PJT Accountants

Have you got protection ... against Tax Audit Insurance?

The Government’s recent announcements of increased funding to the ATO will result in dramatic increases in the number of reviews and audits undertaken. The government has stated that it will provide $337.5m over 4 years (i.e. 2010-11 to 2013/14 income years) to the Tax Office to fund additional activities. These include promoting voluntary GST compliance and providing a level playing field for Australian businesses. The Government states that the additional funding will address issues relating to fraudulent GST refunds, systematic under-reporting of GST liabilities, non-lodgment of GST returns and non-payment of GST debts.
 
We will be contacting you in writing about this and sending out to you more information about Audit Protection Insurance through June and July. Taking out this insurance would mean that any additional accounting fees due to the audit or review would be covered, as would the extra cost of any discussions that we would be required to handle. By leaving negotiations to us, you would also be able to reduce your time and stress. We strongly recommend you take out Audit Protection Insurance before any potential audits or reviews.

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