Are you concerned about the costs associated with an ATO audit?

As part of the October 2022 Federal Budget, the Government announced a significant funding boost to extend the ATO’s major compliance programs. This includes additional funds for the Shadow Economy Program and the Tax Avoidance Taskforce of around $1.8 billion (combined) and makes it clear that the ATO has moved into an aggressive compliance mode.

In addition, the government will extend the ATO’s existing Shadow Economy Program for a further three years from 1 July 2023. This measure will allow the ATO to continue its crackdown on businesses operating outside the tax system and is estimated to increase receipts by around $2.1 billion over four years from 2022/23.

These measures strongly indicate that the ATO’s audit coverage of taxpayers will escalate over the next three or four years.

The purpose of offering Audit Cover to our clients is to provide you with peace of mind that if you receive an audit and have paid our annual audit cover fee then you will incur no further costs for our time.

Our annual audit fee is tax deductible. You can claim a tax deduction for the cost of the service each year when we prepare your Income Tax Return.

This service is being provided based on client demand and is open to all clients. It is entirely up to you if you wish to participate in this offer.

If you would like to participate in our annual Audit Cover program, please click on the ‘Purchase Audit Cover’ button below and follow the prompts.

We will issue you with an invoice for Audit Cover. Upon receipt of your payment, you will be covered for any ATO audit conducted between that date and your next anniversary date.

You can find more information at Audit Cover – Frequently Asked Questions

If you have any queries about our Audit Cover offer, please do not hesitate to contact our office or email admin@connecta.com.au .