What is Audit Shield and how does it work?
Audit Shield is a group insurance policy held by GMD Chartered Accountants that protects our clients from professional service costs incurred by the ATOs increased audit activities.
The professional fees covered as part of the policy include those incurred as a result of an official audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) and other federal, state and territory based agencies. Today, Accountancy Insurance provide service to more than 2500 accounting firms across Australasia and Canada. Professional Indemnity, Management Liability Insurance and Cyber Insurance are also peace of mind Accountancy Insurance products available to Australian accounting firms.
The Australian Taxation Office (ATO) and other government bodies continue to target individuals, businesses and Self Managed Superannuation Funds. Audit Shield is underwritten by AAI Limited, trading as Vero Insurance (a subsidiary of Suncorp Group Limited), and has proven to be a vital tool in protecting you against the potential costs (accountants, lawyers, barristers etc) when matters arise in regards to audit activity.
Participation in this service is not automatic nor is it compulsory. All GMD Accounting clients will be given the opportunity to participate. Invitation/renewal letters are mailed to all clients in March each year. Those wishing to not participate can simply disregard the correspondence. Those that would like cover should pay the invoice enclosed in the documents, and cover will begin the next business day until March next year.
What audits, enquiries, investigations and reviews are covered?
- Income Tax
- R & D Tax Concession (ATO Only)
- Employer Obligation Reviews
- SMSFs (cover available separately)
- Record Keeping
- Capital Gains
- Payroll Tax
- Fringe Benefits Tax
- WorkCover/Workers Compensation
- Plus many other lodged returns
If you would like to know more detalis on Audit Shield please contact your GMD team member.