In partnering with O'Brien's you can be assured that we are always working to protect your financial future. This includes identifying and offering a solution to roadblocks before you reach them.
With the recent growth in the number of SMSFs in Australia, the ATO is conducting an increasing number of audits. In particular, for those funds which hold an investment in privately-held entities, such as companies, trusts or partnerships.
However, it is not only investments in private entities which may raise the interest of the ATO. No matter how carefully you manage your SMSF and comply with ATO regulations you could still be at risk of an audit.
Unfortunately, the instigation of an audit will result in costs to you regardelss of the outcome.
Whilst we, as your advisors, take all reasonable care in the advice and services we provide to you, we are unable to control the audit activities and related information gathering activities of the ATO. Even if you have all your records and documentation in good order, an audit can be time-consuming and costly as auditors may check every aspect of your administration, legal structure, decision-making process and investment strategy.
Any responses we provide to these inquiries on your behalf incur professional fees for the preparation of relevant documentation. For this reason we strongly recommend you consider Audit Insurance to be held by your SMSF.
Audit insurance provides comprehensive protection against the cost of complying with an audit.
To provide you with confidence that you are covered against the risk of audit costs we offer our clients a subscription to our policy which covers the professional fees incurred in preparing relevant documentation for the ATO to an amount of $10,000 for any audits, reviews or investigations.
Contact us today to discuss your audit insurance needs and to arrange cover 03 8850 3333.