If you’re covered with Audit Shield, you take out the pressure of being audited by the ATO.
A business can have its accountants and financial advisors add a significant value on their practices when they search for possible situations why their clients are submitted for tax audits.
At any point in time, the business may be selected by the ATO for tax audit. To prepare for the review, the business must be prepared in advance in terms of information and records which the tax audit will review.
Know that the costsfor clients for being audited can be really high, especially if they are unprepared for the audit. For added protection against possible inquiries, investigation and review, they need to be covered by Audit Shield as their tax audit insurance provider.
To Protect Your Clients
A professional accountant will need to reconcile tax returns and business activity statements. They may also compare the client’s outcome with its industry peers. If done correctly, then there is less risk of an audit.
But as anything can happen, ATO may have the business audited and reviewed. An insurance policy from Audit Shield can take out the pressure of someone undergoing an audit and the coverage can pay for professional services when needed.
What Comprises an Audit?
Note that every individual or business is required to provide tax returns or financial compliance obligations to the government. ATO may audit, enquire, investigate or review the documents just to verify if they stick with ATO compliance programmes.
Should there be discrepancies, the government revenue agency can charge them witha substantial amount of money for cover up. And if left unprepared, they may be helpless which can leave them bankrupt. Thankfully, there is the availability of audit insurance to back them up.
What is Audit Insurance?
If you think you need audit insurance for your yourself or business, then it’s a good thing that Audit Shield can cover up the assistance and protection from ATO. Should there be an audit, enquiry, investigation or review, the insurance company can help pay for the services of an accountant or financial advisor. They can also cover the costs of processes that ensure the individual or business is adhering to tax and legislative requirements.