The financial effects of an audit can be significant for a business of any size. That’s not to mention the emotional stress of audits as well! In the event of an ATO audit, enquiry or review, you need to be prepared.
Audit Shield is an optional service to protect you from incurring unexpected costs in the event of an audit, review or investigation by Australian revenue authorities such as the ATO or the Offices of State Revenue. Specific levels of cover are available for individuals, businesses and SMSFs
What is Audit Shield?
With Revenue Authorities increasingly using computerisation and artificial intelligence, they are able to check more returns than ever before and compare disclosures made in them to those of other taxpayers or benchmarks. If a check escalates to an investigation, review or audit, our costs in defending your position can accumulate quickly regardless of whether any adjustments are made to your return or not. Audit Shield covers those costs (up to predetermined limits).