WHAT IS THE AUDIT SHIELD INSURANCE SERVICE?
Our Audit Shield insurance 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 ATO or other relevant Australian Government authorities.
Don’t be left high and dry without audit shield insurance, the cost of being properly represented can be quite considerable depending on the circumstances. Even a simple enquiry can require hours of work. Audit Shield has been protecting clients since 2003. Audit Shield issues more than $1,000,000 per month in claim payments to Audit Shield clients across Australia, New Zealand and Canada.
WHAT DOES AUDIT SHIELD INSURANCE COVER?
All professional fees up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. Our fees, in addition to legal fees, bookkeeping fees and other specialist professional advisor fees required to assist us in our responses, are covered. Audit Shield is retrospective, so all previously lodged returns are also included in the coverage. Audit Shield Insurance covers audits, enquiries, investigations and reviews of:
- Income Tax
- Payroll Tax
- Capital Gains Tax
- Record Keeping
- GST & BAS
- Land Tax
- Stamp Duty
- Employer Obligations
- Superannuation Guarantee
- WorkCover / Workers Compensation
- R & D Tax Incentive (ATO Only)
IS AUDIT SHIELD INSURANCE RIGHT FOR YOU?
All of our clients can take advantage of Audit Shield. Different levels of cover are available for salary and wage earners, different sized businesses and SMSFs.
Anyone can be targeted, even if their lodgements are accurate. It is not a reflection on the quality of work from your accountant. With this in mind, we offer you the opportunity to protect yourself with Audit Shield. Like other types of insurance, you should consider if it is appropriate for your circumstances.
WHAT ARE THE BENEFITS OF AUDIT SHIELD INSURANCE?
Audit Shield provides several benefits to you including the following:
- No unplanned fees
- Coverage for your group, not just the main entity (subject to 25% ownership client group rules)
- Coverage for current and previous years’ lodged returns
- A comprehensive policy structure. Audit Shield remains one of the broadest and most economical covers on the market.
Data matching across Australian Government Authorities becomes more sophisticated each year. This makes it simpler and far more likely for previously untargeted taxpayers to encounter audit activity, despite compliancy. With the Audit Shield service you can be rest assured knowing that our professional fees will be covered, and the accounting and taxation work will be undertaken, in relation to audit activity. Often these fees can be greater than those we may charge you for completing the return(s).
HOW MUCH DOES AUDIT SHIELD INSURANCE COST?
Audit Shield Insurance coverage for a full year costs $100.00 for individual salary and wage earners, $320.00 for SMSF’s and starts from as little as $320.00 for a small business with less than $500,000 in turnover. For business audit shield insurance, the cost depends on the aggregated turnover for your business group. All Audit Shield Insurance costs include GST and can be subject to change.
IS THE COST TAX DEDUCTIBLE?
Yes, a tax deduction should ordinarily be claimable for your participation fees.
WHO IS THE UNDERWRITER?
The product is underwritten by AAI Limited trading as Vero Insurance (a subsidiary of The Suncorp Group).
WHY IS THERE NO PRODUCT DISCLOSURE STATEMENT (PDS)?
Audit Shield is a wholesale product (not retail), hence a PDS is not required.
IF AN ENTITY HAS BEEN DEREGISTERED IN THE LAST 12 MONTHS, CAN WE STILL COVER IT RETROSPECTIVELY UNDER THE POLICY?
Yes, as the policy covers lodged returns.
If you would like to find out more, please contact us.