GeersSullivan Audit Protection Service
Posted on 18th April 2018 by Christabelle Harris
What is the GeersSullivan Audit Protection Service?
The GeersSullivan Audit Protection Service provides for the payment of the professional fees otherwise payable by you when incurred as a result of GeersSullivan being required to respond on your behalf, to an Audit, Review or investigation by the Australian Taxation Office (ATO) or the Office of State Revenue. The ATO now has unprecedented access to data matching that makes it simpler and far more likely that they will audit or review previously untargeted taxpayers
It provides our clients with a fixed, cost effective solution to guard against unbudgeted professional fees, which may be incurred as a result of such an audit review or investigation. The costs of these additional audit fees can be considerable depending on the time involved to properly attend to the matter ranging from several thousand dollars up to tens of thousands.
What is the benefit of the GeersSullivan Audit Protection Service?
The benefit to participate in the Audit Protection Service is that fees incurred by you which are directly related to us attending to an audit, review or investigation will be covered (up to the annual limit specified). The cost you pay for participation is tax deductible.
We have carefully designed our Audit Protection Service to provide the widest possible coverage for our clients however such items or circumstances as listed below are not covered:
- Audits, Reviews or Investigations where notification was given prior to the inception of cover;
- Punitive costs such as penalty tax, costs, interest or any fine if the ATO auditor imposes final culpability/shortfall penalties of 75% or more, and/or the return is deemed to have been fraudulently lodged;
- Costs for work incurred which should have been done prior to the Audit, Review or Investigation taken place;
- Marketed, mass Marketed, or Tax Exploitation Scheme or arrangements without a product ruling;
- Any matter in relation to Child Support or Child Support Agency;
- Actions in regards to letters from any authority that are educational or advisory in nature: or merely suggest, invite or propose actions to be taken by you; or act as a warning to you may be selected for an audit at a future time; or do not compel you to take any action.
Recently a small business client received an audit notice from the ATO regarding their 2016 Trust Income Tax Return and Business Activity Statements. This was a full audit which covered GST, income tax, salaries and PAYG withholding, superannuation and matters of trust law. The business owners have always maintained their own books but by their own admission were completely out of their depth in answering the auditor’s questions.
Our Audit Protection Service fully covered our clients’ costs incurred and our involvement ensured the client understood exactly what was being asked of them, what matters of law were involved and that all information provided to the auditor went in a concise and logical format.
Our Audit Protection Service starts on the 30th April each year and is valid for a year.