Can you afford an Audit?
The ATO has recently indicated that it will be stepping up its Audit efforts following a hold on compliance activities during the height of Covid-19.
Being on the receiving end of tax audit takes can be a stressful, time-consuming process and end up costing a great deal of money.
Audit Shield, an independent insurance company, provides optional Tax Audit Insurance, which is designed to provide relief from the professional fees such as legal or accounting associated with government-initiated revenue audit activity.
Audit insurances can be fully tax deductible for individuals, businesses and SMSFs, and can cover the fees associated with an audit. Often these fees are greater than those your accountant may charge you for completing the return(s)/filing(s).
Data matching is becoming more sophisticated every year. This makes it simpler and far more likely for previously untargeted taxpayers to encounter audit activity, despite being compliant.
If you are interested in find out more about Audit Shield, or audit insurance in general, contact your Aspen Corporate advisor today.