By Andy Brown
Many regulatory authorities conduct audits to confirm you are complying with the various rules and regulations they are responsible for overseeing.
For example if you employ people, WorkCover will eventually audit you to confirm the remuneration you declare has had the correct levies paid on them. The ATO is another major auditor.
You can be selected (as an individual or entity or both) to receive an audit via a variety of criteria eg postcode, industry, SMSF etc, and even if no irregularities are found it can be an invasive and time consuming process.
If one of our clients is selected for an audit we are typically asked to deal with the regulatory body which means:
- Talking to them directly
- Co-ordinating and presenting information in the best way
- Negotiating in the event of any penalties or claims
- Organising any payment arrangements required
This of course incurs professional fees, which is why we offer our SAFETAX© program to cover our fees for a fraction of the cost that would otherwise be charged.
As an example for an individual covered to $1500 in our fees our cost is $77 (ie only 5%) of the real cost.
It’s been very popular over the years, especially as audit activity increases. A pretty wise decision I think.