At some point in your profession or business operation, you might be subjected to an official enquiry or audit conducted by ATO or the Australian Taxation Office. Apart from the ATO, the audit can also be initiated by other agencies such as federal, state and territory based offices. They have the authority to look into your tax records and even if they do not find anything questionable on your books, there would still be professional fees and charges that will be incurred in the process and they would be collected from you. To protect you from financial difficulties during and after the review, a tax insurance from Audit Shield would be a wise decision. Here are some ideas on how you can benefit from tax audit insurance protection.
Professional guide and advice
If you are not an accountant, having some government authorities look into your tax records can be intimidating. If you will also answer to state auditors on your own, you can get confused and the process can also be time consuming. To do away with all the hassles that random audits can cause, it would be wise for you to hire professional tax accountants who will represent you during the audit. This way, you can still perform your other equally important business activities even with ongoing tax enquiry.
Protection against unexpected expenses
Random audits by ATO and other government authorities generally incur professional fees. Without tax insurance from Audit Shield or other tax audit insurance companies that will protect you financially, you can easily get encumbered with standard fees that you need to cover. During tax audits, the business firm or the person being subjected to audit will be the one to pay all the charges and fees for the process.
Confidence and peace of mind
One of the main reasons why you should get a tax insurance from Audit Shield is you will be confident in dealing with the process and you will have that peace of mind that you will not be financially surprised orimbalanced if ever a government tax audit is conducted on you or on your office.