Tax Audit Insurance
Tax Audits can be time consuming, stressful and a costly exercise but they are a fact of life if you run a business, own a rental property or have your own self managed superannuation fund.
Our philosophy includes helping you protect your assets so we offer our clients the opportunity to insure against the accounting costs you might incur in a tax audit. Below are some commonly asked questions regarding tax audit insurance.
What are random Tax and Government Audits?
The Australian Taxation Office (ATO) and other state and federal government agencies conduct audits, reviews and investigations to ensure business owners and taxpayers comply with all the various tax and legislative requirements including:
- Income Tax
- GST
- Workers Compensation
- SMSF
- Employer Obligations
- FBT
- Land Tax
- Payroll Tax
- Record Keeping
- Superannuation Guarantee
Services We Offer
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Business start-up
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Business Planning
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Management reporting
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Budget & Cashflow forecasting
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Establishing Key Performance Indicators KPI's
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Business Improvement Strategies
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Accounting system advice & support
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Business Coaching & mentoring
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Business Structure Advice
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Social Media & Marketing workshops
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Buying & Selling business advice
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Business Succession Planning
How likely am I to get a random audit, review or investigation?
The ATO, along with other federal and state agencies continue to announce significant increases in their audit activity. Now more than ever, Individuals, Businesses and Self Managed Superannuation Funds are at risk of being selected for a random audit or review. A lot of audit activity is computer driven by industry benchmarks and the ATO’s ‘Big Brother’ computer is also targeting specific industries including the cash economy.
What are the costs to businesses and taxpayers in the event of a random audit, review or investigation?
If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs (professional fees) involved in providing the required information. Responding to even the simplest enquiry can involve hours of work and if your audit extends to multiple years or multiple entities you could incur thousands of dollars of accounting and legal fees. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.
How can I protect myself from the costs of random audits, reviews and investigations?
We can offer you an Audit Shield Service which can relieve you of these fees to a capped limit. The policy provides for the payment of the professional fees incurred as a result of you being selected for an audit, review or investigation by the ATO or other Government body. The Audit Shield Service provides a fixed, cost effective solution to guard against these costs.
Client Testimonials
“While we felt we had great educational products and services, we were struggling to effectively market these to increase sales and our business seemed to be ‘treading water’. McHenry Partners really helped us to focus on the key profitable services and clarified the target market to promote these services. We contracted the right sales people with incentives for them to perform well. As a result our sales have doubled in each of the last two years without increasing administration staff. Our quarterly consulting meetings with McHenry Partners involving discussing our recent financial performance but more importantly guides us on what actions we need to do to improve the business over the following three months. Our business has come a long way in a short period of time.”
Donna Bowman
Enhance Your Future
“We have had a strong business relationship with McHenry Partners for 20 years now! We continue to find their accounting, taxation, business consulting and financial services to be very professional and have been a great support for us during our business journey.”
John Spence
Prestige Caravans Geelong
“We have been utilising McHenry Partners services for 15 years. They encourage us with initiatives that we could benefit from, promptly respond to our requests and always try to minimize our taxes in appropriate ways. McHenry Partners have been a great sounding board for any business or investment matters we would like to discuss. Their client social events are pretty good fun! We would highly recommend their services.”
Andy & Tina Kiss
Thompson Kiss Electrical
I have medical practices in Geelong and Ballarat.Before moving to McHenry Partners my prior accountant was charging me large compliance fees and lodgments were being made late.
My bookkeeper, accounting software and the accounting firm just wasn’t working well enough and I felt like I was being left in the dark.
Making the move to McHenry Partners resulted in positive changes:
- A cloud-based accounting system was adopted.
- A better bookkeeping solution was offered at a more cost-effective rate.
- Communication of financial results and tax position is excellent.
I am now well informed and compliance lodgments are on time.
This has made my life less stressful knowing things are well under control.
McHenry Partners are always available to quickly respond to my queries and it has been a pleasure to work with them.
www.medicaid.com.au/medicaid-Geelong
Dr. Carl Grace
MedicAid
“McHenry Partners have been our Accountants for many years and we have always found them to be professional and very supportive. When I retired from the business they were able to assist with the sale of my shares to the remaining partner and my transition from the business. Their Financial Planning services were able to set up my Self Managed Super Fund and help me manage my investments which I am very happy with. I have even appointed Steve McHenry as my back up Power of Attorney given the trust and confidence I have.”
Craig Harrison
“Computers and accounting I have never been fond of. In the past I used Excel spreadsheets to keep track of income and expenses, word to prepare my invoices and MYOB to manage my payroll. McHenry Partners demonstrated the benefits of Xero and convinced me to transfer to Xero and the only regret is that I didn’t do this sooner. Now my accountant can log into the file and assist with any of my queries. My payroll and superannuation are also simplified with Xero. McHenry Partners have helped guide me with my personal investments and to get better finance arrangements.”
www.allwrightplastering.com.au
J. Wright
All Wright Plastering
What Costs are covered?
The service covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you in an audit, review or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, and actuaries).
Supporting Businesses & Individuals Across Greater Geelong
We work with clients throughout Geelong and surrounding suburbs, including:
Who is covered?
All of our clients can take advantage of the Audit Shield Service. Different levels of cover are available for:
- salary and wage earners;
- businesses or business groups;
- Self Managed Superannuation Funds;
What do I need to do to take up the Audit Shield Service?
Simply contact us and we will send you an information pack including an acceptance form.
Make a Change…
Get in touch
Not getting what you need from your current accountant? McHenry Partners are here to change things for the better.
Our initial free consultation will identify whether you're comfortable with our personality, style, service & value that is to be provided so you can make an informed decision to engage us.
We will provide an ethical letter to your Accounting firm advising we are managing your financial compliance obligations from here and request any information that we may need.
We will agree with you on the services you require from us over the next 12 months and agree on a fee amount and payment terms that are suitable to both parties
Book your free 30
minute consultation
Phone on 1300 789 844
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