Audit activity includes any audit, enquiry, investigation or review which is instigated by Inland Revenue (IR) and other government agencies to ensure business and taxpayer compliance with various tax and legislative requirements such as Income Tax, PAYE, GST, FBT, Record Keeping and Employer Returns, amongst others.
How common are audits, enquiries, investigations or reviews?
IR continues to focus on audit activity and is consistently provided with additional resources for this purpose. Now more than ever you are at risk of being selected for an audit, enquiry, investigation or review.
What is the Audit Shield Master Policy and why should it be considered?
Our firm’s Audit Shield Master Policy provides for the payment of professional fees incurred as a result of your lodged return being selected for an audit, enquiry, investigation or review. The cost of being properly represented in these matters can be quite significant. Even if no adjustments are required, you could still be left with considerable professional fees if you are not protected by Audit Shield. Our Audit Shield Master Policy provides a fixed, cost effective solution to guard against these unbudgeted costs.
Who provides the Audit Shield Master Policy?
Audit Shield is provided by our accounting firm via a Master Policy we hold in our business name, which is underwritten by Vero Liability Insurance Limited.
What lodged returns are 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.
Yes, a tax deduction should ordinarily be claimable for your payment if you are in business or self-employed.
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.
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: