How Audit Activity Is Prevalent and Can Affect You in Response to COVID-19
The Australian Tax Office (ATO) has increased their compliance lockdowns and investigations on businesses, where organisations can be selected at random, even if your filed returns are accurate. With the introduction of JobKeeper and JobSeeker, the ATO has recently announced they will be using data matching techniques to ensure compliance by businesses. These data matching capabilities are profound and are increasing the level of audit activity of both compliant and non-compliant taxpayers.
The cost of being properly represented in these matters can be quite significant. With this in mind, Audit Shield provides services for the relief of having to pay the professional fees incurred as a result of you being selected for an audit, enquiry, investigation or review (audit activity). Audit Shield recently announced that they have been working closely with their service provider and they now have an inclusion in place for JobKeeper payment audits and reviews only. This means that JobKeeper payment audits and reviews are covered by Audit Shield service. This service will provide for the payment of Audit Shield’s professional fees otherwise payable by you when incurred as a result of their accounting firm being required to respond to a JobKeeper payment audit or review on your behalf.
What you should know about this new inclusion:
- You do not need to do anything to have this included in your current Audit Shield service offering if you are currently participating.
- It only covers JobKeeper payments. All audits and reviews of other Covid-19 support packages are not covered unless they form part of an audit of a lodged return (i.e. BAS audit, Payroll Tax audit etc.).
- It only covers post payment audits and reviews so any issues or queries with the JobKeeper payment application process are not covered.
- This is being added at no additional cost to you.
If you would like to know more about how Audit Shield can protect your business, please contact us today.
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Contact us today at 07 3226 1800 or email us at email@example.com to speak to our team of experienced accountants and advisors to learn more about our services and to discuss ways to improve your business’s performance.
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