What is the Audit Shield Service?
The Audit Shield service pays professional fees incurred if 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 adequately represented in these matters can be pretty 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 coverage, including all previously lodged returns.
The list of what is covered under the Audit Shield service is extensive. Income Tax, GST and BAS, Superannuation Guarantee, PAYG Withholding, Fringe Benefits Tax, Payroll Tax, Land Tax, Stamp Duty, work cover, and Self-Managed Superannuation Funds (SMSFs) are just a few of the comprehensive offerings. In addition, JobKeeper-related reviews and audits will now be included in the cover, too.
Is it right for you?
The Audit Shield service is available to all of our clients. Different levels of coverage 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 would like to offer you the opportunity to protect yourself with the Audit Shield service.
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, inquire, investigate, and review the lodged returns of many Australian individuals, businesses, and SMSFs. With such resources, available audit activity will most likely increase, even for those who have previously not been targeted.
It is simple—to be covered under the Audit Shield service, you only need to complete the Client Acceptance Form that we send you if you are interested in this service.
Interested?
If you are interested in this service and want further information to consider the offer, please contact us for a quote.
