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.
Is the cost tax deductible?
Yes, a tax deduction should ordinarily be claimable for your payment if you are in business or self-employed.
Is it mandatory to participate in the Audit Shield Master Policy?
No, Audit Shield is an option our accounting firm provides to you, our client. You have the opportunity to participate in or decline the Audit Shield offer.
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:
- Any audit, enquiry, investigation or review arising from any verbal or written communication of impending audit activity given to you or us (your accountant) prior to your participation date;
- Any audit which is commenced or is conducted specifically for the purposes of determining your taxation liabilities and liability to pay tax, interest, additional tax or penalties as a result of participation in any mass marketed, publicly promoted, tax avoidance or tax minimisation scheme unless the scheme has received a prior binding ruling from the relevant government authority or agency;
- Any IR audit where the auditor imposes a final shortfall or culpability penalty of 100% or more in relation to any year, or in relation to any entity that falls within the scope of the claim.
- Any punitive costs such as penalty tax, costs, interest or any fines;
- Any matter in relation to Inland Revenue Child Support or Working For Families;
- Costs for work incurred which should have been undertaken prior to the audit, enquiry, investigation or review taking place (e.g. outstanding lodgements);
- Any actions in regard to correspondence from any authority that is educational or advisory in nature or merely suggest, invite or propose actions to be taken; or act as a warning to you that you may be selected for an audit at a future time; or do not compel you or us to take any action.
What do I need to do to participate in Audit Shield?
Please contact the Alliotts' team in Auckland on 09 520 9200 to discuss your participation and to arrange an acceptance form to be sent to you.