Tax auditing activity is on the rise and unfortunately, anyone can be targeted.
Even when no adjustments are required, those selected for an audit find themselves facing considerable fees due to the extra hour’s accountants must spend to respond and represent. Being properly represented is paramount and as a result, tax audits are generally a considerable and unbudgeted cost.
At Morrows, we provide the Audit Shield service which provides protection and relief in the chance of an audit. Being tax audit protected by Audit Shield is a cost-effective way to avoid hefty fees. Data matching capabilities are profound and are increasing the level of auditing activity of both compliant and non-compliant taxpayers.
Here’s what you need to know about Audit Shield and how it can protect you.
What is Audit Shield?
Audit Shield is an optional Tax Audit protection service that covers the extra costs to respond to tax audits. In the event of an audit, our Audit Shield service provides for the payment of professional fees incurred on an audit, enquiry, investigation, or review (audit activity) instigated by the Australian Taxation Office (ATO) or other relevant government revenue agencies. In short, Audit Shield provides a fixed, cost-effective solution to protect you against unbudgeted costs.
The ATO, along with other federal and state agencies, have unprecedented access to taxpayer various records, allowing them to target current and previously unreviewed tax returns. The Audit Shield service provides peace of mind for our clients that, in the chance of selection, the cost of being properly represented is covered.
What is Covered?
Audit Shield covers professional fees up to a prescribed limit. This includes accountants’ fees, legal fees, bookkeeping fees, and other specialist professional advisor fees.
The extensive Audit Shield service includes coverage of:
- Income Tax
- Payroll Tax
- PAYG Withholding
- Stamp Duty
- Superannuation Guarantee
- GST and BAS
- Land Tax
- Fringe Benefits Tax
- Self-Managed Superannuation Funds
Payment for your participation is tax-deductible and once you are an Audit Shield client, previous lodgements are covered too.
Is It Right for You?
All of Morrows’ clients can take advantage of the Audit Shield service. There are different levels of cover available for salary and wage earners, businesses, and SMSFs. Unfortunately, even if your lodgements are accurate you may still be targeted. This means that the selection of an audit has no reflection on the quality of work. With this in mind, we offer the opportunity to protect yourself.
If you would like to know more about Audit Shield or request to be a part of the program, contact your Morrows advisor today or get in touch with our friendly team.