With government revenue authorities increasingly using data matching, artificial intelligence, and even social media, they are able to compare disclosures made in your lodged tax returns to those of other taxpayers or benchmarks. If a data matching check escalates to an official enquiry, investigation, review or audit, our costs in defending your position can accumulate quickly, regardless of whether any adjustments are made to your returns or not. Our Audit Shield service covers those costs (up to predetermined limits). In some cases, the ATO even undertakes “behind the scenes” risk assessment reviews, often without the knowledge of the taxpayer or their tax agent.
Audit Shield is not just for business owners and SMSFs. The Australian Taxation Office has also identified individual taxpayers who have rental properties and those with excessive work-related deductions for special scrutiny.
If you would like more information or understand how this may assist you and/or your business, please give us a call we are here to help!