Audit
Insurance
In recent years, the ATO has begun cracking down on tax fraud and avoidance by broadening the scope of their active investigations into both individual and business taxpayers. They have become more creative in how they go about classifying and enforcing taxpayer obligations and are using more sophisticated methods of tracking expected reporting. The ATO are searching for potentially incorrect income declarations, mis-categorization of expenses, and other inaccuracies in reporting.
With the odds of audit increasing for nearly everyone, having the appropriate preventative measures in place is a safe step to take for anyone who may be at risk of an audit. If you’re reading this page, it’s most likely because RTAG has notified you by email that we have identified signs that your account may be at risk now or in the future of being investigated by the ATO. If that is the case, we encourage you to schedule an appointment with your accountant immediately so we can uncover the factors that are increasing your risk of audit, and to help you prevent future misreporting.
We also encourage you to explore the option of audit insurance. The consequences of an audit can be devastating for individuals and businesses alike if the ATO uncovers long-term patterns of misallocation or under-reporting - we have seen cases in which tax obligations, once audited and recalculated, have been revised to the tune of tens or even hundreds of thousands of dollars. On top of those potential tax obligations, an audit normally entails additional costs for the accounting services required to conduct the audit and rectify any underreporting. Even if your audit reveals that you have done no wrong, the accounting fees incurred in the process can still be substantial.
We know this kind of unexpected expense can destroy businesses and cause bankruptcies, and the last thing we want to see is our clients become burdened by billing as a result of fees incurred during an audit. Audit insurance exists to help you cover those accounting fees, and to ensure that we can do everything possible to rectify any misunderstandings without putting undue strain on your finances.
If you would like to receive a preliminary assessment for audit insurance, please fill out the form below. We will forward your details to our preferred audit insurance partner, Helen Smith at Bentley’s Insurance Brokers - a trusted member of the RTAG family.
You can also reach Helen at 0459 575 788 or hsmith@mcdbinsurance.com.au