The first question many firms ask is ‘What constitutes an audit?’ Here’s the good news! An audit is broadly defined under the policy to include any official audits, inquiries, investigations, reviews or examinations (audit activity) in respect of your client’s returns or financial compliance obligations, whereby you or your client are compelled to act or respond on.
A claim can be lodged for the professional fees you would normally charge your client for assisting them to respond to any eligible query from the ATO and other government revenue authorities which are authorised to conduct audits. There is no excess on the policy.
Once you are an Audit Shield client, previous lodgements are covered too!
The audit must be instigated during the period of cover, but can include responding to audits of returns you did not lodge or prepare.
The following official audits, inquiries, investigations, reviews or examinations are covered by Audit Shield:
- Capital Gains Tax
- Employer Obligations – Superannuation Guarantee / PAYG
- Fringe Benefits Tax
- Income Tax, GST and BAS
- Payroll Tax, Land Tax and Stamp Duty
- R&D Tax Incentive (ATO only)
- Record Keeping
- Self Managed Superannuation Funds
- Work Cover
- Plus much more!