Our Audit Shield service provides cost effective protection and peace of mind against professional fees incurred should the ATO or some other Australian government agency conduct a random review, investigation or tax audit in respect of lodged returns or financial compliance obligations.
The cover is provided through Accountancy Insurance, who are partners with over 2,500 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. With 180 years’ heritage and the size, strength and scale of the Suncorp Group behind it, Vero is the preferred name in Australian general insurance.
The following official enquiries, reviews, investigations and audits are covered by Audit Shield:
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).
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.
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.
The main exclusions are:
Contact Sandra Cox of our office on (07) 3808 4499 for a no obligation quote that has been tailored to your specific circumstances.