When Audit activity is being conducted by government revenue agencies, it can be costly and time consuming.
Audit Shield provides for the payment of our professional fees otherwise payable by you when incurred as a result of our accounting firm being required to respond to audit activity of your lodged returns instigated by Inland Revenue.
Below are some frequently asked questions regarding opting into an audit shield master policy and what will be covered.
What is included under the Audit Shield Master Policy
Professional fees which are directly related to the work your accountants are required to undertake as result of audit
activity will ordinarily be covered under the Audit Shield Master Policy. Additionally, fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged to assist in a response to audit activity are also covered.
Standard fees associated with regular compliance or other work conducted throughout the year are excluded.
Below are the specific audits, enquiries, investigations and reviews that are covered
Capital Gains Tax
Employer Obligations
Fringe Benefits Tax
GST/BAS
Income Tax
Land Tax
Payroll Tax
PAYG
R & D Tax Incentive (ATO only)
Record Keeping
SMSFs (cover available separately)
Stamp Duty
Superannuation Guarantee
WorkCover/Workers Compensation
Are previously filed returns included?
Previously filed returns are included in the Audit Shield Master Policy. This is because the protection is retrospective, meaning previously filed returns are included automatically.
Is the cost of Audit Shield tax deductible?
Payment for Audit Shield is tax deductible if you are in business or self employed.
Audit Shield can be a cost effective way to avoid the stress and disruptions that can be imposed by audit activity. If you still have questions about if Audit Shield is for you, talk to your Walker Wayland Accountant.
