What is audit activity? Audit activity includes any audit, enquiry, investigation or review which is instigated by the Australian Taxation Office (ATO) and other relevant government agencies to ensure compliance with various tax and legislative requirements. How common are audits, enquiries, investigations or reviews? The ATO and other government agencies continue to focus on audit activity and are consistently provided with additional resources for this purpose. Now more than ever you are at risk of being selected for an audit, enquiry, investigation or review. What is the Audit Shield service and why should it be considered? My Audit Shield service provides for the payment of professional fees incurred as a result of you being selected for an audit, enquiry, investigation or review. The cost of being properly represented in these matters can be quite significant. Even if no adjustments are required, you could still be left with considerable professional fees if you are not protected by Audit Shield. My Audit Shield service provides a fixed, cost effective solution to guard against these unbudgeted costs. Who provides the Audit Shield service? The Audit Shield service is provided by my accounting firm via a group policy I hold in my business name, which is underwritten by AAI Limited (trading as Vero Insurance). What lodged returns/financial compliance obligations are covered? · Capital Gains Tax · Employer Obligations – Superannuation Guarantee / PAYG · Fringe Benefits Tax · Income Tax, GST and BAS · Payroll Tax, Land Tax and Stamp Duty · R&D Tax Incentive (ATO only) · Record Keeping · Self Managed Superannuation Funds (SMSFs) (cover available separately) · WorkCover/Workers Compensation · Plus more! Is the cost tax deductible? Yes, a tax deduction can ordinarily be claimed for your Audit Shield Who is covered? All of my clients are invited to participate in my Audit Shield service. Different levels of cover are available for salary and wage earners, businesses with turnover under $100 million as well as SMSFs. In most cases individuals and other family entities can be covered with the business entities – for no extra cost. If you decide to participate, your cover commences one business day after your payment is received. Is it mandatory to participate in the Audit Shield service? No, Audit Shield is an optional service provided by my accounting firm to you, my client. You have the opportunity to participate in or decline the Audit Shield offer. What is not included? I have carefully selected my Audit Shield policy to provide the widest possible coverage for me and my clients. However, I do remind my clients that such items or circumstances as listed below are not covered: Please contact me to discuss your participation and to arrange an acceptance form to be sent to you.
Audit Shield Service For Your Protection
service payment.
What do I need to do to participate in the Audit Shield service?