Audits – why they can cost you more than money

Your relationship with your clients can be a very rewarding one. You are generally both in it for the long haul. You take the time to understand their business, understand their personal and financial goals and work with them to achieve sustained success. You never want anything to get in the way of this rapport.

Imagine then the dynamic of this harmonious relationship changing overnight. Why might this be the case? You receive a notice from the ATO advising that their latest return is being audited. You look at the scope of work. You instantly realise this will take you at least 30 hours’ worth of work in preparing for this audit. How now will you broach the awkward and difficult conversation around being remunerated for this work? They have already paid you your retainer for the year. How will they take the news that your preparatory costs will amount to thousands?

Working in partnership with Guild Insurance (Guild), Partners Wealth Group are proud to make available to our valued Accounting network an innovative and customer centric Tax Audit solution designed to take the hassle away from having this difficult conversation.

The benefits to both yourself and your customers of the Guild policy are:

  • Your fees for preparation of an audit can be claimed directly through Guild
  • Flexibility regarding your level of involvement in distributing this solution to your customers to ensure your vip or high net worth customers get the personal service they require
  • There is no handling of money or premiums. Guild Insurance take care of this for you
  • Competitively priced premiums, even if you decide to be remunerated for distributing this product
  • There are no forms to be completed at renewal
  • You are provided with guidance and advice around what you should and shouldn’t say in offering this product in line with relevant financial services legislation
  • The policy responds to a number of audits including Income Tax, BAS/GST, Fringe Benefits Tax to name a few

Want to understand more?

Why not find out more and have your dedicated Guild Account Manager come out and chat with you more about this solution. To do so, please call Chris Ristevski at Guild Insurance on 1800 805 191 or email cristevski@guildinsurance.com.au.

Alternatively, you can visit the Guild Insurance website on

https://www.guildinsurance.com.au/professional/tax-audit/main