We are pleased to advise that the Tax Audit Insurance policies we offer to our CapitalQ Community Members, known as Audit Shield, will now cover the costs associated with any audits by the ATO relating to JobKeeper claims.
Prior to this announcement, technically, matters relating to JobKeeper were not expected to be covered (there are reasons for that, no need to go into them now).
But the good news is the underwriter has come to the party and endorsed all existing as well as NEW policies to include cover for ATO audits related to JobKeeper.
This is very welcome news, especially given the uncertainty associated with the entire program, and the fact that the rules have been changing and evolving literally every single day.
As mentioned the cover will automatically be applied to all existing policies AT NO EXTRA COST!
All renewals will also include the endorsement (CapitalQ Community renewals occur in September/October).
What you should know about this policy endorsement:
- It only covers JobKeeper payments. All reviews or audits of other Covid-19 support packages (ie. Boosting Cash Flow for Employers payments) are not covered, unless the costs incurred form part of an audit of a lodged return (i.e. BAS audit, Payroll Tax audit etc.)).
- It only covers post payment reviews or audits. This means any issues or queries with the JobKeeper application process are not covered.
- There is no additional premium cost associated with this endorsement.
- All existing policies will have this endorsement applied automatically. There is nothing we nor our Community Members need to do to trigger this endorsement.
If you have other Tax Audit insurance we recommend reviewing the policy now to see if it will cover JobKeeper.
If not, or if you have not previously taken up the offer of Tax Audit Insurance through CapitalQ but feel now would be a good time to do so, please contact your Client Manager or Tax Accountant and we will arrange a quote straight away.