No one wants to be audited and we have no reason to suspect you will be. However, with the prevalent focus on audit activity, it is increasingly likely that you could be audited. It is for this reason that our accounting firm is introducing the Audit Shield service to our suite of client offerings.
What is the Audit Shield service?
The Audit Shield service provides for the payment of professional fees incurred in the event that you are selected for an audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) or other relevant government revenue agency. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved. Even the simplest enquiry can require hours of work.
What is covered?
All professional fees up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. Our fees, legal fees, bookkeeping fees and other specialist professional advisor fees are covered. The Audit Shield service also provides retrospective cover so all previously lodged returns are included in the coverage.
The list is extensive as to what is covered under the Audit Shield service. Income Tax, GST and BAS, Superannuation Guarantee, PAYG Withholding, Fringe Benefits Tax, Payroll Tax, Land Tax, Stamp Duty, WorkCover and Self -Managed Superannuation Funds (SMSFs) are just a few inclusions of the comprehensive offering.
Is it right for you?
All of our clients can take advantage of the Audit Shield service. Different levels of cover are available for salary and wage earners, businesses and SMSFs.
Anyone can be targeted, even if their lodgements are accurate. It is no reflection on the quality of work from your accountant. With this in mind, we offer you the opportunity to protect yourself with the Audit Shield service.
It can happen to you!
A property developer was subject to a client risk review. The total accounting fees were $17,550, which were fully covered by Audit Shield.
The top 6 reasons people choose to participate in the Audit Shield service:
- Reputable provider – More than 3000 accounting firms across Australia, New Zealand and Canada trust Audit Shield, and offer it to their clients.
- It is tax deductible – A bonus of the Audit Shield service is that you can add it to the list of your tax deductions each year.
- You are comprehensively covered – All of your current and previously lodged returns are covered by the Audit Shield service, even if you had another accountant taking care of your tax affairs in the past.
- There are no unplanned fees – Where adjustments are required to your lodged returns, the Audit Shield service will cover the cost of the professional fees, including specialists we may need to engage to assist us on your behalf.
- The ATO has a host of additional resources – Each year the ATO is allocated financial resources to audit, enquire, investigate and review the lodged returns of many Australian individuals, businesses and SMSFs. With such resources available audit activity will most likely increase, even to those who have previously not been targeted.
Contact our office if you would like further information.
Click here to view: (Nyrie can you link the attached doucments to the respective heading, note Audit Shield Explained is Audit Shield White Paper attached)
SMSF FAQ Template
ATO FAQ Template
Audit Shield Explained
Recent Media Headlines
Audit activity is on the rise
