We are constantly looking for value-add offerings and contemplate ways that we can provide best possible service to our valued clients.
We recently celebrated twenty three years in business at Ezetax and in twenty two of those years of operations we have been very fortunate that only two of our clients have been audited by the Australian Taxation Office.
However, in the last few months we have had five clients audited for income tax returns lodged in the 2021 and earlier years and three of these returns were audited as a direct result of non disclosure of cryptocurrency gains and losses.
It is no secret that the Australian Taxation Office has increased its audit activity in recent years with added staff and larger departments that are not only targeting large multi-national companies but they are also targeting high net worth individuals and cryptocurrency holders.
As a result, one resource that we have identified was Audit Shield which is a tax audit insurance which provides cover in the event of an audit, inquiry, investigation or review instigated by the Australian Taxation Office or other relevant government revenue authorities.
We are excited to offer you Audit Shield as an extension of our services and an email of invitation will arrive in the next few days for your consideration.
The service is not compulsory and we simply suggest you take the time to read through the information and decide if it is right for you.
What does the insurance cover?
The insurance covers any audit, inquiries, investigations, reviews or examinations (audit activity) and all Ezetax fees to manage the handling of the audit on your behalf. More importantly, it not only handles and protects your tax returns from audit response costs whether we prepared the income tax returns or if you did them yourselves or used the services of another tax agent or accountant.
It also covers the following return/financial compliance obligations
Capital Gains Tax
Employer Obligations - SGC/PAYG
Fringe Benefits Tax
Income Tax / GST and BAS
Payroll Tax, Land Tax and Stamp Duty
R & D Tax Incentives
The insurance expense is tax deductible and all of our clients will be invited to participate and different levels of cover are available for salary and wage earners, businesses with turnover under $100 million as well as SMSFs. If you elect to participate, the cover commences one business day after your payment is received. Whilst it is not compulsory, if you have participated in investing and/or trading in cryptocurrencies we believe you should consider the insurance and the options available to you. If you want to find out more, look out for the upcoming invite you will receive via email or reach out to one of our Team members to discuss your personal circumstances.