June 17, 2020

Tax Audit Insurance

With government revenue authorities increasingly using data matching, artificial intelligence and even social media, they are able to compare disclosures made in your lodged tax returns to those of other taxpayers or benchmarks.

If a data matching check escalates to an official enquiry, investigation, review or audit, our costs in defending your position can accumulate quickly, regardless of whether any adjustments are made to your returns or not. The Audit Shield service covers those costs (up to predetermined limits).

Audit Shield is not just for business owners and SMSFs. The Australian Taxation Office has identified individual taxpayers who have rental properties and those with excessive work related deductions for special scrutiny.

Benefits of Audit Insurance:

Retrospective protection: Previously lodged returns are covered automatically.

Specialist fees: Fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response to audit activity are also covered.

You have a choice: The offering is optional, so there is no compulsion to participate.

What audits, enquiries, investigations and reviews are covered:

  • Capital Gains Tax
  • Employer Obligations
  • Fringe Benefits Tax
  • Income Tax
  • Land Tax
  • Payroll Tax
  • PAYG
  • SMSFs
  • Stamp Duty
  • Superannuation Guarantee
  • WorkCover/Workers Compensation

Please contact our office on 9387 5637 if you have any queries at all in relation to audit insurance and we will be able to assist.

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