Safeguard Your Finances with Our Audit Shield Service

In the complex landscape of financial compliance, audits and inquiries can pose unexpected challenges for businesses, superannuation funds, and individuals. Our Audit Shield service is your shield against the unforeseen costs of audit activities initiated by the Australian Taxation Office (ATO) or other government revenue authorities. Here's why you should consider this essential protective measure:

What is Our Audit Shield Service?

Our Audit Shield service covers the payment of professional fees that would otherwise be incurred when our accounting firm represents you in response to an audit, inquiry, investigation, review, or examination (audit activity) initiated by the ATO or other government authorities. It's a proactive way to manage the financial burden of unplanned audit-related expenses.

Increasing Audit Activity Probability

In today's data-driven era, data matching capabilities have evolved, increasing the likelihood of individuals and businesses encountering audit activity. This means even compliant taxpayers could face audits. Government revenue authorities have unparalleled access to taxpayer records, enabling them to target previously unreviewed tax returns. The risk of audit activity is higher than ever before.

Coverage Under Our Audit Shield Service

Being properly represented during audit activities can lead to substantial costs based on factors like duration and complexity. Our Audit Shield service offers a cost-effective solution to mitigate these unbudgeted expenses. You're covered for various audit activities including audits, inquiries, investigations, reviews, and examinations.

Statistics Speak: Audit Shield in Action

To underscore the importance of protection, let's look at some statistics from 1 July 2022 to 30 June 2023, compiled by Accountancy Insurance:

• ATO (High Wealth): 2.58%
• ATO (Individual Excess Super Contributions): 5.55%
• BAS (Pre & Post Assessment): 9.86%
• Employer Obligations (PAYG/SG/CGT): 12.55%
• Income Tax (CGT): 2.86%
• Income Tax (Data Matching): 3.61%
• Income Tax (Rental Property): 5.33%
• Income Tax (Work related expenses): 6.79%
• Superannuation Fund Review: 2.21%

Get More Information

If you have any inquiries about our Audit Shield service, our team is here to help. While we strive for accuracy in your financial accounts and tax returns, audit activities can arise unexpectedly due to various triggers, including data matching and AI sources. Protect your financial well-being with our comprehensive Audit Shield service.

Request a Quote Today

Don't wait until an audit knocks on your door. Safeguard your business or personal finances by requesting a quote from our office to enrol in our Audit Shield service. We're here to provide the support you need to navigate the intricate world of financial compliance.