Audit Insurance
What Exactly Is Audit Shield Insurance?

Our Audit Shield insurance service ensures coverage for the payment of professional fees that arise if you are chosen for an audit, enquiry, investigation, or review initiated by the ATO or other pertinent Australian Government bodies.

Don’t find yourself without the safeguard of audit shield insurance; the expenses tied to obtaining proper representation can escalate significantly based on the situation. Even a basic enquiry can demand extensive hours of effort. Since 2003, Audit Shield has been a reliable guardian for clients. Each month, Audit Shield disburses over $1,000,000 in claim payments to its clients across Australia, New Zealand, and Canada.

What Is Covered Under Audit Shield Insurance?

When you engage us in audit activity concerns, we cover all professional expenses up to a certain level (with no excess). Our fees are covered, in addition to legal fees, bookkeeping fees, and any specialised professional advisor fees necessary to help us in responding. Audit Shield is retroactive, which means that it covers all previously filed returns. Audit Shield Insurance protects you against audits, inquiries, investigations, and reviews of:

Income Taxes, Payroll Taxes, Capital Gains, Keeping Tax Records, GST & BAS, Land Tax, Stamp Duty, SMSFs, Employer Obligations, PAYG, FBT, Guarantee of Superannuation, Workers Compensation / WorkCover, Tax Break for R&D (ATO Only)

Is Audit Shield Insurance a Good Investment?

Audit Shield is available to all of our clients. There are many levels of coverage available for salary and wage individuals, various-sized enterprises, and SMSFs.
Anyone can be targeted, even if their reports are correct. It has nothing to do with the calibre of your accountant’s job. With this in mind, we provide Audit Shield, which allows you to defend yourself. You should assess if it is appropriate for your circumstances, just like any other sort of insurance.

What Are Audit Shield Insurance’s Advantages?
Audit Shield gives you with various advantages, including the following:
  • There are no unanticipated costs.
  • Coverage for your whole group, not just the primary entity (subject to client group 25% ownership limits)
  • Coverage for filed taxes for the current and past years.
  • A comprehensive policy framework. Audit Shield continues to be one of the most comprehensive and cost-effective coverages on the market.
  • Each year, data matching among Australian Government Authorities grows increasingly advanced. This makes it easier and significantly more probable for previously untargeted taxpayers to be audited despite compliance. With the Audit Shield service, you can be confident that our professional costs will be paid, as well as the accounting and taxes work associated with audit activities. These fees are frequently higher than the fees we may charge you for completing the return (s).
What Is The Cost Of Audit Shield Insurance?

Audit Shield Insurance costs $107 for individual salary and wage workers, $340 for SMSFs, and as little as $341 for a small firm with less than $500,000 in turnover. The cost of company audit shield insurance is determined by the total revenue of your business group. All Audit Shield Insurance costs are GST included and subject to change.


How much does audit shield insurance cost?
Audit Shield Insurance provides comprehensive coverage for a complete year at the following rates: $107 for individual salary and wage earners, $340 for Self-Managed Super Funds (SMSF), and a competitive starting price of just $341 for small businesses with a turnover of under $500,000 within your business group. The cost of all Audit Shield Insurance plans already incorporates GST and may be susceptible to modification.

Is the cost tax deductible?
Typically, participation fees should qualify as eligible for a tax deduction.

Who is the underwriter?
AAI Limited, operating as Vero Insurance (a subsidiary of The Suncorp Group), underwrites the product.

Why is there no product disclosure statement (PDS)?
Given that Audit Shield is classified as a wholesale product, a Product Disclosure Statement (PDS) is not necessary.

If an entity has been deregistered in the last 12 months, can we still cover it retrospectively under the policy?
Indeed, the policy provides coverage for filed tax returns.

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