Alleviate concerns of additional fees related to audit activity with Audit Shield
The Australian Taxation Office (ATO) and other government revenue agencies are consistently active in conducting audits, inquiries, investigations, reviews and examinations (audit activity) in response to lodged returns.
In particular the ATO is focusing more than ever on employer obligation audits, payroll tax activity, work-related expenses, and the sharing economy (e.g. Airbnb). A wider outlook reveals that governments around the world are looking to transfer pricing or inter-company transactions with a push for taxpayers to ‘pay their dues’ in countries where they earn income. There is also a heightened focus on crypto currencies (e.g. Bitcoin) and the cash economy or ‘black economy’.
Audit activity doesn’t just affect big business, it can affect anyone.
If you are subjected to audit activity by the ATO or other relevant government revenue agency you are responsible for the professional fees involved in us providing the required information in response to this inquiry. Even the simplest inquiry can require hours of work and in many cases, those who are audited are compliant, and have done nothing wrong. However, work must still be undertaken and thus professional fees will be incurred. We understand that many clients are concerned about these additional fees – Audit Shield alleviates this concern.
Audit Shield is a comprehensive tax audit insurance solution available to you and your business. Audit Shield is fully tax deductible providing you with peace of mind in relation to costs related to audit activity.
Features of the audit insurance service:
- Accounting fees in responding to audits, inquiries, investigations, reviews and examinations of your lodged returns, including those from previous years are covered – with no excess to pay.
- Specialist’s professional fees, if we need to engage a tax expert or lawyer for an opinion or defense, are covered.
Keen to learn more about our audit insurance service? Find out more on our Taxation Advice page.