Tax Tips

  TIME IS RUNNING OUT

The final lodgement date for most individual and business 2017 income tax returns is 15 May 2018. Be sure to have all your information in with your accountant to ensure your tax is lodged by the due date to avoid any late lodgement penalties and interest.

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Audit Shield

What is Audit Shield?

The Audit Shield service provides for the payment of our professional fees otherwise payable by you when incurred as a result of this firm being required to respond, on your behalf, to an audit, or review instigated by the Australian Tax Office (ATO) or other Government body.

 

What are the costs to businesses and tax payers in the event of an audit, enquiry, investigation or review?

If your business, SMSF or individual return is subjected to an audit, enquiry, investigation or review, you are responsible  for the costs (professional fees) involved in providing the required information. Even the simplest enquiry can require hours of work. In multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.

 

How can I protect myself from the unexpected costs of audits, enquiries, investigations and reviews?

We can offer you the Audit Shield service which can provide you with comprehensive relief from the associated costs (fees) of audit activity. The Audit Shield service provides for the payment of our professional fees incurred as a result of you being selected for an audit, review or investigation by the ATO or other government body. The Audit Shield service provides a fixed, cost effective solution to guard against these unbudgeted costs.

 

What costs are covered?

The service covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you in an audit, review or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, and actuaries).

 

What audits, reviews, enquiries and investigations are covered?
Income Tax  l  Capital Gains Tax
GST and BAS  l  Payroll Tax
Fringe Benefits Tax  l  WorkCover/Workers Compensation
Employer Obligation Audits  l  Self Managed Superannuation Funds (cover available separately)
Record Keeping  l  And many other lodged returns

 

Who is covered?

All of our clients can take advantage of the Audit Shield service.

 

What do I need to do to take up the Audit Shield Service?

Please contact our office and we will send you an information pack including an acceptance form/invoice.