Inland Revenue (IR) can take an interest in the taxation affairs of any New Zealand taxpayer at any time, even if you have never been targeted before. Whether it is an Income Tax, GST or Payroll Return, IR can still initiate an enquiry, even if the return was submitted correctly. Responding to IR takes time and the resulting cost can be significant.
We will be offering this to our clients who have subscribed to our newsletter or previously taking it up. Protection will commence on the next business day after we have received your payment, and expires on 31 August each year.
To combat the cost of unplanned professional fees as a result of audit activity instigated by IR, we offer you participation in our Audit Shield Master Policy. Whether it is just a phone call, enquiry, review or audit, you are protected against additional fees when you choose to participate.
Benefits of the Audit Shield Master Policy:
Important information about the Audit Shield Master Policy:
- Relief: In the event that you are subject to an audit, enquiry, investigation or review in relation to your lodged returns, the professional fees associated with the response process (up to a prescribed limit) are covered.
- Retrospective protection: Previously lodged returns are covered automatically.
- Simple claim process: In the event of a claim, we manage the process on your behalf.
- Reputable provider: Offered through more than 500 New Zealand accounting firms, thousands of businesses, self-employed and salary/wage earners participate annually.
- You have a choice: The offering is optional, so there is no compulsion to participate.
- We hold a tax audit insurance policy in our business name. If you participate in our Audit Shield Master Policy, we will include you and your entities in our policy.
- The policy we hold is underwritten by certain underwriters at Lloyd’s.
- The premium payment is tax deductible if you are in business or self-employed.
- We receive the premium payment from you as an agent of Accountancy Insurance, and your payment also includes a fee payable to us to cover our administrative costs for operating the Audit Shield Master Policy (the fee we receive is calculated based on the estimated time spent administering this offering and varies depending on the size and complexity of your business).
- You can benefit from the offering on the proviso that we are acting as your registered tax agent.
- Participation in this offering is not automatic, and this is not intended to be financial advice or a recommendation.