Associated professional fees for Consol to assist you and respond to eligible official audits, enquiries, investigations or reviews of lodged returns are covered under this policy.
Previously lodged returns are covered
automatically. Audit activity of returns lodged previously is covered, including those returns that you did not lodge or prepare at the time.
100% tax decuctible! A tax deduction should ordinarily be claimable for your payment if you are in business or self-employed.
Audit Protection Pricing
This fee is GST inclusive and may only be added onto an existing Consol Package.
*Based on Revenue Sentence
From $50,000 to $100,000
From $100,000 to $500,000
From $500,000 to $1,000,000
From $1,000,000 to $3,000,000
From $3,000,000 to $5,000,000
In relation to Audit, Review, Enquiry and Return Lodgement, with Audit Protection your business will be covered for the following:
• Dividend Withholding Tax
• Employer Returns
• Fringe Benefits Tax
• Income Tax
• Non-Resident Withholding Tax
• Resident Withholding Tax
• IR Communication
Audit Protection FAQs
Audit Protection provides for the payment of our professional fees otherwise payable by you when incurred as a result of our accounting firm being required to respond, on your behalf, to an audit, enquiry, investigation or review (audit activity) of your lodged returns instigated by Inland Revenue.
The cost of being properly represented in an audit claim or review can be quite significant. The average cost for professional assistance in an audit can cost between $5,000 to $20,000. Even if no adjustments are required for you or your business, without Audit Protection you could still be left with considerable professional fees. Our Audit Protection Plan provides a fixed, cost-effective solution to guard your business against these unbudgeted costs.
Audit Protection starts from the date you sign up with Consol’s Audit Protection plan. If you want retrospective protection on previously filed returns, we can backdate your coverage start date.
We have carefully selected our Audit Protection Policy to provide the widest possible coverage for us and our clients.
Items or circumstances as listed below are not covered:
- Actions in regard to any notices from Inland Revenue that are educational or advisory in nature; or merely suggest, invite or propose actions to be taken by you; or act as a warning to you that you may be selected for audit activity at a future time; or do not compel you to take any action. Any matter in relation to Inland Revenue.
- Child Support, Working for Families, KiwiSaver, ACC or any other government benefits or entitlements and any form of activity involving a review relevant to you maintaining industry status, license compliance, membership or any form of application, registration, or re-registration process.
- Any activities directly related to the audit activity response.