In late April/early May we will be issuing our annual Tax Audit Insurance Premium renewal notices.
What is Tax Audit Insurance?
Audit Shield is an end-to-end tax audit insurance solution that covers accountants’ professional fees and the fees of experts, should our clients be subject to ATO or other State & Federal government revenue authorities’ initiated audit activity in relation to lodged returns or financial compliance obligations.
How a Government Revenue Authority Review or Audit may arise
With government revenue authorities increasingly using data matching, artificial intelligence and even social media, they are able to compare disclosures made in your lodged tax returns to those of other taxpayers or benchmarks.
If a data matching check escalates to an official enquiry, investigation, review or audit, our costs in defending your position can accumulate quickly, regardless of whether any adjustments are made to your returns or not.
Our Audit Shield service covers those costs (up to predetermined limits).
Audit Shield is not just for business owners and SMSFs but also for Individuals.
The ATO has increased its focus on contractors, PAYG Withholding (PAYG), Superannuation Guarantee (SG) and Fringe Benefits Tax (FBT).
The Benefits of our Audit Shield Service
- Retrospective protection: Previously lodged returns are covered automatically.
- Specialist fees: Fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response to audit activity are also covered.
- Tax Deductible: Your payment to us to be included in the audit cover is tax-deductible.
- Peace of Mind: Knowing you are covered.
- You have a choice: The offering is optional, so there is no compulsion to participate.
Other Important information about our Audit Shield service
We hold a tax audit insurance policy in our business name. The policy we hold is a group policy underwritten by AAI Limited (trading as Vero Insurance).
You can benefit from the service on the proviso that we are acting as your registered tax agent.
By proceeding with our Audit Shield service, we will include you and your entities in our policy.
What You Need To Do To Participate
Participation in this service is not automatic.
In late April/early May we will be issuing our annual Tax Audit Insurance Premium renewal notices.
To be protected by our Audit Shield service, simply provide payment as indicated on the “Client Acceptance Form”.
Protection will commence on the next business day after we have received your payment, and expires on 31 May 2024.
If you have any queries once you receive this offer, refer to the enclosed FAQs or contact us.
If you have any questions, please contact our office or book a meeting through Calendly here.
Kind Regards,
Eric Cirulis
Director/CEO