Compliance Protection
Compliance Protection

Are you covered in case of an audit or review?

Compliance Protection gives you peace of mind that accounting fees will be covered in the event of an audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) or other relevant Australian Government authorities excluding Superannuation Guarantee Audits.

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Compliance Protection Service

Costs of not being covered

The additional accounting costs incurred by you, or your business, can be quite substantial based on the type of review you are selected for. Any government investigation can be quite costly to you or your business; from a full audit, to a BAS review, to a telephone based enquiry.

Data sharing between government bodies is at an unprecedented high – making it easier to investigate or review more taxpayers.

So you really have to ask yourself, "can I afford not to be covered"?

Benefits of choosing cover

  1. Our Compliance Protection Service gives you peace of mind that everything is taken care of in the event of an audit or review of your affairs.
  2. The accounting fees incurred during your audit or review are fully covered up to your designated limit.
  3. Your protection is retrospective, all returns previously lodged under Lead Advisory Services are also included.
  4. The cost of your Compliance Protection Service is fully tax deductible.
  5. Participation is completely optional. You have no obligation to take up this service.
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Your Questions Answered

What is Compliance Protection?

Our Compliance Protection Service provides for the payment of accounting 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 excluding Superannuaton Guarantee Audits.

The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple review or audit can require hours of work on your behalf by your accountant.

Is Compliance Protection right for you?

All of our clients can take advantage of our Compliance Protection Service. Different levels of cover are available for salary and wage earners, businesses and SMSFs. Anyone can be targeted – even if their lodgements are accurate.

Being selected for a review is not a reflection on the quality of work by your accountant as the ATO have many methods of determining which returns require a reassessment. We consider it best practice to offer you the opportunity to protect yourself as data matching, government information sharing, and industry benchmarking become increasingly common.

What does Compliance Protection cover?

All accounting fees up to a prescribed limit are covered when you engage us in audit activity matters. Compliance Protection Service is retrospective, so all previously lodged returns under Lead Advisory Services are included in the coverage.

Income Tax, GST, BAS, PAYG Withholding, Fringe Benefits Tax, WorkCover and Self Managed Superannuation Funds (SMSFs) are included in our Compliance Protection Service.

What is not covered by Compliance Protection?

  • If you have been selected for a review or audit of your lodged returns and the ATO has deemed your return to be lodged fraudulently. Any outcomes to amendments, fines or tax payable to the ATO are not protected under this service
  • Notification of audit or review from the ATO prior to taking up the Compliance Protection Service. For example, receiving notification of review or audit on the 28th of September you then apply for protection on the 1st of October. Under these circumstances your review would not be protected.  
  • Any outstanding lodgements that should have been completed prior to being notified of a review. i.e. if you have outstanding lodgements they will not be covered in your protection.
  • Any matter in relation to applications, assessments or reviews of government benefits or entitlements and any form of activity involving a review relevant to you maintaining industry status, license compliance, membership, or any form of application, registration or re-registration process.  
  • Fines, penalties, or additional tax amounts payable to the ATO as a result of an ATO initiated amendment or adjustment to a notice of assessment, or similar adjusted payments, will not be covered as part of your Compliance Protection Service.

How much does Compliance Protection cost?

All of our clients can take advantage of our Compliance Protection Service. Different levels of cover are available for salary and wage earners at any level of income as well as businesses and SMSFs.

Full details of your suggested level of cover and cost are included in your letter or email.

Would you like more information?

If you would like to learn more about our Compliance Protection Service, please ask one of our team members, call us on 03 5445 4200, or email info@leadgroup.com.au.

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