Insurance for tax audit costs

Posted on 21 April 2023 | by Allan Hall

Limit your costs in the event of an audit with tailored coverage

The ATO has been funded with an additional $1.5 billion to increase the volume of audits and reviews, making it more likely that businesses and individuals will be audited.

Considerable costs can be involved in responding to an ATO tax audit, as you may need your accountants to prepare detailed responses and compile supporting documentation.

The costs can quickly add up to significant levels for the work involved.

AuditCover audit insurance covers professional fees in the event of an audit. Policies are available starting from $99 for individuals and $150 for businesses and groups, and the premium is tax deductible.

AuditCover audit insurance covers audits and reviews for:

Capital Gains Tax
Income Tax
Land Tax
Payroll Tax
Workers Compensation
BAS/GST Compliance
Superannuation Guarantee
Fringe Benefits Tax
Stamp Duty and more…

CLICK HERE TO GET A QUOTE

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.

CONTACT ALLAN HALL BUSINESS ADVISORS

Relief for flood-affected communities

Posted on 15 March 2022 | by Allan Hall

Help for businesses affected by storms and floods

Financial support

We outline both state and federal financial recovery assistance for people impacted or affected by the recent NSW floods.

Please liaise with the relevant agencies directly and contact us if you require support in making an application for funding.

Small business and not-for-profit organisations

Disaster recovery grant – up to $50,000 to help pay for the cost of clean-up and resuming operations
Disaster recovery allowance – a short-term income support payment to assist if you’ve lost income as a direct result of the floods, provided by the Australian Government
Stamp duty relief – for replacing insured commercial motor vehicles written off due to floods and storms
Disaster relief loans – concessional interest rate loans up to $130,000 for small businesses and up to $25,000 for not-for-profit organisations.

Primary producers

Special disaster grant – up to $75,000 to help pay for the cost of clean-up and resuming operations
Disaster recovery allowance – a short-term income support payment to assist if you’ve lost income as a direct result of the floods, provided by the Australian Government
Stamp duty relief – for replacing insured commercial motor vehicles written off due to floods and storms
Natural disaster transport subsidy – up to $15,000 to cover costs of transporting fodder/water to an affected property, stock to sale or slaughter and stock to/from agistment
Disaster relief loans – concessional interest rate loans up to $130,000 for business continuity and to replace or repair damage not covered by insurance
Flood-affected farmers and land managers who require assistance with livestock assessment, veterinary assistance, emergency fodder and livestock euthanasia or burial, can call 1800 814 647.

Sport and recreation clubs

Disaster relief grant – up to $2,000 to assist with clean-up and restoring essential facilities and equipment
Disaster relief loans – concessional interest rate loans up to $10,000 to help meet the costs of restoring essential club facilities, equipment or other assets

Clean-up support

Flood-impacted businesses will receive clean-up assistance, including the removal of debris, mud and green waste.

Skip bins and dump trucks have started to appear on the streets. Where there are no skip bins or dump trucks available, separate waste on the kerbside until they arrive.

Cleaning up after a natural disaster can be dangerous. Here’s some advice on how to clean up safely and deal with hazardous waste.

Request clean up support »

Additional support

Use the Disaster Assistance Finder to generate a customised list of flood recovery services.

Also, taxpayers in flood-affected local government areas in NSW and QLD are provided with immediate tax relief to alleviate pressures on cash flow and operations.

The Treasurer announced that affected taxpayers will be eligible to receive the following concessions:

additional time to meet their upcoming Business Activity Statement (BAS) obligations
taxpayers paying PAYG instalments on a quarterly basis are eligible to vary upcoming instalments and receive a refund of previously paid instalments
claims for GST refunds will be expedited to ensure eligible taxpayers promptly receive their payments
small business and individual taxpayers will be able to notify the ATO about their circumstances to assist them in their situation.

