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Audit Shield |
Our Audit Shield service provides for the payment of professional fees incurred in the event that you are selected for an audit, enquiry, investigation or review (audit activity) instigated by the Australian Taxation Office or other relevant government revenue agencies. The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple enquiry can require hours of work. Our Audit Shield service provides a fixed, cost effective solution to guard against these unbudgeted costs. |
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All professional fees, up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. When you choose to participate in our Audit Shield service you will receive the following benefits, plus more:
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Protection from any unplanned professional fees resulting from audit activity. |
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A cost effective solution when compared to a standalone policy. |
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Retrospective cover, so all previously lodged returns are included. |
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The assurance that you are covered during a stressful situation. |
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Payment for your participation is tax deductible. |
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Income Tax, GST, BAS, PAYG Withholding, Fringe Benefits Tax, Land Tax, Stamp Duty, Superannuation Guarantee, WorkCover and Self Managed Superannuation Funds (SMSFs) are just a few items included in the extensive Audit Shield service coverage!
Frequently Asked Questions:
What is the Audit Shield Service?
The Audit Shield service provides for the payment of our professional fees otherwise payable by you when incurred as a result of our accounting firm being required to respond, on your behalf, to an audit, enquiry, investigation or review (audit activity) instigated by the Australian Taxation Office (ATO) or other Australian Government revenue agencies.
What is the benefit of the Audit Shield service?
Data matching becomes more sophisticated each year. This makes it simpler and far more likely for previously untargeted tax payers to encounter audit activity, despite compliancy. With the Audit Shield service, you can rest assured knowing that our professional fees will be covered, and the accounting and taxation work will be undertaken, in relation to the audit activity. Often these fees can be greater than those we may charge you for completing the return/s.
What is included under the Audit Shield service?
Professional fees otherwise payable to us, that have been incurred in responding to audit activity until the completion of the matter, or until the cover of the limit as stated on your Client Acceptance Form is exhausted, will be covered under the Audit Shield service. Fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response to audit activity are also covered. Both during (interim payments) and/or upon conclusion of the audit activity, we will present for payment our fees on your behalf to the insurer for recovery against the policy. Should a difference arise between our fees and the amount available to be covered against the policy, we may need to seek the shortfall payment of our fees from you. Your cover begins from the next business day after our receipt of your participation fee.
+ What audits, enquiries, investigation and reviews are covered?
Capital Gains Tax, Land Tax, SMSFs, Employer Obligations, Payroll Tax, Stamp Duty, Fringe Benefits Tax, PAYG, Superannuation Guarantee, GST/BAS, R&D Tax Incentive (ATO Only), WorkCover/Workers Compensation, Income Tax, Record Keeping plus much more!
What is not included?
We have carefully selected our Audit Shield policy to provide the widest possible coverage for us and our clients. However, we do remind our clients that such items or circumstances as listed below are not covered:
+ Actions in regard to any notices from the ATO or any other government revenue agency that are educational or advisory in nature or merely suggest, invite or propose actions to be taken by you; or act as a warning to you that you may be selected for audit activity at a future time; or do not compel you to take any action.
+ If the ATO auditor imposes final culpability/shortfall penalties of 75% or more, and/or the return is deemed to have been fraudulently lodged.
+ Any matter in relation to applications, assessments, or reviews of government benefits or entitlements and any form of activity involving a review relevant to you maintaining industry status, licence compliance, membership or any form of application, registration or re-registration process.
+ Any fine or penalties imposed or for any amounts payable pursuant to an amended notice of assessment or adjustment including but not limited to any additional tax, duty, government impost or similar payments.
+ Costs for work incurred which should have been undertaken prior to the audit activity (e.g. outstanding lodgements).
+ Audit activity where notification was given prior to the inception of cover (i.e. prior to our receipt of your participation fee).
Is the cost tax deductible?
Yes. A tax deduction should ordinarily be claimable for your participation fees.
Who is Vero Insurance and how can they be contacted?
AAI Limited trading as Vero Insurance is a wholly owned subsidiary of Suncorp Group Limited.
Postal Address: GPO Box 3999, Sydney NSW 2001
Telephone: 13 18 13
Email: veroinformation@vero.com.au
