Your must have, sleep easy financial protection
We've all read or heard stories about various State and Commonwealth Government Agencies sharply increasing audit and compliance activity to ensure Individuals, Trusts, Self Managed Super Funds, Self Employed, Business Entities, Associations, Organisations and the like are both compliant and paying their proper levels of taxes, duties, levies, workers compensation, superannuation and the like.
One example is the Australian Tax Office (ATO) amassing data from numerous State Government Agencies (stamp duty records of car, boat and property sales over the last one to five years), banks (interest paid and monetary transaction over $10,000), stock brokers (share transactions), Centrelink (undeclared benefits), credit card companies, foreign banks and many other sources and cross checking against activities and figures being reported by taxpayers.
The ATO is also undertaking 'benchmarking' analysis across various industry sectors to identify businesses that are lodging figures that don't match industry averages. This is particularly so for businesses operating in the cash economy.
Audit Fees Paid covers
professional fees* incurred to engage professional assistance to respond
to a questionnaire, enquiry, examination, investigation, review or audit
undertaken by a State or Commonwealth Government Agency with whom you
lodge returns or declarations.
(* Professional fees are primarily accountancy fees, plus where your accountant needs to obtain a legal opinion or other professional advice.)
Over the 12 years specialising in Audit Insurance and primarily in
the small to medium sized enterprise sector, the majority of claims have
ranged from $1,500 to $35,000+ (average $8,500).
(Note that larger corporates over $50M fees/turnover require more tailored solutions. Talk to us.)
The problem with audits is that they are often random, unexpected and unbudgeted and can inflict a substantial strain on cash flow.
For a nominal annual premium, you can secure financial protection, plus rest easy knowing that you can access paid professional help when the need arises. Sum insured options and annual premiums are noted on the Applications.
As experienced insurance professionals, it's concerning that individuals, self employed and business operators organise insurance for laptops, cars, tools, office equipment, cash, etc., yet, a government audit that can cost thousands of dollars, remains uninsured.
Act now to secure your financial protection and sleep easier!