It is a common misconception that you will only be audited if you are not compliant. The approach by the Australian Taxation Office (ATO) and other government bodies in this respect has changed.
In addition to audits, the ATO and other government bodies have significantly increased the number of enquiries, investigations and reviews they are now undertaking. These organisations are utilising powerful data matching capabilities so even compliant and correctly prepared returns can be selected for scrutiny. For this reason, Hillard O’Donnell & Associates offer an Audit Shield service to our clients, which guards against unexpected and potentially significant professional fees.
Should you be subject to an audit, enquiry, investigation or review from the ATO (or any other relevant government body) in relation to your lodged returns, our Audit Shield service provides cover for the professional fees associated with the response process (up to a prescribed limit).
Audit Shield provides full retrospective cover, so all previously lodged returns are covered automatically. Payment for the Audit Shield service is also tax deductible.
Participation in the Audit Shield service is not compulsory, however we consider this service to be a valuable tool in reducing the uncertainty of unexpected professional fees.
Frequently Asked Questions about Audit Shield service
Please contact us if you would like more information on this service.