(08) 9071 2173
Do you currently have audit insurance?
Tax audit insurance is an insurance policy designed to help cover the costs your business incurs when it’s being audited by the ATO.
If you don’t currently have this important cover, we strongly urge you to get it now.
The ATO, as well as several State and Federal Government agencies, are increasingly carrying out audits and investigations. This is in part due to increased data matching capabilities, and a result of extra funding from the federal government.
The thing is, the audits aren’t being triggered by anything you, (or we), are doing wrong, rather, they’re triggered by the ATO undertaking a specific crackdown. Audit activity in the coming years is only set to increase, not decrease.
Audit insurance will cover costs of the investigation or audit process including:
Audit insurance won’t cover any fines or taxes that you may receive as a result of the audit.
The cost of audit insurance, like the cover offered, will largely depend on the amount of coverage you require.
If you haven’t got audit insurance in place and you’d like some more information, please call us on (08) 9071 2173 or complete the form below and we’ll be in touch.
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury.
From 1 July 2022, the standard Superannuation Guarantee (SG) rate increased from 10% up to 10.5%. It’s part of the government’s commitment to increase the SG by half a percent each year until 2025, when the SG rate will reach 12%.
The Australian Federal Budget 2022 was delivered on 29 March 2022 by the Federal Treasurer Josh Frydenberg.
See our breakdown of the tax measures impacting small business in Australia.
Smith Shearer, in collaboration with Kitto and Kitto Lawyers, will be hosting the ECCI Business After Hours on 12 August 2021
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