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Did you budget for an audit?

Business Insurance

Do you know the amount it can cost for a professional audit of your business? This could be relative to a Taxation Audit, a WorkCover or Worksafe Audit or any other registered Government Body investigating your business. Some claims examples are noted below:

An ATO claim (employer vs contractor), 4 years of returns audited, costs exceeded $20,000 sum insured
Super Fund audited by APRA (no errors found), fees $13,445
Family Trust audit by ATO, fees $2,750
Gaming and Racing audit, fees $8,586
BAS audit by ATO, 1 years returns, fees $14,139
BAS audit by ATO, 2 years returns, fees $33,472
Staff Pension audit by APRA, 1 years returns, fees $3,880
NSW Payroll Audit, 1 years returns, fees $14,759
QLD Stamp Duties office, fees $3,750
ATO, negative gearing audit of private investor, fees $7,541
Workers Compensation audit, no issues, fees $2,300
WorkCover audit, fees $4,780

Talk to me about arranging cover for current or prior tax years; and obtaining cover for fines and the defence costs that you may be subject to. Contact Clare Smith.

audit

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Clare Smith, Phoenix Insurance Brokers Perth, ABN 40009419872, AFSL 229847