The Australian Taxation Office (ATO) and other government revenue authorities are consistently active in conducting audits, inquiries, investigations, reviews and examinations (audit activity) in response to lodged client returns.
When your client is subject to audit activity instigated by the ATO or other government revenue authorities you are faced with two options, both of which could negatively impact your accounting firm.
The cover is retrospective. Therefore the professional fees incurred in responding to eligible audits, inquiries, investigations, reviews and examinations of your clients’ returns, irrespective of which year the returns were lodged, are included.
Specialist fees are included. This includes tax experts, lawyers or other specialists engaged by you in relation to an opinion or defence.
Your clients’ commonly owned legal entities and most shareholders are covered under one single annual fee (SMSFs offered separately).
The fees paid for the cover are generally tax deductible for your clients.
There are no upfront costs and it is cash flow positive for your accounting firm.
It can reduce fee write-offs and avoids the ‘grudge payment’ (when an accountant bills their client for the additional work they were required to undertake). Fees can be substantial and are never a welcomed surprise for clients.
Minimal work is required by your accounting firm. Accountancy Insurance provide end to end support with a dedicated Account Manage.