Did you budget for an audit?

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:

1. An ATO claim (employer vs contractor), 4 years of returns audited, costs exceeded $20,000 sum insured
2. Super Fund audited by APRA (no errors found), fees $13,445
3. Family Trust audit by ATO, fees $2,750
4. Gaming and Racing audit, fees $8,586
5. BAS audit by ATO, 1 years returns, fees $14,139
6. BAS audit by ATO, 2 years returns, fees $33,472
7. Staff Pension audit by APRA, 1 years returns, fees $3,880
8. NSW Payroll Audit, 1 years returns, fees $14,759
9. QLD Stamp Duties office, fees $3,750
10. ATO, negative gearing audit of private investor, fees $7,541
11. Workers Compensation audit, no issues, fees $2,300
12. 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.   General Advice Warning The information on this website is general advice only and does not take into account your personal circumstances, financial situation or needs. Please connect with an insurance broker to discuss your specific needs.