21/12/2021

Audit Shield

With government revenue authorities increasingly using data matching, artificial intelligence and even social media, they are able to compare disclosures made in your lodged tax returns to those of other taxpayers or benchmarks. If a data matching check escalates to an official inquiry, investigation, review or audit, our costs in defending your position can accumulate quickly, regardless of whether any adjustments are made to your returns or not. Our Audit Shield service covers those costs (up to predetermined limits).

Audit Shield is not just for business owners and SMSFs. The Australian Taxation Office has also identified individual taxpayers who have rental properties and those with excessive work related deductions for special scrutiny.

Benefits of our Audit Shield service:
– JobKeeper payment: Audits and reviews of payments are covered (n.b. post any payments being made by the ATO only).
– Retrospective protection: Previously lodged returns are covered automatically.
– Specialist fees: Fees of any other external specialist (e.g. taxation lawyers) or relevant consultant engaged or instructed by us to assist us in a response to audit activity are also covered.
– You have a choice: The offering is optional, so there is no compulsion to participate.

Important information about our Audit Shield service:
– We hold a tax audit insurance policy in our business name. By proceeding with our Audit Shield service, we will include you and your entities in our policy.
– The policy we hold is a group policy underwritten by AAI Limited (trading as Vero Insurance), a subsidiary of Suncorp Group Limited.
– Payment is tax deductible. In addition, included in your payment is a fee payable to us. This is simply used as recovery of our administrative costs for managing this service.
– You can benefit from the service on the proviso that we are acting as your registered tax agent.
– Participation in this service is not automatic. Protection will commence on the next business day after we have received your payment, and expires on 31 October 2022.

If you have any queries regarding this or would like to go ahead with this offer, please get in touch with our office. Thank you.


01/12/2021

Office opening hours

We wish all our clients the very best for the festive season Please note our office will be closed from 5pm Thursday 23 December 2021, reopening on Monday 10 January 2022.

Thank you,

MJAA.


10/11/2021

New director ID requirement – steps involved

For a detailed step by step approach please visit:

Step 1 – Set up myGovID

myGovID is different from myGov

myGovID is an app

You download the myGovID app to your smart device. It lets you prove who you are and log in to a range of government online services, including myGov.

Step 2 – Gather your documents

Your tax file number (TFN)

your residential address as held by the ATO

information from two documents to verify your identity.

Examples of the documents you can use to verify your identity include:

  • bank account details
  • an ATO notice of assessment
  • super account details
  • a dividend statement
  • a Centrelink payment summary

Step 3 – Complete your application

Once you have a myGovID with a Standard or Strong identity strength, and information to verify your identity, you can log in and apply for your director ID. The application process should take less than 5 minutes.

How to apply if you cannot get a myGovID 

You can phone the ATO between 8.00am and 6.00pm Monday to Friday on 13 62 50 to apply over the phone or follow the link below to apply via paper. 

https://www.abrs.gov.au/sites/default/files/2021-10/Application_for_a_director_identification_number.pdf


10/11/2021

Grants

As you may be aware, Business Victoria has provided various grants over the last 12 months ranging in levels of assistance for Victorian businesses and sole traders. Most of these Grants will be winding up as we move out of lock down and anticipate further easing of restrictions. Please see the below link for the roadmap out of lock down and support available.https://business.vic.gov.au/news-and-updates/2021/supporting-victorian-businesses-through-to-reopening