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The Importance of Audit Insurance

Home > Money With Melanie > Tax Matters

11 / Nov / 2013

The Australian Taxation Office (ATO) continues a high volume of Audit, Review and Investigation activity for Individuals, Businesses and Self-Managed Superannuation Funds.

Sophisticated data matching technology has enabled detailed cross referencing of information from an assortment of government departments, which increases the frequency and scope of Audits, Reviews and Investigations.

Should you be subject to an Audit, Review or Investigation instigated by the ATO or any other government agency (e.g. WorkCover, State Revenue Office), the costs incurred can be significant. As such, we respond to queries and provide information to explain your position.

For this reason we have put in place a Tax Audit Insurance arrangement, underwritten by AAI Limited trading as Vero Insurance (a subsidiary of Suncorp Group Limited) to cover the professional fees incurred (up to a prescribed limit) with the preparation of material and management of the response process.

This provides cover for your latest lodged return and all previous years’ lodged returns.

Participation in this service is not automatic. If you wish to join this service, please ask us how. The fee is tax deductible.

We emphasise that there is no compulsion to participate. However, we consider this service to be a valuable tool in reducing the uncertainty of unexpected fees.

Should you have any queries with respect to this offer, please contact us on (02) 6652 8788 or admin@mjaccountants.com.au.

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