The Australian Tax Office states each year that they will be targeting certain business industries and sectors for tax evasion. Each year, many businesses are contacted by the ATO to conduct an audit/ investigation of their tax affairs. The costs of these audits and the time taken to organise the paperwork for viewing is time consuming and can be expensive.
In 2015, there are some pretty big risks involved in being a Company Director, Partner or Trustee, with onerous duties and responsibilities. If someone thinks you have not lived up to them, rightly or wrongly, there can be serious legal action.
The key to having a successful business insurance portfolio which actually pays out in the event of a claim, is understanding the sections that you’re most likely to need with your business.