Daniel's encouragement to renew your Audit Shield policy.
Daniel's encouragement to renew your Audit Shield policy.
By now, you should have received emails about renewing your Audit Shield or a proposals to join. We encourage clients to renew and if your are new to Audit Shield please contact Nancy to discuss and understand what this means for you and all your business entities.
When an IRD review or audit occurs, we engage with IRD on your behalf to provide documentation or evidence and calculations to assist clients during the investigation. Our fees will be covered by audit shield. Without Audit Shield our professional fees for this will be charged to clients.
Last year's statistics shows that 60.24% of policy claims were for GST verifications, followed by 28.68% for income tax returns. The remaining claims encompassed a variety of areas, including FBT, rental properties, and employer obligations.The one-time annual payment for cover applies to you and all of your entities. It is calculated based on your turnover and the number of business entities within your group.
If you do not have cover and an investigation is launched audit shield will not allow clients to joining after the fact. The amount of coverage can vary depending on the turnover, size, nature and scope of the work and typically ranges from $12,000 to $58,000.