Each year the Australian Taxation Office releases announcements of its focus areas for the upcoming financial year. Although they do change each year, there are many common areas each year such as rental properties and excessive work related expenses. For all taxpayers, whether individuals or a business, responding to an ATO audit or enquiry can be stressful and time consuming.
What can often be an unpleasant surprise is the cost and time it takes your accountant or tax agent to respond to the ATO. Even when the taxpayer has done nothing wrong, the ATO expects significant documentation and records to verify the claims made in the tax return and this can take time to prepare and communicate with the ATO.
Elysium offers audit insurance to our clients which covers the cost of our time to assist and represent clients with any ATO investigation. Many clients have benefitted from having this insurance and it is tax deductible. If you would like to know more, please do not hesitate to contact us.