AUDITSAVE
As widely promoted and warned on every news and media platform, due to Covid, other disaster relief payments issued by the government over the past 2 years, and the current property boom, the ATO have every intent to dramatically increase random and targeted Tax Audits, Reviews, and Investigations on salary wage earners, businesses, and SMSFs. With this in mind, a superior product and structure is now available, through us, to ensure more clients are protected.
This product is based around eliminating the challenges accounting practices and other financial services businesses have been facing with offering tax audit insurance to their clients each year. These challenges are:
- Time consuming annual administration
- Sharing private client information to the insurance company
- Selling insurance to the clients every year (clients paying more than a stand alone policy but not actually owning the policy)
- Only a small percentage of the clients take up the offer, leaving a large amount unprotected. This ultimately means the accountant’s fees connected to the audit work undertaken may not be protected and potentially forcing the accountant to chase their fees which could damage client relationships.
- Clients paying huge tax audit service fees if they want cover
- SMSF trustees not having any protection.
Our Solution to this.
- The premiums are dramatically reduced (up to 85% or more in some cases), saving clients hundreds (if not thousands) of dollars to ensure 100% of the accountants’ clients are protected, and more importantly the accountants audit fees. The average client cost is generally around $30 to $60 (pending on practice demographic of clients).
- Automatic protection for new clients, during the term, under the policy. No additional cost! No requirement to notify the broker or AuditSave of any new client.
- SMSF Trustee protection from administrative penalties issued by the ATO if the trustee has been found to breach the SIS Act. If the SMSF does not have protection under the AuditSave policy, all penalties must be paid by the trustee. The fund CAN NOT pay the administrative penalties. This is the first and only policy to provide protection for SMSF Trustees.
- Group policy also available for just SMSF services organisations (like SMSF Administration or Financial Planning practices) or accounting practice who provides SMSF services.
- No selling tax audit insurance to the clients. Commonly, the tax audit fee, plus any additional service fee, is simply added to their client’s annual accounting fees (just like all other business expenses like PI insurance) and using this opportunity as a “value-add” to their existing service.
- Increase profits. This is a great opportunity to increase annual client fees. Generally, clients don’t mind fee increases when they receive a great benefit for it. Even doubling the actual tax audit cost on to the annual client fee would be saving the client around 70%.
- Attract new business clients. Because of the huge savings on tax audit with this “value-add” structure, the practice could easily attract new business clients.
- No administration. Just a simple renewal.
- No sharing private client information. It remains private.
- 7 year retroactive date. This policy will allow for claims in the event the ATO deciding to conduct a review, investigation, or audit up to 7 years prior to the policy start date.
- The premium can be funded across 12 months whilst annual fees are collected.
Please don’t hesitate to reach out to us on (02) 9587 3500 or theteam@wsib.com.au if you have any questions.
