Audit Shield is a service we offer that protects taxpayers—business owners, SMSFs, and individuals—who may be subject to ATO scrutiny, such as those with rental properties, cryptocurrency assets, or high work-related deductions.
Benefits:
- Comprehensive Coverage: Protection against audits and reviews related to PAYG, FBT, SG, income tax, and GST.
- Retrospective Protection: Previously lodged returns are automatically covered.
- Specialist Fees Included: Covers fees for external specialists (e.g., tax lawyers) engaged during audit responses.
Optional Service: Participation is entirely optional.
Important Information:
- Payment is tax-deductible and includes a small fee to cover our administrative costs.
- You must be our registered tax client to benefit from this service.
- Coverage begins the next business day after payment and lasts until 31 October 2025.
The five most common Audit Shield claims activity categories, compiled by the Accountancy Insurance claims team from 1 July 2023 to 30 June 2024, were:
- Payroll Tax (All States) – 14.64%
- Income Tax (WRE) – 12.40%
- Employer Obligations (PAYG/SG/FBT) – 10.21%
- Income Tax (Other Specific) – 9.78%
- Income Tax (Full/General/Combined) – 9.25%
The below pie chart shows the distribution of Audit Shield claims activity in Australia*.
Claims frequency 1 July 2023 to 30 June 2024* (Technical)
**The below chart excludes ATO (Individual Excess Super Contributions) category to give a more accurate representation of ATO/other government revenue authority initiated audit activity between 1 July 2023 – 30 June 2024.
