Fortunately the Australian Government has responded with a number of social and economic measures aimed to ease the impact of the virus on our lives. One of these measures is of course JobKeeper payments.
Recently we have been communicating all of the latest JobKeeper news and developments to keep you informed of your eligibility, which we trust has been helpful.
Whilst the Government has already announced the broader application of JobKeeper payments, it has delegated much of the legislative and administrative aspects of the payments to the Australian Taxation Office (ATO).
Although we are up to date with all of the latest ATO developments, there is a possibility that the ATO may randomly identify your business for a review and/or audit to check your eligibility for JobKeeper.
In the short term the ATO is going to be watching taxpayers and businesses very closely to ensure, amongst other things, that they do not:
These reviews can be a stressful, timely, and costly process where you will most likely need our help and guidance.
We have been providing all of our clients audit insurance for many years now through our trusted partners at Accountancy Insurance, who provide us with an Audit Shield service. Now is the time, more than ever, to consider audit insurance to cover our professional fees (and other services) in the case of either an ATO review or audit.
We have always recommended that clients avail themselves to this cover, however it is at your discretion whether choose to insure through Audit Shield or self-insure.
What is the Audit Shield service?
Our Audit Shield service provides for the payment of professional fees incurred in the event that you are selected for an audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) or other relevant Australian Government authorities. The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple enquiry can require hours of work.
Please see the Audit Shield Service Fact Sheet for more information.
What does Audit Shield cover?
All professional fees up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. Our fees, in addition to legal fees, bookkeeping fees and other specialist professional advisor fees required to assist us in our responses, are covered.
Audit Shield is retrospective, so all previously lodged returns are also included in the coverage. Income Tax, GST and BAS, PAYG Withholding, Fringe Benefits Tax, Land Tax, Stamp Duty, WorkCover and Self-Managed Superannuation Funds (SMSFs) are just a few items included in the extensive Audit Shield coverage.
JobKeeper payment reviews and audits have been added as an inclusion in the Audit Shield cover.
What if you already hold Audit Shield cover?
If you currently hold Audit Shield cover then there is nothing further to do. We have received confirmation that your existing Audit Shield coverage will provide for the payment of our professional fees otherwise payable by you when incurred as a result of our firm being required to respond to a JobKeeper payment audit or review on your behalf.
Please contact our office if you are unsure of your cover or wish to now take up this service.
We are always here to help.