The Benefits of Being Tax Audit Protected
The newly acquired intelligence gathering and data matching capabilities of the Australian Taxation Office (ATO) are increasing the level of auditing activity for taxpayers. As a result, audits are expensive and for most unsuspecting businesses, an unbudgeted cost.
However, at Lockwoods, we offer the opportunity to protect yourself from the additional expense of an audit.
Audit Safe offers you the ability to pay a fixed fee upfront for us to review your tax compliance and to cover our professional fees (up to the stated limits) which may arise as a result of investigations and audits conducted by the ATO and other Australian Government revenue agencies.
Who and what is covered?
All Lockwood clients can take advantage of our Audit Safe offering with different levels of cover available to suit varying businesses. This includes different salary and wage earners, businesses (including individual entities, family entities and trusts) and Self-Managed Superfunds. A tax deduction can also be claimed.
Audits, reviews and investigations that are covered include:
- Income Tax
- Payroll Tax
- PAYG Withholding
- Stamp Duty
- Superannuation Guarantee
- GST and BAS
- Employer Obligation Reviews
- Land Tax
- Fringe Benefits Tax
- Self-Managed Superannuation Funds
- Plus many other lodged returns
As audits are chosen at random, receiving an audit is in no way a reflection of your accountant’s work and is a result of the unprecedented access the ATO has to taxpayer records.
If you would like to learn more about the Audit Safe service speak to your Lockwoods advisor or contact us today.