Whenever you mention the word audit, most people cringe. The mere thought for many is of someone from the tax office knocking on your door asking to see some receipts.
Well there are two types of audit services GNS Group assists clients with – Reactive and Proactive.
This is the dealing with the dreaded ATO ,along with other statutory agencies, and their “information requests” sounds much nicer than AUDIT doesn’t it!
Our role is to defend your claims and to prove what you have submitted is true and correct. To do this, we need to make sure we have accurate information from you to start with. Then we need to make sure it has been correctly reported to the ATO and alike, and we are in a position to defend your returns.
Like all ATO audits, they need to be addressed in a timely and considered way, you cannot rush things and make the problem bigger. Similarly, you cannot ignore their request in the hope that it will just go away.
So how do you get selected for audit?
Every year the ATO publish a hit list of occupations that they will be paying close attention to. This is usually because of the prevalence of large levels of deductions and their operation in ‘high risk’ occupation categories (ie those prone to dealing in cash).
For individuals and businesses alike, the ATO compares your return to similar people in similar occupations and geographical locations. This ‘benchmarking’ of returns enables the ATO to quickly identify who may be outside the normal boundaries they would expect – potentially pushing your return into the High Risk category.
You can be also randomly selected as part of a compliance campaign where they may be selecting say 1000 Super funds this year, or 20,000 Business Activity Statements etc for review.
GNS Group also offers clients the opportunity to participate in a group audit shield insurance policy. This peace of mind cover allows for the cost of our fees in defending your claims to be paid for by the insurance provider & you don’t have to worry about an expensive bill from ourselves.
The team at GNS Group provide audit services for a variety of businesses and entities. Both in order to satisfy their professional or statutory requirements, and to provide shareholders with additional comfort that their business is financially secure with an additional level of oversight.
A large part of our audit business involves the compulsory compliance audit of Self Managed Super Funds, which is required on an annual basis. This is ensures that the SMSF is compliant and forms an important prudential oversight for the superannuation system.
All of our SMSF audits are conducted on premise, in Australia. Whilst costing a bit more than some of the outsourced overseas providers, we are able to maintain data security and do not need to be concerned with foreign privacy regulations and security of your personal information.
Besides SMSFs, we also perform statutory audits for businesses such as:
- Real Estate Agents
- Travel Agents
- Financial Planners
This review of their practices and trust accounts gives their customers added protection along with meeting professional obligations in most situations.
Many larger businesses will also require an audit. Often this is the case either because of their high revenue, staff numbers, or net asset position.
The GNS team also has experience in these types of audits and would be willing to discuss your audit needs further.