What is Audit Insurance?
No one wants to be audited and we have no reason to suspect you will be.
However, with the prevalent focus on increasing audit activity, it is more likely than ever that you could be audited. Audit Insurance 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 government body.
The costs 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. Audit insurance also provides retrospective cover so all previously lodged returns are included in the coverage.
The list is extensive as to what is covered under Audit Shield Audit Insurance. 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 that are included.
Is it right for you?
All of our clients can take advantage of the audit insurance service. Different levels of cover are available for salary and wage earners, businesses and SMSFs.
Audit activity is on the rise and anyone can be targeted, even if their lodgements are accurate.
For peace of mind & coverage in the event of an Audit contact us today.
Our team can walk you through how Audit Insurance works, in a friendly and informative manner.