VALUE OF AUDIT SHIELD INSURANCE

Paul McCormick
June 5, 2024

If you’ve just read the article about the construction sector being scrutinised, you’ll know being audited by the IRD is a real possibility.  Anyone can be selected for an audit by the Commissioner.  Audits are time consuming and expensive too.  A way to manage this risk and associated cost is through Audit Shield Insurance.  You can protect yourself, your business and gain peace of mind through our tax audit insurance.

Audit Shield offers cost-effective coverage to help you manage the potential expenses arising from random audits, investigations, or reviews by the Inland Revenue or other New Zealand government revenue authorities.  It covers the cost of professional fees associated with an audit but not payments or taxes that arise from an audit.

While we strongly recommend Audit Shield to our clients, we understand that each business has unique needs. Deciding whether to purchase Audit Shield insurance depends on your personal and business circumstances as well as your risk tolerance.

Audit Shield covers a wide range of audits and reviews, including:

  • Dividend Withholding Tax
  • Employer Returns
  • Fringe Benefits Tax
  • GST
  • Imputation Credit Account
  • Income Tax
  • Non-Resident Withholding Tax
  • PAYE
  • Record Keeping
  • Resident Withholding Tax

As far as insurances go, audit insurance isn’t that expensive.  If you're unsure whether Audit Shield is the right choice for you and your business or if you want to get a quote, contact us.

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