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 inquiry, 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. The Australian Taxation Office has also identified individual taxpayers who have rental properties and those with excessive work related deductions for special scrutiny.
Benefits of our Audit Shield service:
- JobKeeper payment: Audits and reviews of payments are covered (n.b. post any payments being made by the ATO only).
- 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.
- You have a choice: The offering is optional, so there is no compulsion to participate.
Important information about our Audit Shield service:
- We hold a tax audit insurance policy in our business name. By proceeding with our Audit Shield service, we will include you and your entities in our policy.
- The policy we hold is a group policy underwritten by AAI Limited (trading as Vero Insurance), a subsidiary of Suncorp Group Limited.
- Payment is tax deductible. In addition, included in your payment is a fee payable to us. This is simply used as recovery of our administrative costs for managing this service.
- You can benefit from the service on the proviso that we are acting as your registered tax agent. Participation in this service is not automatic. Protection will commence on the next business day after we have received your payment, and expires on 30 November 2022.
To be protected by our Audit Shield service or have any queries with respect to this offer, please contact our office to discuss further.