Protect Your Business with Audit Shield
We offer Audit Shield to anyone wanting peace of mind and protection if required to participate in an IRD or other government agency audit.
Anyone can be targeted for an audit, even if your filed returns are accurate. Data matching capabilities are profound, and are increasing the level of audit activity of both compliant and non-compliant taxpayers. With this in mind, we do recommend protecting yourself with Audit Shield.
What is Audit Shield?
Audit Shield provides for the relief from payment of professional fees, up to a prescribed amount that are incurred in the event you are selected for an audit, enquiry, investigation or review (audit activity) instigated by Inland Revenue (IR) or any other government agency. Such audits are normally launched to ensure business and tax payer compliance with various tax and legislative requirements such as Income Tax, PAYE, GST, FBT, Record Keeping and Employer Returns, amongst others.
How will I be protected?
Our firm's Audit Shield Master Policy provides for the payment of professional fees incurred as a result of your lodged returns being selected for an audit, enquiry, investigation or review.
The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple audit or investigation can require hours of work.
Audit Shield provides a fixed, cost effective solution to guard against these unbudgeted costs.
A secure insurance policy.
Audit Shield is provided by our accounting firm via a tax audit insurance Master Policy we hold in our business name, underwritten by Vero Liability Insurance Limited.
What lodged returns are covered?
- Computer Tax Audits
- Dividend Withholding Tax
- Employer Returns
- Fringe Benefits Tax
- Imputation Credit Account
- Income Tax
- Non-Resident Withholding Tax
- Record Keeping
- Resident Withholding Tax
- Plus more!
Who is covered?
All of our clients are invited to participate in our Audit Shield Master Policy. Different levels of cover are available for salary and wage earners and businesses with turnover under $100 million. In most cases individuals and other family entities can be covered with the business entities for no extra cost. If you decide to participate, your cover commences one business day after your payment is received.
Can a tax deduction be claimed?
Yes, a tax deduction should ordinarily be claimable for your payment if you are in business or self-employed.
What is not included?
We have carefully selected our Audit Shield Master 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:
- Audit activity where notification was given prior to the inception of cover, i.e. prior to our receipt of your payment;
- If IR auditor imposes final culpability/shortfall penalties of 100% or more, and/or the return is deemed to have been fraudulently lodged;
- Actions in regard to any notices from IR or any government revenue authority 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;
- 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);
- Any matter in relation to Inland Revenue Child Support, Working For Families, or any other 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.
How do I get Audit Shield for my business?
Please contact one of your REAL CA client manager to find out more about our Audit Shield Master Policy and how to apply.