Audit Shield Insurance Service
At King & Whittle, we are constantly searching for value-add offerings and contemplate ways that we can provide the best possible service to our valued clients.
One resource we discovered was Audit Shield, a tax audit insurance solution which provides cover for professional fees that is incurred in the event of an audit, official inquiry, investigation, or review instigated by Australian Taxation Office or other relevant government revenue authorities (e.g., State Revenue Office, etc.). We believe there will be a significant increase in Audit activity with Government Revenue authorities over the next few years. Audit activity can affect all taxpayers regardless of whether you are an individual, business or have a Self Managed Superannuation Fund.
Our aim is to ensure that all our clients receive the best possible support through what can be an extremely stressful time, at minimum cost. We will be offering Audit Shield as an extension of our services and an email of invitation will arrive in the next few weeks for your consideration.
The features of Audit Shield Service are:
- Covers our accounting fees (up to prescribed limit) in responding to official inquiries, reviews, investigations, and audits relating to a tax return or a compliance obligation.
- Fees of any other external professional (e.g., lawyers) engaged or instructed by us to assist us in a response to audit activity are also covered (up to prescribed limit).
- Retrospective cover, so all previously filed returns are included (even if we did not prepare the return).
The service is not compulsory, and we simply suggest you take the time to read through the information when received and decide if it is right for you.
Please contact your King and Whittle advisor if you require any further information or clarification.