You never know when you or your business is going to be subjected to an official audit by the Australian Taxation Office (ATO). Aside from the ATO, the tax enquiry can also be conducted by other relevant government agencies such as state, federaland territory based offices. These agenciesare sanctioned by the Australian government to look into your tax records. The only thing about these tax audits is that, whether the authorities find anything irregular on your books or not, the person or business being audited would have to shoulder the professional fees and charges incurred in the process. This is the reason why most businesses and professionals obtain Audit Shield to protect them against financial difficulties during and after the review. Here are some of the advantages that you can get out of having a tax audit insurance.
Having the authorities check on your books and tax records can be intimidating especially if you do not have an accounting background. Without experience and professional background, you can get confused with the process. Aside from that, the process is time-consuming. To save yourself from the hassles of random audits, hire professional tax accountants and get an insurance to cover you during the process. With a professional accountant to represent you, you can deliver other tasks expected from you by your office despite the tax enquiry.
Protection against expenses
Tax audits by ATO and other government authorities can incur professional fees and charges. Without tax insurance by Audit Shield or your preferred tax audit insurance company, you can get financially shocked especially if you are not ready for it.
Peace of mind
One of the advantages of hiring the services of Audit Shield is you will more confidence in dealing with the government authorities because you have an expert to help you out in the process. You will also not be financially encumbered because you have an insurance to shoulder the expenses. Choose a tax insurance company that has been in the business for a good number of years and one that is trusted by more clients and businesses in Australia.