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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Audit reviews, enquiries and investigations are continuing to increase for Individuals, Businesses and Self-Managed Superannuation Funds by the ATO. Sophisticated data matching technology has allowed detailed cross referencing of information from an assortment of government departments.
It means that more SMEs and wealthy individuals will be targeted for tax investigations, based on the ATO’s perception of the “risk” that these taxpayers may not be complying with tax law.
We can tell you that this is rarely a pleasant experience. It may cost you significantly in terms of dealing with the ATO, providing them with the information they require and fully and professionally representing your position to achieve the right outcome.
We advise all of our clients to seriously consider insuring against this risk.
It is likely. Many government bodies are increasing their audit activity.
Now more than ever, Individuals, Businesses and Self-Managed Superannuation Funds are at risk of being selected for an Audit or review. The ATO’s enhanced data-matching capabilities now enables wider scope to target both businesses and individuals.
This can be a costly exercise, not just financially but with time and stress too.
If you or your business is subjected to an audit, you are responsible for the costs (professional fees) involved in providing the required information. Even the simplest enquiry can require hours of work. In Audits involving multiple years or multiple entities, thousands of dollars in accounting and legal fees can be incurred. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.
Recently, Altus was involved in an audit that took 6 months to investigate. The client was protected 100% by the advice we gave, however, a lot of stress was experienced and there was significant fees incurred to defend the case. We believe if the client had audit insurance, they would have been in a better position as the financial risk would have been covered. The important question to ask yourself is “do I have spare cashflow to fund a 6 month audit or investigation?”
Altus can offer you an Audit Shield Service which will provide you with comprehensive relief from these financial costs. The Audit Shield Service provides for the payment of our professional fees incurred as a result of you being selected for an Audit, review or investigation by the ATO or other government body.
The Audit Shield Service provides a fixed, cost effective solution to guard against these unbudgeted costs.
Fees normally payable by you up to the completion of the Audit, review or investigation, or until the cover limit as stated on your acceptance form is exhausted. Fees of any other outside person (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response are also covered.
All of our clients can take advantage of the Audit Shield Service. Different levels of cover are available for:
Set your business on the right path with this simple guide.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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