Safe Tax - the Cover for any Audit
By Andy Brown (2 Min Read | Intermediate)
Did you know that ATO increases its number of audits? You can be selected at random because of your postcode, your type of business or just because you have a self-managed Super Fund.
Each year the ATO conducts thousands of audits and even though you may comply with your tax obligations and no irregularities would be found, being selected for an audit can be an invasive, time-consuming process and very costly exercise. Contacting your accountant after receiving the ATO notification, means that you would have to pay professional fees, which can reach up to $10,000, depending on the complexity of your individual situation or structure of business(es).
We care about our clients and developed Safe Tax - a cover for any audit exclusively for our clients. When dealing with the ATO, Safe Tax literally SAVES you a lot of stress, time and money.
Having Safe Tax in place implied that you will not have to pay additional professional fees (for the chosen limit) and we take care of all matters with the ATO on your behalf, which means:
- Discussing with statutory body directly
- Coordinating and presenting information in the best way
- Negotiating in the event of any penalties or claims
- Organising any payment arrangements required
Your Safe Tax support applies to professional fees for audit costs in the following areas:
- Income Tax
- Capital Gains Tax
- Payroll Tax
- Fringe Benefits Tax
- Superannuation Fund Statutory Returns
- Workers Compensation; and
- Goods and Services Tax (GST), incorporating Business Activity Statement (BAS) and Instalment Activity Statement (IAS) compliance requirements.
Safe Tax covers you until the end of June 2019 and we liaise on your behalf even if the audit considers financial transactions from years or decades ago.
To receive Safe Tax for a limit of $ 1,500 in professional fees, we offer:
$ 77 per Individual Employee/ Investor
$ 230 per Superannuation Fund
$ 330 per Business Entity/ Sole Trader
For more insights on having Save Tax during an audit process, please watch our post-audit interview (below) with Brad:
For detailed information on Audit processes conducted by the ATO, please visit the ATO Website:
For possible penalties and interest charges, read on: