|Historically tax audits were targeted at big businesses and the wealthy but increasingly in recent times, the ATO and other Government Agencies are turning their attention to both small and medium businesses and individuals.
Have you considered obtaining audit protection insurance to cover professional fees incurred in responding to ATO or other government review or audit? The audit process can be very time consuming and expensive depending on the type of audit and number of periods being audited. It has been our experience that audit insurance policies can be relatively inexpensive.
If you would like to discuss this or would like some help in obtaining a quote from a broker, please give us a call.