Tips to make your business ATO proof
We are seeing more and more businesses being audited by state and federal government departments.
Whether it be an Employer Obligations audit, Fringe Benefits audit, general audit, payroll tax audit, the list goes on.
To make sure that your business is ready for an audit at any given time, here are some important tips:
- Make sure your tax reporting is up to date.
- Make sure your activity statements reporting is up to date.
- Make sure your systems are in place to manage your business, you have reviewed that those systems are set up correctly and you can explain how those systems work.
- Payroll records are up to date and accurate. This includes keeping employment records for seven years for each employee.
- You can explain and provide evidence that your invoicing or receipts system works correctly and is well maintained
- Make sure you actively seek out information relating to your business, its obligations and the departments it operates under and interacts with.
Preparing documents for an audit can be an exhaustive exercise that can take hours and hours of your time and your accountants’ time.
This is one of the benefits of holding audit insurance, so as to cover most of the costs associated with an audit – including ours *conditions do apply.
Contact CrossCorp if your business is not up to scratch or of you would like to discuss audit insurance.
