Auditcover? What is that Illumin8!

Audit. Yuck we know right, it’s a word nobody likes to hear and makes you cringe as a business owner (or individual for that matter) and one you hate to see written on any letter you get in your mailbox.  

An audit occurs when the ATO (Australian Taxation Office) decide to take a deeper look into your tax return, whether it be individual, trust, company, or self-managed super fund tax returns, it means the ATO want a bit more information around the deductions or claims you’ve made.  

This may just be a random occurrence, with the ATO concentrating on certain industries that year, or it might be that they’ve noticed an irregularity (yikes that word is a bit much marketing guy settle down champ) and wants some more info!  

Either way, it’s no fun for anyone. Cool rhymes aside like that one, not only does it take up your time having to grab all your documents that you shoved in the draw out of sight out of mind, but it also costs you more moolah and nobody wants to be dishing more out than necessary in these days of inflation right.  

There is a solution though. If you feel it necessary to explore some cover/want to have some cover in case the ATO do come calling one day, that’s where AuditCover comes in!  

Hold up. What the heck is AuditCover Illumin8?!  

AuditCover offers an insurance policy that covers the costs that you might incur in dealing with an ATO audit. No – it does not cover any potential extra tax that you might have to pay. What it does cover is the cost of the accountant, advisor, lawyer or other (up to a limit) that you need to get involved to satisfy the ATO audit.  

AuditCover is separate from us. You are the policyholder; you’ll get the quotes and you’re in control the whole way. Meaning if you were to get audited, you would just let us know and the work would begin, with the cost we pass on to you being covered by AuditCover.  

When it comes to who can be covered, it’s everyone from individuals, sole traders, and partnerships to private companies, trusts and self-managed superfunds.  

What do they cover you ask? ATO audits that might involve things like: Capital Gains Tax  - Income Tax - Land Tax - Payroll Tax - BAS/GST Compliance - Super Guarantee - Fringe Benefits Tax and Stamp Duty.

Can Illumin8 just do it all for me and get Audit Cover set up?

Alas no, it does require you to complete the application – but we can at least assist if you decide to set it up.

This is something we haven’t offered before at Illumin8, but in the wake of the post pandemic era, it’s clear that the ATO will begin to look further into what might be flowing through tax returns, (I mean, they’ve dedicated extra money to do so...so why wouldn’t they, see look here!)

With a few people sounding out the possibility of audit coverage and what that might entail, we thought we’d pass on the possibility of you taking it up if you feel you want to.

So, how do you sign up? Great question again! We have a unique link for you to click through to sign up if you feel you want to. You can jump in HERE to head there now! 

A few questions you might have:

Do we get a kick back from this?

Nope – the way this is set up and run, we are simply referring you across to a provider that we think does a decent job in this space. The one benefit that we get is a partial to be able to see what clients of ours might currently hold a policy.  

But to be clear – no financial benefit for us – we just want you looked after well.

Does that mean you can just commit tax fraud and have audit cover to save your butt?

Cmon now... seriously? No – absolutely not. And to be honest, at Illumin8 we are not in the business of doing anything dodgy, unethical or illegal. You can say sayonara to working with us if that’s the approach you are looking to take.

There it is, that’s all there is to it! If you’re looking for more info or want to chat with one of the crew here, you know where to find us! admin@illumin8.com.au.