A tax audit takes place when the Australian Tax Office asks one several questions about the information’s that are reported in from your tax return. During the entire audit procedure, one is supposed to provide all the required documents such as invoices, receipts, and other essentials that will be supporting their figures in a tax return. Those who will be dealing with an audit (deliberately or randomly), you all will be notified via an email or letter. They ask for a few questions and will be requesting your records. Though the Australian tax Office targets high-end industries and clients, you might not know but there are plenty of unfortunate tax payers who undergo the Australian Tax Office audit randomly. If you are selected for an audit by the ATO it doesn’t always mean that they think that you are dishonest or something is going bad, it just basic unlucky and we can’t fight that.
Here are few audits that are covered under the tax audit insurance as there are various policies that are offered in the market and each carries a slight variant. The areas that must be covered in your policy are as follows…
- Income Tax Assessment
- GST and BAS compliance check
- Self-managed Superannuation Fund Audits
- Fringe Benefits Tax Assessment
- Termination Payment Tax Evaluation
- Payroll Tax Evaluation
- Worker’s compensation checks
- Sales Tax Assessments
- Record keeping Compliance
- Land Tax Assessment
Now you must be wondering about the perks of availing such as insurance, right? Well, the one big advantage is that the annual premiums that you will be paying for the insurance are considered as tax deductible so positive perk itself. It will be of huge help in maintaining an appropriate tax audit insurance that will be covering will ensure your peace of mind.
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