Tax Audit Insurance
Don’t let an unexpected ATO audit burden your business with a mountain of professional fees and costs.
- Compare multiple insurance quotes online
- Hassle free application with instant cover and no paperwork
Flexible payment options to make budgeting easier – monthly or annually
In the event that a business is subject to a random audit from the ATO, Tax Audit insurance covers the cost of professional fees for the accountants, bookkeepers, lawyers and advisers required, as well as other expenses incurred.
What is included?
- Professional fees, e.g. accountants, lawyers, bookkeepers and other advisers like actuaries, valuers, etc.
- Expenses incurred during audit
What is typically NOT included?
- Fines incurred
Why it’s important
The Australian Tax Office is increasingly focusing on tax evasion and compliance, which means an audit is becoming more and more likely. With the right Tax Audit insurance in place, you can at least minimise the audit costs – even if you can’t reduce the associated emotional stress!
Who it’s for
If you’re running a business and filing tax returns, you need to seriously consider Tax Audit insurance. And, if your business has multiple entities, you need to consider that all of these may be audited at the same time – which could cost you a considerable amount of time and money.
March 15, 2015
The construction industry was under review and a client’s small carpentry business was being audited by the ATO. They were asked to supply 2 years of full financial records.
The client was eventually cleared in the case and no fines were issued. However, over $8,500 in accountant’s fees had been incurred, which was promptly paid out by the insurer.
IN PARTNERSHIP WITH
These business insurance products are distributed by BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769). If you choose to purchase these products we will refer you to them. If you purchase a product as a result of a referral, we will receive a fee. BizCover acts as the agent of the insurers in respect of the insurance products offered on the website and not as your agent. Any advice does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy wording before buying the insurance. Information on this website is general information only, you should read the Product Disclosure Statement or policy wording to ensure you understand the full details of any product you are interested in purchasing (including inclusions and exclusions).