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Why you should choose Audit Safe Service to protect your business

Why you should choose Audit Safe Service to protect your business

The ATO is ramping up audit activity.

The year 2021 is already set to be as busy as ever when it comes to audits and reviews initiated by government revenue authorities.

You have no doubt seen a trend in the media, reporting the fast pace of change when it comes to the technology utilised by government organisations. Government data matching has never been as sophisticated as it is today, which provides government agencies like the Australian Taxation Office (ATO) with better audit opportunities.

How can you protect your business from the costs of a tax audit?

Besides creating disruption to your business, a tax audit is costly, time-consuming, and stressful.

Clients who experience audits for the first time are generally shocked at the time it takes to comply with the requests and the costs of professional advisers who are essential to assist in responding to information requests. If you’ve experienced a government audit before, you’ll know this to be true. That is why we recommend you consider Audit Safe service.

The Audit Safe service is designed to protect you from unplanned professional fees which may arise as a result of investigations and audits conducted by the ATO and other State or Australian Government revenue agencies.

Benefits of Audit Safe service vs Audit Insurance

Audit Safe service provides a fixed, cost-effective solution to guard against tax audit costs. It offers you a better outcome and a more comprehensive in-house compliance service, rather than using a third party insurer for the sole purpose of covering unexpected professional services fees.

Regulatory government revenue authorities such as the ATO randomly target businesses to be subjected to an audit, investigation, review or examination. Sometimes responding to these regulatory investigations results in additional time and work from you and our practice to respond effectively. By offering this service to you, we can get on with the job directly as opposed to juggling through legalistic processes as underlined by an insurance company, or for you to be invoiced for additional professional service fees.

In addition, you will no longer need to share your information with a third party insurer.

Why choose KMT Partners for Audit Safe service?

Powered by Apxium platform, our Audit Safe service covers our attendances in responding to:

  • Income, Land and Payroll Tax audits & reviews
  • BAS/GST Compliance audits & reviews
  • Workers Compensation / WorkCover audits
  • Superannuation Guarantee and Compliance audits
  • Self-Managed Superannuation Fund audits*
  • FBT Audits
  • Record Keeping audits and reviews
  • Any query of any lodged return where you as a client are compelled to respond or act

 

*Note that we’re not referring to the annual audit of an SMSF that is required under the SIS Act

Via our Audit Safe service, we agree to provide a specified amount of further professional services at no additional cost to assist in responding to ATO & government revenue agency reviews and audits.

The service is simple and comprehensive and covers you for the period as indicated in your Cover Details. One service fee covers all your family group entities. Most reviews we experience originate from the ATO. As your accountants, we will notify you of the review or audit and confirm that we will work with you to prepare an appropriate response. In the case that the audit or review is initiated by another Government organisation, simply send us the details and we will take it from there.

KMT Partners is offering Audit Safe service exclusively to our current clients.

If you would like to learn more about how our Audit Safe service can protect your business, contact KMT Partners on 08 8431 0022 or email kmtp@kmtpartners.com.au today!

 

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