Audit Protection Insurance

/Audit Protection Insurance
Audit Protection Insurance 2017-03-07T10:53:49+00:00

FAQs

Audit Protection Service provides for the payment of professional fees otherwise payable by you when incurred as a result of this firm being required to respond, on your behalf, to an audit, review or investigation by the ATO or other Government body. It provides our clients with a fixed, cost effective solution to guard against unbudgeted profession fees, which may be incurred as a result of such an audit, review or investigation.
Yes normal fees associated with an usual work carried out throughout the year are excluded, but any additional costs, which is related to attending to an audit, review or investigation by the ATO, or any other Government bodies will ordinarily be covered up to the specified limit. The cost of these additional audit fees can be considerable depending on the length of time involved to properly attend to an audit.
Income, Land and Payroll Tax BAS Fringe Benefit Tax Payroll Tax Work Cover/Workers Compensation Self Managed Superannuation Funds (cover available separately) And many other lodged returns
If you are faced with an audit, review or investigation of lodged returns, our professional fees incurred should ordinarily be covered. Take a moment to consider the likelihood of being audited, reviewed or investigated as noted in our letter.
With respect to cover and the limit of indemnity, an entity extends to include:- any individual or company, firm and partnership or trust that holds a 50% or more ownership, interest or shareholding in the entity named; and any company, firm, partnership or trust in which the first named entity hold a 50% or more ownership, control, interest or shareholding; and spouses of individuals that are included in the cover as a result of (1) and earn under $75,000.00 per annum; providing that any individual included in (1) or (2) must receive the majority of their income from within the nominated group.
Vero Insurance Limited, is part of the Promina Group of companies, wholly owned subsidiary of Suncorp Ltd. Vero contact details; 465 Victoria St. Chatswood, NSW 2067 Tel: 13 18 13 Email: veroinformation@vero.com.au
Fees normally payable by you up to the completion of the audit, review or investigation, or until the cover limit as stated on your acceptance form is exhausted. Fees of any other outside person or relevant consultant (e.g. taxation lawyers) are also covered.
Yes, a tax deduction should ordinarily be claimable for participation fees. As part of our Audit Insurance policy, we remind our clients that such items are not covered as listed below:

  • Audits, reviews or investigations where notification was given prior to the inception of cover or your confirmation of participation.
  • Punitive costs such as penalty tax, costs, interest or any fines;
  • If the ATO auditor imposes final culpability penalties of 75% or more;
  • Failure to produce documentation or furnish information to the Taxation Office or Government agency;
  • Cost for work incurred which should have been done prior tot the audit, review or investigation taking place;
  • Mass Marketed Schemes without a product ruling;
  • Any matter in relation to Child Support of Child Support Agency;
  • For any audits of superannuation funds instigated as a result as an unrectified contravention report lodged by an auditor.

CONTACT US TODAY

For further information, please contact Juanita Sharp.