16 Aug 2023

Audit Shield Insurance

From the end of August 2023 Ipsum Advisor clients will have the opportunity to access audit protection insurance. This service is not compulsory but we encourage you to read the following information to decide if it might be an option for you or your business.


What is Audit Shield?

Audit Shield is a tax audit insurance solution that covers you in the event you’re selected by the Australian Taxation Office (ATO) or other relevant government revenue authorities for an audit, inquiry, investigation or review. It helps reduce unexpected financial strain by covering the professional fees associated with audit activity.


What does Audit Shield cover?

If you choose to accept Audit Shield with us, all fees up to a prescribed amount will be covered if we were to support you in an audit, inquiry, investigation or review. It is a retrospective service so any returns already filed are also included.


Why consider Audit Shield?

Anyone can be audited, whether or not your returns are accurate and filed correctly. Audits are regularly conducted by the ATO and the cost of responding to these matters can be significant depending on the circumstances. At a minimum you’re likely to be looking at additional service fees from your accountant for their time supporting you. In more complex matters you could be looking at the high costs associated with seeking additional professional counsel and support. Audit Shield provides a fixed, cost effective solution to reduce the stress and financial pressure.


Who should consider Audit Shield?

Given that anyone can be audited at any time, Audit Shield is appropriate for everyone. As requirements differ based on circumstances, there are specific levels of protection available for individuals, businesses and SMSFs.


Feel free to reach out to your Ipsum with any questions or to find out more about the offer.