When the auditor letter arrives…how will you handle it?

Even when your affairs are perfectly in order, audits can be time consuming and expensive.  The last thing you want to do is handle these issues alone.  The ATO has warned that audits and reviews are on the increase.

Outgoing Tax Commissioner Michael D’Ascenzo said on 19 July 2012

“We check over 600 million transactions a year. This means that we can detect those who do not report all their
income from things like dividends and interest, capital gains, and foreign income.

“Last year we stopped more than 109,000 income tax returns for potentially incorrect or fraudulent claims saving the community almost $200 million in revenue.

“We are also focusing on businesses meeting their superannuation obligations, with a continuation of compliance activities focussed on high risk industry groups. This is our fourth year for this program, and we will be scrutinising cafes and restaurants, real estate businesses, and carpentry businesses in home building or construction.”

An audit can mean unexpected Professional Fees and can take hours of your time. MDB will help keep you moving in the right direction with our low cost annual “Audit Shield”

Audit Shield provides cost effective tax audit protection and peace of mind against the substantial cost that may be incurred should the ATO or other Australian government agency conduct a random review, investigation or tax audit. Audit Shield is beneficial to cover the costs of processes that are being made to ensure a business or taxpayer is in compliance with various tax and legislative requirements such as:

  • Income, Land and Payroll Tax
  • BAS/GST Compliance
  • Workers Compensation / WorkCover
  • Superannuation Guarantee and Compliance
  • Self Managed Superannuation Funds
  • Fringe Benefits Tax
  • Record Keeping
  • Research and Development Grants

Benefits to you:

  • No expensive Professional Fees payable at the time of audit
  • Cover for any return legally required to be and actually lodged with a Government body
  • Tax deductibility of Audit Shield fee

For a Q & A on the Audit Shield Service, click this link.

Call MDB today and we’ll help you find the right direction…