Following on from our previous article (The ATO, data matching and Audits), the outcomes of the ATO audit/reviews we have recently assisted our clients with were all positive, so there were no additional tax liabilities for these clients.
However, there is a real cost of having to participate in these ATO investigations, which unfortunately are not optional!
Depending on the complexity of your situation, audits can cost thousands in legal and accounting fees. With data-matching on the increase, even if you have done the right thing you may still be subjected to an audit.
We have recently joined with Accountancy Insurance Audit Shield, who offer insurance to cover the costs of an audit by the ATO, OSR and some other government agencies. We will be writing to you in coming months with an offer to take up this optional service that might just save you thousands.
If you have questions once you receive the offer please give our office a call.