Tax Audit Insurance
Cost-effective protection and peace of mind against professional fees incurred in the event of an audit.

Tax Audit Insurance

 

Our Audit Shield service provides provides for the payment of our professional fees otherwise payable by you when incurred as a result of our firm being required to respond, on your behalf, to an audit, enquiry, investigation, review or examination (audit activity) of your lodged returns or your financial compliance obligations instigated by the Australian Taxation Office (ATO) or other government revenue authorities.
 
The cover is provided through Accountancy Insurance, who are partners with over 3,000 accounting firms nationwide, and are acknowledged as continually setting the benchmark in Tax Audit Insurance. The group tax audit insurance policy is held in our business name and is underwritten by Vero Insurance, a wholly-owned subsidiary of Suncorp Group Limited.


What Types of Events Are Covered?

The following official enquiries, reviews, investigations and audits are covered by Audit Shield:

 

  • Income Tax
  • GST/BAS
  • Land and Payroll Tax
  • Workers Compensation / WorkCover
  • Superannuation Guarantee and Compliance
  • Self Managed Superannuation Fund
  • Fringe Benefits Tax
  • PAYG-Withholding
  • Capital Gains Tax
  • Record Keeping
  • Research and Development Tax Incentive (ATO Only)

 

What professional fees are covered in the event of a claim?

The cover extends to professional fees in responding to, or representing you, in a review, audit or investigation of your lodged returns or financial compliance obligations. These include not only our fees, but also legal, bookkeeping and other specialist professional advisor fees (e.g. quantity surveyors, valuers, actuaries, etc) we may engage to assist with the response.

 

How much cover can I receive?

As a guide, individuals and businesses with a turnover of less than $1m would enjoy cover of $10,000. Businesses turning over between $1m and $10m would enjoy cover of $20,000.

 

How Much Does Cover Cost?

The cost varies depending on whether you are an individual , self-managed super fund or a business.

 

To give you a sense as to costs, the participation fee is $115 per year for an individual, and $480 per year for a business with a turnover of between $500,000 and $1 million.
  
The participation fee is fully tax deductible.

 

In the case of business cover, associated individuals and family entities can normally be covered togther – for no extra cost.  

 

WHAT EXCLUSIONS ARE THERE?

The main exclusions are:


  • The review or audit was underway before participation began.
  • The return that is the subject of audit activity was prepared fraudulently;
  • The ATO impose a final culpability penalty of 75% or more (typically, this is in cases of intentional diregard of the law);
  • There are fees associated with a criminal prosecution; 
  • Costs are incurred for compliance or any other work which should have been done prior to the audit or review taking place;
  • Matters in relation to the application, assessment or review of government benefits or entitlements or maintaining industry status, licence compliance, membership or any form of application, registration or re-registration process.

 

how do i get a quote for audit SHIELD SERVICE?

Contact Sandra Cox of our office on (07) 3808 4499 for a no obligation quote that has been tailored to your specific circumstances.

 

more information?

For more information, please click here to read Audit Shield's information flyer.

Contact us by email or call us on 07 3808 4499
Level 3, Plaza Chambers, 15 Dennis Road, Springwood, QLD 4127