Audit Insurance: A different perspective on a wise investment
In the dynamic world of business, facing an Australian Taxation Office (ATO) audit can be a daunting and costly experience for both business owners and individual taxpayers alike.
However, did you know that already 15% of Allan Hall business clients have chosen to secure their financial well-being by opting for audit insurance?
This strategic decision is not just about protecting finances; it’s about ensuring peace of mind during potential ATO reviews.
The Cost of an ATO Audit
The average cost for professional fees associated with a standard ATO review of a proprietary limited (Pty Ltd) company can be as high as $18,000. This figure includes the expenses incurred in navigating through the intricacies of tax regulations, responding to ATO queries, and addressing any discrepancies that may arise during the audit process.
The Affordable Solution
Enter audit insurance — a financial safety net designed to alleviate the burden of exorbitant audit-related expenses. For an average annual cost of around $600, businesses can secure comprehensive coverage that not only shields them from the financial impact of an ATO audit but also allows them to navigate the process with professional support.
Why Choose Audit Insurance?
1. Cost Mitigation:
- Shield your business from hefty expenses associated with ATO audits, including accounting and legal fees.
- The annual investment in audit insurance is minimal compared to the potential costs of an unexpected ATO review.
2. Peace of Mind:
- Focus on running your business without fear of unexpected financial setbacks due to audits.
- Audit insurance provides peace of mind, allowing you to concentrate on growth and development rather than compliance concerns.
3. Professional Support:
- Freedom to access our team of experts to assist in handling ATO audit queries ensures that your business is in capable hands.
- Receive guidance throughout the audit process, ensuring compliance and minimising the risk of financial penalties.
Being prepared for unforeseen challenges is a mark of a prudent entrepreneur. Audit insurance emerges as a sensible investment, providing a safety net against the potential financial impact of ATO audits.
With an average annual cost that pales in comparison to the potential expenses of an initial review or an extensive audit, business owners can make an informed decision to safeguard their financial health. In the end, the choice is yours but with audit insurance, you can make that choice with confidence and financial security.