Cover yourself with audit insurance
It’s now 12 months since we launched Audit Shield Insurance. This is a tax audit insurance which covers the professional fees incurred from an official audit instigated by the IRD. Over the last 12 months we have already made two claims on behalf of clients with this insurance, saving an average of $750 in fees to respond to IRD questions. The number of claims is likely to increase with the random way the IRD are now selecting entities and individuals to audit.
If your business or individual return is subjected to a random audit, enquiry, investigation or review, you are responsible for the professional fees involved in us providing the required information. Even the simplest enquiry can require hours of work. In some cases, when there are complex environments, unusual circumstances, multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred.
We have responded to this growing threat by finding you the most comprehensive tax audit insurance available and are pleased to offer to you and your business our Audit Shield Master Policy. This policy is fully tax deductible for businesses and the self-employed, providing you with peace of mind in relation to audit, enquiry, investigation and review associated costs. The features of this insurance:
- Our accounting fees in responding to audits, enquires, investigations and reviews of your lodged returns, including those from previous years are covered
- Specialist’s professional fees if we need to engage a tax expert or lawyer for an opinion or defence are covered
- Cover commences from as little as $255 pa (incl GST) for a sole trader or partnership
You will soon receive a letter from us explaining the policy and inviting you to participate under our Audit Shield Master Policy, or contact us to find out more.