Why should you participate in our Audit Shield service?
The government has proposed an increase in audit funding for the years of 2016 to 2020. A target of $3.7 billion is anticipated for the gross revenue that will be raised as a result. So what does this mean for you? We suspect an increase in audit activity in relation to individual, business and SMSF lodged returns.
We proudly offer our Audit Shield service as a mechanism to protect you against unplanned professional fees that can arise as a result of audit activity. Even if no adjustments are required to your lodged returns, significant costs can still be incurred in order to satisfy the requests of the ATO or other government revenue agencies responsible for the instigation.
If you would like to continue your coverage please do not forget to renew your participation in our Audit Shield service. A lack of continuity could result in an audit falling between a gap created by the break in your participation. Alternatively, if you are not already participating in our Audit Shield service you can learn how to protect yourself by contacting our friendly team.