Audit Shield is an optional service we are now providing to protect you from incurring unexpected costs as a result of an audit, inquiry, investigation, review or examination (audit activity) of lodged returns or financial compliance obligations instigated by the Australian Taxation Office (ATO) and other government revenue authorities. Specific levels of cover are available for individuals, businesses and Self Managed Superannuation Funds (SMSFs). 

Our recommendations to combat the increase in audit activity

1. Be in the know

Gain a better understanding of your financial position and tax particulars by talking with your accountant. Your accountant can also conduct a risk assessment, and in doing so you could both discover a better way to structure your affairs. 

2. Seek expert advice

In the event that you are contacted by the ATO or other government revenue authorities, the best action for you to take is to advise them that you would firstly like to talk to your accountant. As your accountant, we have the experience in dealing with these matters and will be more likely to reduce the time and cost required to attend to the audit activity in question.

3. Consider Audit Shield

We proudly offer our Audit Shield service as a mechanism to protect you against unplanned professional fees that can arise as a result of government revenue authority initiated audit activity. With the government’s focus on increasing gross revenue, taxpayers will be scrutinised – increasing your chances of an audit, inquiry, investigation, review or examination. Even if no adjustments are required to your lodged returns, significant costs can still be incurred in order to satisfy the requests of the ATO or other government revenue authorities responsible for the instigation.

Interested in Audit Shield? Contact us today for a quote.