At any point in time, you or your firm can be subjected to an official audit or enquiry initiated by ATO or the Australian Taxation Office. Aside from the ATO, other federal, state and territory based agencies can also look into your tax records and whether or not they find anything significant on your books, there are still professional fees and charges that would be collected from you. To protect you from any financial issues incurred during these reviews, it would be wise for you to get tax insurance protection from tax audit insurance companies such as Audit Shield. Here are some of the reasons why accounting firms and individual tax payers alike opt for tax audit insurance protection.
Professional guide to non-accountants
For a non-accountant, having government authorities check your tax records and other legal documents can be confusing. Responding to the questions of state auditors can also be time consuming. To protect you from the hassles of going through these random audits, it would be best to hire professional tax accountants to represent you in these events. This way, the other equally important business activities in your office will not be hampered because you have representatives to attend audit matters in your company’s behalf.
Protection from unexpected costs
These random audits by ATO and other government agencies incur professional fees and without Audit Shield and other tax audit insurance to protect you financially, you might be heavily burdened with fees that you are required to cover. The downside about these tax audits is that the business firm or individual tax payer subjected to audits has to shoulder any charges and fees incurred during the tax audit.
Peace of mind
One of the best advantages of getting an Audit Shield is that you have the peace of mind that in the event of a surprise government tax audit, you have a tax audit insurance that will cover the expenses and assist you in the process of government auditing. You just have to provide the insurance provider all the necessary documents and you can go about your usual business.