22 September 2010
Earlier this year, the ATO announced that small and medium businesses are on its annual audit hit list, and there is a general willingness to take matters to the Courts or the AAT which can prove to be an expensive exercise for individuals and business owners. Add to that the compliance crackdowns by the NSW and Victorian treasuries, and small businesses could find themselves in the uncomfortable position of having to defend their business compliance activity and accounting decisions.
Bates Cosgrave has helped several of our clients through the process of audit and they did not have have to pay a cent in fees under our policy.We'll be sending out letters for renewals of audit insurance in the last two weeks of September. If you're not insured or are just uncertain, you can find out more about what you're covered for by downloading our audit protection factsheet.
Whether you're a sole trader or running a $1-3 million business, audit insurance is a tax deductible cost that can provide you with peace of mind if the auditors come knocking, that your position can be properly defended without busting the bank balance.
Contact us on 02 9957 4033 or via our contact form for more details about what you can and should be covered for.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.