable professional fees that you incur following notice of an audit or investigation by:
- a federal or state Commissioner of Taxation in relation to your liability to pay:
- any other government authority in relation to:
The maximum amount paid in total for all claims during any one period of insurance is the limit of liability shown on the current Insurance Certificate. That amount is not cumulative from one period of insurance to another.
The cover only applies if you first become aware of an audit during the period of insurance and you formally notify us either during, or within 30 days after the expiry of, the period of insurance.
To obtain additional information about the Tax Audit Insurance or to receive an obligation free quote for the premium, please contact your usual Hanrick Curran Advisor on 07 3218 3900.