What Is Audit Shield—and do I need it?

If you’ve ever received a letter from the ATO or another government body requesting a review or audit, you’ll know the stress it can cause. Even if your tax affairs are 100% in order, the cost of responding to an audit can be significant.

That’s where Audit Shield comes in.

At McMillans, we offer this cost-effective protection to help take the financial pressure off during tax reviews or audits—so you can focus on your business, not your bill.

What is Audit Shield?

Audit Shield is an insurance product that covers the accounting costs of responding to government audits, reviews, or investigations. It doesn’t cover any tax you may owe, but it does cover the time and expertise required to deal with the audit process.

Why would I need Audit Shield?

Government agencies such as the Australian Taxation Office (ATO), State Revenue Offices, WorkCover Authorities, and others regularly conduct:

  • Audits

  • Reviews

  • Data-matching investigations

  • Compliance checks

Even a simple enquiry can require substantial time and documentation from your accountant. Without Audit Shield, those costs fall to you.

Audit Shield gives you peace of mind—knowing that if you are selected for a review, McMillans can act quickly on your behalf at no extra cost to you (provided you meet the eligibility criteria).

What does Audit Shield cover?

Audit Shield can cover professional fees associated with:

Whether you're an individual taxpayer, small business owner, or investor, Audit Shield is designed to protect against the unexpected.

How does it work?

Here’s how the cover is arranged:

  1. McMillans holds a group policy with Accountancy Insurance (a trusted third-party provider).

  2. You pay an annual premium, which is scaled based on your business turnover or complexity.

  3. If you are subject to a review or audit, McMillans will manage the process and submit the claim on your behalf.

  4. You don’t pay our professional fees for the work involved—they’re covered by the policy.

Simple, effective, and one less thing to worry about.

Real value when you need it most

Even clients with clean records can be selected for random ATO reviews. Audit Shield isn’t just about avoiding surprise costs—it’s about being prepared and protected no matter what.

Want to get covered? Let’s chat.

If you haven’t yet taken up our Audit Shield offer—or you’re unsure if it’s right for you—talk to the team at McMillans today. We’ll walk you through the details and get you covered quickly and easily.

Cristy Houghton