WHAT IS AUDIT SHIELD INSURANCE?
Audit Shield insurance is an insurance to pay your accounting and legal costs if IRD start asking questions. It’s like travel insurance. It’s there to pay your costs when something goes wrong. So whether you get an audit, a risk review, or even just a “please provide more info” request from IRD, Audit Shield insurance will cover your costs.
As audits and risk reviews are specialist areas, you need specialist help. Just as you wouldn’t usually defend yourself in court – you use a lawyer – facing a risk review or audit is not to be taken lightly. That’s where this product comes into its own.
WHAT AM I COVERED FOR?
The insurance covers the costs of getting specialist accounting and legal help to respond to an IRD request for more information, risk review or audit. It doesn’t pay for your underpaid tax, interest or penalties (however, we may be able to help you with that via a tax audit purchase from TMNZ)
HOW MUCH IS IT?
For most clients, it costs from $215 per year including GST, and is 100% tax-deductible.
HOW DOES IT WORK?
- IRD contacts either us or you for more information, with a risk review or audit
- After initially panicking, you remember you had purchased Audit Shield insurance, so you relax. A bit.
- You contact us, we make a claim on your behalf, and work through a response, roping in other professionals as needed. It’s all covered (up to 12k) by your insurance
FEATURES & BENEFITS
- Reduce stress: “How do I respond to this?” Relax, we’ve got it covered.
- Reduce financial pain: “What is this going to cost me?!” No worries, that’s what your policy is for
- Live longer!
- What does an IRD “Request for more information” look like? Click here.
- What does a “Risk Review” look like? See this real life example
- How likely am I to be audited?
- Surely if my accountant is half-decent, I won’t be audited?
- 7 ways to minimise your chances of an IRD audit
See this page for other FAQs
For more information, contact us and we will be in touch.