What is audit activity and how common is it?
Audit activity includes any audits, inquiries, investigations, reviews or examinations (audit activity) which is instigated by the Australian Taxation Office (ATO) or other government revenue authorities to ensure compliance with various tax and legislative requirements.
The ATO and other government revenue authorities continue to focus on audit activity and are consistently provided with additional resources for this purpose. Now more than ever you are at risk of being selected for an audit, inquiry, investigation, review or examination.
What is our Audit Shield service and why should it be considered?
Our Audit Shield service provides for the payment of professional fees incurred as a result of you being selected for an audit, inquiry, investigation, review or examination.
The cost of being properly represented in these matters can be quite significant. Even if no adjustments are required, you could still be left with considerable professional fees if you are not protected by our service. Our Audit Shield service provides a fixed, cost effective solution to guard against these unbudgeted costs.
Who provides our Audit Shield service?
Our Audit Shield service is provided by our accounting firm via a tax audit insurance group policy we hold in our business name, which is underwritten by AAI Limited (trading as Vero Insurance), a subsidiary of Suncorp Group Limited.
What lodged returns/financial compliance obligations are covered?
Can a tax deduction be claimed?
Yes. A tax deduction should ordinarily be claimable for your participation fees.
Who is covered?
All of our clients are invited to participate in our Audit Shield service. Different levels of cover are available for salary and wage earners, businesses with turnover under $100 million as well as SMSFs. In most cases individuals and other family entities can be covered with the business entities – for no extra cost. If you decide to participate, your cover commences one business day after your payment is received.
Is it mandatory to participate in our Audit Shield service?
No, it is an optional service provided by our accounting firm to you. You have the opportunity to participate in or decline our Audit Shield service offering.
Interested?
We value your opinion. If this service is of interest to you and you would like further information to consider the offer, please talk to our team.
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