Audit Insurance

What is 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 this firm being required to respond, on your behalf, to an audit, enquiry, or review instigated by the Australian Taxation Office (ATO) or other Government body.

What is the benefit of the Audit Shield service?

You will have peace of mind that professional fees will be covered, and the accounting work undertaken, in relation to audit activity. Often these fees can be greater than those we may charge you for completing the return(s). It should also be noted that the ATO now has unprecedented access to data matching that makes it simpler and far more likely that they will perform activities on previously untargeted taxpayers, which includes completely compliant and thorough lodged returns

Will my accounting fees be covered in the event of an audit, investigation, or review?

Yes. Costs (professional fees) which are directly related to us attending to audit activity will ordinarily be covered (up to the limit specified on your Client Acceptance Form). The cost of these additional fees can be considerable depending on the length of time involved to properly attend to the matter. Standard fees associated with any typical work carried out through out the year are excluded.

What audits, enquiries, investigations and reviews are covered?

Income Tax
R & D Tax Incentive (ATO Only)
Employer Obligation Reviews
SMSFs (cover available separately)
Record Keeping
Capital Gains
GST/BAS
Payroll Tax
Fringe Benefits Tax
WorkCover/Workers Compensation
Plus many other lodged returns

What professional fees are covered?

Professional fees otherwise payable to us, that have been incurred in responding to an audit until the completion of the matter, or until the cover limit as stated on your acceptance form is exhausted, will be covered under the Audit Shield service. Fees of any other outside person (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response are also covered. Upon conclusion of the instigation, we will present for payment our fees on your be half to the insurer for recovery against the policy. Should a difference arise between our bill 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 (see the attached Client Acceptance Form for further details).

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:

Activity where notification was given prior to the inception of cover or your confirmation of participation.

If the ATO auditor imposes final culpability/shortfall penalties of 75% or more, and/or the return is deemed to have been fraudulently lodged.

Actions in regard to letters from any 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 an audit at a future time; or do not compel you to take any action.

Punitive costs (e.g. penalty tax, costs, interest or fines).

Costs for work incurred which should have been undertaken prior to the audit activity (e.g. outstanding lodgements).

Any matter in relation to applications, assessments or reviews of government benefits or entitlements.

Is the cost tax deductible?

Yes. A tax deduction should ordinarily be claimable for your participation fees.

Who is Vero Insurance?

AAI Limited trading as Vero Insurance is a wholly owned subsidiary of Suncorp Group Limited.Their contact details are:Postal Address: GPO Box 3999, Sydney NSW 2001Telephone: 13 18 13Email: veroinformation@vero.com.au