Audit Shield Service Update
April 28, 2020
JobKeeper payment audits and reviews are covered by our Audit Shield service.
Covid-19 has challenged nearly every aspect of our lives, both personally and in business. The government has taken unprecedented steps to try and manage the issues of a health crisis and an economic crisis at the same time. The support packages are being announced in concept with the specific details being built two to three steps behind the concept and announcement. This is not a criticism, but more of a statement with respect to a show of dynamic and action driven responses in a time where that is required by both Federal and State governments.
Although our Audit Shield service excludes any matter in relation to application, assessment or review of government benefits or entitlements, we are pleased to announce that we have been working closely with our service provider and they now have an inclusion in place for JobKeeper payment audits and reviews only. This means that JobKeeper payment audits and reviews are covered by our Audit Shield service. Our Audit Shield service will provide 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 a JobKeeper payment audit or review on your behalf.
What you should know about this new inclusion:
- You do not need to do anything to have this included in your current Audit Shield service offering if you are currently participating.
- It only covers JobKeeper payments. All audits and reviews of other Covid-19 support packages are not covered unless they form part of an audit of a lodged return (i.e. BAS audit, Payroll Tax audit etc.).
- It only covers post payment audits and reviews so any issues or queries with the JobKeeper payment application process are not covered.
- This is being added at no additional cost to you.
Want to know more if you are not currently participating in our Audit Shield service?
If you would like to know more about our Audit Shield service, please contact us.
Are you undercharging for your fees? We’ve got the five warning signs that can help you diagnose whether your prices are too low.
The Reserve Bank of Australia has lowered interest rates. What does a drop in interest rates mean for you, your business and your financial opportunities?
Proposed legislation from the Victorian Labor Government could offer your employees the right to work from home 2 days per week. We’ve outlined how to make the most of WFH.
Should you buy or lease your new equipment? Here are some pros and cons of each. We also can review your financial position, cashflow and cost base to decide whether buying or leasing is the right thing for your business.
The ATO’s updated Tax Time toolkit is your 101 guide to business taxes. We’ve summarised the key resources you can find in this toolkit, with links to the ATO site.
You’ve sold your business! But what happens now!? We’ve outlined five potential pathways your post-sale life could take, and how they help you find new goals and lifestyles.
Are you ready to sell your business? Here are six important ways to secure the best deal, through solid negotiation and a deep understanding of your core strengths as a company.
Is your business debt getting out of control? Come and talk to us about strategies for reducing debt and getting cashflow under control.
What will you do differently this year to enable your business to thrive? Conducting a past-year review with our experienced advisors will provide valuable insights for this year's goal-setting.
The Australian Taxation Office (ATO) has unveiled its compliance focus areas for the 2025 tax year, highlighting the importance of accurate claims and thorough record-keeping, particularly for small businesses and individuals.
