The ATO and other government agencies continue to announce increased levels of audit activity, which may lead you to ask yourself, “How likely am I to be audited?”
Certain things can make you more likely to be audited, for example, having a large number of expenses compared to income, or paying a high level of wages. However, anyone can be chosen for an audit, whether you earn $20,000 or $20 million.
What are the consequences of being audited? The simple answer is that it takes time to comply with audit requests. Some people like to handle these matters themselves, however we are noticing that with the increase in audit activity, this is takes up time people would prefer to spend on other endeavours.
This is where Audit Shield comes in. Audit shield covers you for our costs of complying with an audit, as well as any additional fees incurred from third parties (i.e. bookkeepers and solicitors). This means if you are selected for an audit, you can just hand the matter to us and we will make sure all audit requests are complied with, without wasting your valuable time.
For people in business you will be pleased to know this covers any type of business audit (i.e. ATO, OSR, Workers Compensation etc.)
If you would like to know more please click to following link to read our Audit Shield white paper.