Irrespective of how well your financial affairs are managed, you are not immune to being selected for a tax audit. 

With federal and state government agencies including the ATO continuing to increase activity to ensure parties are compliant and meeting their obligations, the chances of being audited are higher than ever. The ATO has said they will focus on small and medium sized businesses (SMBs), sole traders and salary earners, especially those with investments, rental properties and high net worth individuals. State taxes are also being audited more frequently, including Payroll Tax, Stamp Duty, Gaming Tax and Workers Compensation. The ATO can also focus on Superannuation Contributions, Income Tax, BAS, FBT, CGT, Customs Duty, Fuel Rebate, etc.
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Getting covered for an audit

Allan Hall Business Advisors has partnered with AuditCover tax audit insurance providers to offer protection to you in case of a tax audit or review.

AuditCover covers the professional fees you incur when your accountant or a specialist is responding to a tax audit, review, investigation or enquiry on your behalf to the ATO or state-based authorities and agencies.
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AuditCover tax audit insurance

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Can be personalised to reflect your need

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Protects most entity types

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Covers past lodgements and tax returns

Any audit process is time consuming and professional fees are incurred regardless of the outcome of the audit process. Professional fees associated with an audit depend on the type of audit and the number of periods being audited. They include extensive time spent preparing for the audit, as well as responding to the audit outcomes. 

In the event that Alan Hall is required to assist you with an audit, professional fees will be incurred and are not recoverable from the Government Agencies or business entities with which you are obligated to deal. Depending on the audit outcome, you may incur external fees including legal fees fighting the audit decision.
The audit insurance covers the professional fees you incur as a result of an audit, not the tax, interest or penalties if applicable. Also, the audit insurance premiums may be tax deductible to you.

For any questions please call AuditCover on 1300 895 797 or read more here »

Allan Hall clients are invited to obtain a quote from AuditCover. DISCLAIMER: As with any insurance, it is important that you read the Policy Wording and ensure that the product is right for you. This page is intended to provide general information about tax audits and AuditCover and does not constitute advice.