Even when submitting an honest tax return, you may still attract attention from the Australian Taxation Office (ATO) due to their advanced data matching flags. The ATO aggressively pursues individuals, businesses and self-managed super fund with regular audits, enquiries, investigations and reviews. If subjected to an ATO action such as these, it can be time-consuming and extremely expensive to represent yourself and especially difficult to achieve your desired outcome without professional help.
Audit Shield Insurance is a scheme offered by Peekay Accounting & Business Solutions to cover the payment of professional fees if you are targeted for an audit, enquiry, investigation or review. With cover up to an agreed amount, paying for your defense will be one less thing you have to worry about during an already stressful time. Audit Shield Insurance takes away the uncertainty of incurring a large fee for hours of professional work by replacing it with a fixed cost option that can be worked into your budget. Additionally, payment for Audit Shield Insurance is fully tax deductible and the protection offered is retrospective, so previously filed tax returns are included in your cover automatically.
Here’s a recent case study of an individual taxpayer where Audit Shield Insurance paid the entire $3,450 fees required to respond to an ATO enquiry:
“An individual living in country Victoria was data matched by the ATO and certain work related and rental property deductions were questioned. Our tier 2 client firm provided professional assistance and all the ATO questions were resolved. The positive outcome for the client was that they were fully supported by us, the audit assistance professional fee was covered, and the ATO cleared the client.”
To find out more about how Audit Shield Insurance can provide you with peace of mind for a small fixed fee, please get in touch with Paddy at Peekay Accounting & Business Solutions today!