#Everyoneneedsaplan to Meet ATO Audit Costs

Increasingly, the ATO is actively enforcing their compliance program - which is "ATO-speak" for saying that they are increasing the number of audits being completed.

The concern about an ATO audit is not necessarily that you have done something wrong and owe the ATO tax (and possibly penalties, fines and interest), it is that you have to prove that you have not done anything wrong. The cost of obtaining proof could be significant - possibly thousands of dollars in accountant or tax agent fees and costs.

Some accountants and tax agents are offering their clients Audit Insurance that will pay for their fees if the ATO ever comes knocking on your door and wants to complete an audit.

Talk to your accountant or tax agent today and find out if they offer Audit Insurance and if so, confirm the details and costs to determine if this type of cover is suitable and affordable for you.