3 Benefits Of Accountant Professional Liability Insurance
At some point, your firm may be subjected to official enquiry or audit by the ATO or Australian Taxation Office. Aside from the ATO, other government agencies such as the federal, state and territory based agencies can request to peruse and look into your tax records. The offices that these agencies check are chosen randomly or when there is a reason for the audit. Whether or not they find anything significant on your books, you would still cover the professional fees and charges accrued during the process. To avoid getting financially shocked for the process, it would be best to have an insurance that will cover all the expenses incurred in the process such as an accountant professional liability insurance. Here are some of the benefits of the insurance.
If you are a non-accountant, having some government representatives check your tax records and legal documents can be daunting. The entire process can also consume your time. To protect you financially and to make the process speedy, hire a professional tax accountant to represent you in these events. This way, your other important business activities will not be sacrificed. After all, you have a tax accountant who will do the works for you and an insurance that will cover the expenses.
Random audits initiated by ATO and other government agencies incur professional fees. Without accountant professional liability insurance, you might be encumbered financially with all the charges and fees that you are required to pay. One thing about these tax audits is that the business firm or individual tax payer subjected to audits gets to pay all the charges and fees incurred while the tax audit is on-going.
Peace of mind
Of all the benefits of having an accountant professional liability insurance, peace is mind is probably on the top of it all. With insurance coverage, you won’t mind getting a surprise government tax audit because you have a tax audit insurance that will cover all the expenses and assist you in the process. Provide the insurance provider the documents needed and you can rest assured that everything is being taken care of.