The ATO has also announced that small businesses and individuals who need to lodge a BAS or instalment with an original due date of 28 February 2022 or 21 March 2022, and are not able to lodge by that date, may lodge these returns by 28 March 2022 without needing to request a lodgement deferral. Taxpayers who are unable to lodge by the new deadline of 28 March 2022 should contact the ATO and apply for a deferral as required.

The ATO has indicated that the payment due date will remain the same for these returns, but they will take an empathetic approach to the situations of affected taxpayers. Note that this concession does not apply to significant global entities or large businesses, who should contact the ATO to discuss their situation.

The ATO understands that tax is not your number one priority at this time, however you are encouraged to lodge when you can. The ATO has established an emergency Infoline on 1800 806 218 to answer any questions or provide urgent support to taxpayers.

Mental health support

Natural disasters, cleaning up and recovery can take a toll on your mental and physical health. It’s important for you to seek support and look after your own and your employees’ wellbeing.

Find out more »

CONTACT ALLAN HALL

The NSW Budget 2020 – 2021

Posted on 23 November 2020 | by Allan Hall

Ground-breaking support to help NSW businesses grow and create jobs

From $1,500 digital vouchers for smaller enterprises to cover government fees and charges, to relief from payroll tax, and a 3-year extension of the Business Connect program, NSW businesses are set to benefit from tax relief and other support measures designed to improve cash flow and help hire more staff as the State Government moves forward with its COVID-19 stimulus and economic recovery plan outlined in the 2020-21 NSW Budget.

Small businesses make up 97.5% of businesses in NSW and are a prime focus of the NSW Government’s 2020-21 Budget. If businesses are supported in post-COVID-19 recovery, they are more likely to stay in business, keep people in jobs and create new jobs as part of the State’s economic recovery.

With numerous businesses impacted by drought, bushfire and COVID-19, this year it is important that support is available at this critical time.

Key Measures

Key NSW Budget business and employment support measures include:

2-year payroll tax rate cut from 5.45% to 4.85%. More information on the payroll tax changes will be made available on the Revenue NSW website.
Permanent increase in payroll tax threshold from $1 million to $1.2 million. These tax cuts, worth $2.8 billion, will provide an average saving of around $34,000 a year for the next two years for businesses liable for payroll tax.
$500 million Out & About program providing NSW residents with $100 of digital vouchers to redeem on dining out and entertainment activities to boost businesses and encourage spending locally. For information on the Out & About scheme, visit nsw.gov.au. Information on the digital vouchers will become available on the Service NSW website in coming weeks.
$472 million for new digital vouchers worth $1,500 which can be used by small businesses under the payroll tax threshold towards the cost of government fees and charges.
More than $39 million funding boost for the Business Connect program, extended for three more years to support small businesses in accessing business advice.
$5 million for the NSW Small Business Commission to establish a new tendering support service under a 4-year program, assisting small business to prepare and submit Government tenders.
$2 million to continue the Small business rebate program, providing up to $500 to support small business owners and sole traders who buy and install safety equipment; and
Temporary extension to 28 March 2021 of the National Cabinet Mandatory Code of Conduct – SME Commercial Leasing Principles for retail tenants only with an annual turnover of less than $5 million. Landlords who provide rent reductions between 1 January 2021 to 28 March 2021 to eligible retail tenants experiencing financial distress due to the COVID-19 pandemic can apply for land tax relief of up to 25% on the land leased for the 2021 land tax year.
As a longer-term tax reform objective, the NSW property tax system has been flagged for reform around its inefficiencies and barriers to homeownership. The next step will invite public feedback on a possible transition away from the current transfer duty (stamp duty) and land tax system and move instead to a property tax system to boost long-term economic growth.

Need help?

If you would like more detailed information, you can read the full NSW Budget 2020 – 2021 Overview and the NSW Treasurer’s Speech.

For further assistance to interpret these changes and how they may affect your individual circumstances or your business, please contact your Allan Hall Advisor on 02 9981 2300.