Safeguard Your Business with Audit Shield: Defend Your Finances with Confidence!

In today's business landscape, the likelihood of being selected for an audit, enquiry, investigation, or review by Inland Revenue automated systems are on the rise. When your number is up, the reviews can be time-consuming, stressful, and costly, posing significant challenges to businesses.

At Munro Benge, we understand the importance of protecting your business and safeguarding you from the stress of IRD. That's why we offer the Audit Shield Master Policy—a comprehensive insurance that covers your professional fees in the event of Inland Revenue questioning your tax returns.

What Does the Audit Shield Master Policy Cover?

The Audit Shield Master Policy covers you for the cost of any questions Inland Revenue raises on filed returns as longs as they initiated the questions. It doesn’t have to be an official audit, itcan simply be an enquiry, investigation, or review related to your tax return.

Even if your tax returns are filed correctly, the IRD’s auto-flagging software can sometimes throw a curveball, leading to inquiries or system changes in your return that requires time, effort, and your hard-earned dollars to sort out.

The simplest of Inland Revenue queries can require a couple of hours’ worth of work by the time, we have read their queries, reviewed the return filed, found the source documentation, discussed it with you and relied back. The costs are generally upwards of $500, and when its unexpected, that additional cost can be stressful and place a strain on cashflow.

With Audit Shield, we can cruise through the queries and respond, without burdening you of unexpected costs, knowing that your professional service fees (including specialists) are covered.

The Benefits of Audit Shield:

1. Protection from Unplanned Professional Fees: No one likes nasty financial surprises, especially when they come in the form of audit-related expenses. The Audit Shield Master Policy provides a safety net against unexpected professional fees resulting from audit activity. With this coverage, you can navigate the auditing process without worrying about the financial implications.

2. Cost-Effective Solution: Compared to standalone policies, participating in the Audit Shield Master Policy offers a cost-effective way to safeguard your business. The policy covers a wide range of audit-related expenses, providing you with comprehensive protection at a competitive price.

3. Retrospective Cover: By joining the Audit Shield Master Policy, all previously lodged returns are included in the coverage. This ensures that past financial activities are protected, providing you with peace of mind.

4. Support During Stressful Situations: Let's be honest, facing an audit or review can be stressful for any business. With Audit Shield, you can trust that you have the support you need during these challenging times. Our team will assist you in navigating the process, giving you the assurance that you're not alone.

5. Tax Deductible: The participation fee for the Audit Shield Master Policy is tax deductible, providing an additional financial advantage for your business.

Is Audit Shield Right for You?

In today's data-driven world, no one is immune to the IRD's scrutiny. Audit activity can affect anyone, regardless of the accuracy of their lodgements. That's why the Audit Shield Master Policy is available to all our clients listed on our tax agency. It's your secret weapon in the battle against audit-related financial costs.

Understanding the Cost

Audit Shield premiums vary based on the type of taxation client you are and your annual turnover. With prescribed coverage limits ranging from $13,000 to $64,000, consider it a small investment for immense peace of mind.

Real-life savings

Case in point: one of our clients, who imports products to New Zealand, found themselves caught in the web of the IRD's auto-flagging software. Five GST reviews (including a review on a nil return) and several grumpy emails to Inland Revenue later, Audit Shield was the hero of the day and saved our client a whopping $6,420. Talk about a well-spent $344!

Ready to Activate Your Audit Defence System?

You are only protected if you have the insurance policy in place prior to IRD questioning your return. Safeguard your finances and put your audit anxieties to rest now by participating in the Audit Shield Master Policy is easy. You can join at any time, with premiums prorated outside of the renewal period.

Reach out to us here to learn more about, or opt-in for Audit Shield. Our team is here to guide you answer any questions.

Disclaimer: Please refer to the Munro Benge Audit Shield Master Policy for full terms and conditions.