JACAL launches Audit Insurance

JUNE 2018


            Audit Shield FAQs


Johnston Associates’ goal is to provide tools and services that benefit you. In light of Inland Revenue’s increasingly vigorous audit activity, we offer our Audit Shield Master Policy as an effective mechanism to protect you against unplanned professional fees which can arise as a result of such activity.

In the event that you are subject to an audit, enquiry, investigation or review (audit activity) by Inland Revenue in relation to your lodged returns, if you participate in our Audit Shield Master Policy you will be covered for the professional fees associated with the response process (up to a prescribed limit). To support this offer, we hold a tax audit insurance policy (Audit Shield Master Policy) in our business name. If you participate, we will include you and your entities in our Audit Shield Master Policy, which is underwritten by Vero Liability Insurance Limited.

Our Audit Shield Master Policy provides retrospective cover, so all previously lodged returns are covered automatically and payment for participation is tax deductible if you are in business or self-employed. We receive the premium payment from you as an agent of Accountancy Insurance, and your payment also includes a fee payable to us to cover our administrative costs for operating the Audit Shield Master Policy (the fee we receive is calculated based on the estimated time spent administering this offering and varies depending on the size and complexity of your business).

Participation in our Audit Shield Master Policy is not automatic. If you wish to be protected, simply provide payment as indicated on the Client Acceptance Form. Your participation commences on the next business day after we have received your payment, and expires on 30 June 2019. For the duration of time that you are our client, and that we act as your registered tax agent, you will be able to benefit from our optional Audit Shield Master Policy.

We emphasise that there is no compulsion to participate, and this information is not intended to be financial advice or a recommendation.

If you’d like to know more please refer to the FAQs sent to you with the offer, or contact us at either our Nelson or Auckland offices.

Disclaimer – While all care has been taken, Johnston Associates Chartered Accountants Ltd and its staff accept no liability for the content of this newsletter; always see your professional advisor before taking any action that you are unsure about.