The ATO revealed its target list for 2011/12 and if you are in one of the industries you may be audited. The list also includes the cash economy, the use of contractors, the use of trusts to minimise tax and the following industries :
- Defence force personnel
- Information Technology managers
In light of these targets we strongly recommend you take up Audit Insurance. This is an opportunity to protect yourself against the substantial costs involved, should any of your lodged returns be audited, reviewed or investigated by the ATO, or any other Government Agency.
This year there is increased audit activity targeting businesses, individuals and Self Managed Superannuation Funds. We believe that our Audit Shield policy, now more than ever, is a vital tool in offering you the opportunity to protect your business against the potential costs of an audit.
From our experience the average cost of an audit is $5,000 but we have had clients pay up to $30,000.
Don’t risk it. The good news is the cost of this service is tax deductible.
Phone Rosie Munro on 07 5539 9777 today to renew or take up an audit insurance policy.
© Munro Accountants 2012
See our video blog about Tips for Audits by Munro Accountants Partner, Michelle Gargar here>>