Audit activity is on the rise and anyone can be targeted. There’s nothing more frustrating than being selected for a review or audit of your lodged returns instigated by the Australian Taxation Office (ATO) or other government revenue authorities. The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple enquiry can require hours of work.
Audit activity can affect all taxpayers regardless of whether you are an individual, business or have a Self Managed Superannuation Fund.
Below is a chart outlining 2019-2020 Audit Shield service claims across Australia as compiled by Accountancy Insurance.
Are you protected by our Audit Shield service? By now you should have received our letter offering this service for the next twelve months. If you currently hold an Audit Insurance policy, please be aware that the service expires on 31 March 2021.
No one wants to be audited and we have no reason to suspect you will be. However, with the prevalent focus on increasing audit activity, it is more likely than ever that you could be audited. We emphasise that there is no compulsion to participate, however we consider this service to be a valuable tool in reducing the uncertainty of unexpected fees. To continue or take part in the our Audit Shield service, please complete the remittance advice form which you recently received in the mail and return it to us with your payment.