In the complex world of finance and taxation, unexpected audits can pose a significant challenge to businesses and individuals alike. Audit Shield is a tax audit insurance policy offered by accountancy firms, designed to cover the professional fees incurred if a client is audited by the Australian Taxation Office (ATO) or other revenue authorities. It helps protect against the unexpected costs of audit activity, which can be substantial
What Does Audit Shield Cover?
Audit Shield primarily covers the professional fees incurred by accountants when assisting clients through audits, inquiries, investigations, reviews, or examinations of lodged tax returns. This comprehensive coverage includes fees associated with preparing necessary documents, responding to queries from the ATO, and even engaging specialists if required.
Why Choose Audit Shield?
Audit activity can be stressful and costly for businesses, especially small businesses that may not have the financial backing to handle unexpected expenses. Audit Shield offers a fixed, cost-effective way to cover these costs, helping clients stay focused on their core business.
Who Can Benefit from Audit Shield?
Audit Shield is ideally suited for a range of entities, including:
How Does Audit Shield Work?
Adding Audit Shield to your accounting services is easy. It’s offered as an optional extra by us as your accountant and acts like a financial safety net if you’re audited by the ATO or other tax authorities.
If an audit happens, the professional accounting fees charged to assist—like preparing documents or responding to the ATO—can be claimed through Audit Shield for reimbursement.
A tax deduction should be claimable for participation fees.
Audit Shield helps take the worry out of audits. It’s a smart, proactive way to protect yourself or your business from unexpected costs, so you can feel confident and covered if the ATO comes knocking.
Your Suntax Team
