In today’s business world, it is statistically noted that, an individual or a business can expect to be audited at least once every four years. Whilst random audits can be costly normally it is the individual or business who bear the costs required in complying with the audit.
Compliance reviews and audit activities are instigated from both the federal and state authorities (ATO, State Revenue Office and Work Cover).
Anyone can be targeted, even if their lodgement is accurate (i.e. where you are due for a large legitimate GST refund on your BAS or R & D Grant). Read more in this article by Accountants Daily.
It is no reflection on the quality of work from you or us (as your business accountant).
Having audit insurance is a simple and economical solution to manage this potential financial risk.
The cost is deductible to you or your business and it will help you manage your cashflow without worrying about funding professional costs due any unplanned review or audit.
Should you have any questions or would like to know more, please do not hesitate to HTA, your local Richmond accountant on 03 98103666.