Just recently the Team has sent out our annual invitation to Clients to renew or take up audit insurance. This covers the Insured person, business or entity group for the cost of audits which are routinely carried out by any number of Government or other statutory authorities (e.g. WorkCover), including tax related audits (income tax, BAS, payroll tax, super guarantee etc) on individuals, businesses or client groups, and can cost as little as a tax deductible $110.00 a year for an individual, and on average $347.50 for our business Clients. Our audit insurance cover is comprehensive, we collect the premiums from our Clients and pass them on to our Insurance Broker who deals with the insurance company, currently QBE - unlike some of our competitors who charge a fee for insurance for each form lodged. This kind of adds up when the Client group has annual tax returns, multiple BAS and IAS, an FBT return etc, etc., and the insurance is limited to tax related forms, so WorkCover audits, for example, are not covered. When audits happen, our Clients usually ask us to help them through the process. Anyone who has experienced an audit will tell you that it will involve a heap of preparation time just to get the documentation in order, then there is usually some to-ing and fro-ing throughout the conduct of the audit, which inevitably means that the process takes months, not days or weeks to complete. This being so, the cost of an audit can run into a significant sum of money, even if the outcome is a win for the person being audited. Audits are painful enough without our Clients having to meet the cost. We can usually spot the red flags that give us an indication that a Client is more likely to be audited, and we will recommend that the Client takes out insurance, (and we are fairly sure that this post will get at least a couple of Likes from Clients who have had personal experience of this), however we are not in the business of selling insurance to Clients. We do try to make sure all of our Clients know that audit insurance is available, but if we have missed you and you would like more information, please contact us and we will get some material to you.
Posted on: Thu, 25 Sep 2014 20:23:43 +0000
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