Audit Fee Protection    

As many people are aware, government agencies continue to allocate additional resources for audit activity and continue to refine their “data matching” capabilities such that it is increasingly likely that clients will receive some form of audit or enquiry from a government agency.    

In many instances, the matter can be dealt with satisfactorily and without an adverse finding or adjustment required.  However, the process of supplying the necessary information and explanations is often quite involved and requires careful management. Naturally, this can result in significant professional costs.   

Unfortunately, Government agencies do not compensate innocent taxpayers for costs incurred as a result of these audits, reviews or investigations. 

In response to the rapid pace of growth in the audit, review and investigation activities of the Australian Taxation Office (ATO) and State Revenue Offices (SRO), we are offering clients the opportunity to participate in our Audit Fee Protection Service. 

In essence the Audit Fee Protection Service covers professional fees (accounting, legal, etc) associated with an audit, or similar investigation, initiated by a government agency such as the ATO or the SRO. The insurance policy is underwritten by Vero Insurance Ltd and covers these costs (up to a prescribed limit) for any audits, reviews or investigations relating to the current year's returns and all previous years.

We cannot prevent our clients from being investigated by the government agencies, but we can help to ensure that our clients get the best possible support and advice without having to worry about the cost. 

We are now mailing out the annual subscription offer to clients. We emphasise there is no compulsion and it is for each client to decide whether to participate. If you wish to participate, simply complete the payment details on the client acceptance form and return it to us with your payment.

In the event that you do not wish to participate in the service, we ask that you sign and return the statement declining our offer.  

If you do not receive a mail out or have any questions regarding the Audit Fee Protection Service, please do not hesitate to contact us on 03 9763 8989.