Accountants in Sydney on Increased Compliance Reviews and Audits
Accountants in Sydney are witnessing a rise in compliance reviews and audit activities conducted by federal and state authorities such as the ATO, NSW Office of State Revenue, and Work Cover. These reviews and audits can be time-consuming and costly, and there is always uncertainty regarding when one might be selected. It’s important to note that anyone can be targeted, regardless of the accuracy of their lodgment, even if they are eligible for a significant legitimate GST refund on their BAS. This targeting does not reflect the quality of work provided by either you or us, your trusted accountant.
Audit insurance is a simple and economical solution to manage this financial risk.
In the unfortunate event of a review or audit by any government authorities, this insurance will be available to protect you and your group. Depending on your selected policy, the coverage can range from $5,000 to $100,000 annually for professional costs such as accounting, legal, and qualified expert. You would be covered for BAS & GST, Income tax, Fringe Benefits Tax, Superannuation guarantee, SMSF, R&D review, Capital Gains Tax, ASIC, Work compensation, payroll tax, land tax, stamp duty and customs duty etc.
The cost of audit insurance is deductible to you or your business and will help you manage your cash flow without worrying about funding professional costs due to unplanned reviews or audits. We will be writing to our clients to ensure they are given the opportunity to consider audit insurance. Should they choose to take it up, we will work with them to assist them with taking up appropriate cover. Would you prefer to pay $15,000 professional fees for an unplanned audit? Or would you prefer to pay a fraction of this cost each year to ensure you don’t have to deal with the inconvenience and have the right professional team looking after you with their costs fully covered?
If you have any questions or want to know more, please do not hesitate to contact us.
*Correct as of October 2014
*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.