Tax Audit Insurance
Gone are the days of only big business being the target of tax audits. As audits become more widespread, tax audit insurance will cover you for the expensive costs associated with being audited.
The resource of choice for the country’s most forward-thinking insurance professionals.
The resource of choice for the country’s most forward-thinking insurance professionals.
Tax Audit Insurance
Rely on a reputable insurance broker
What is Tax Audit Insurance?
Tax audit insurance is a protects you in the event of being audited by the ATO or a State/Territory department. If you run a business, have a Self-Managed Super Fund (SMSF), own investment properties or run a trust, you’re more likely than the average person to be audited.
To come to a resolution, clear and detailed records will need to be provided. If your transaction history, purchase receipts and other documents aren’t readily available, it can be a time-consuming and very expensive process to get the professional assistance needed to prove compliance.
While no insurance can pay any government penalties or unpaid taxes that follow an audit, tax audit insurance can cover the cost of a professional preparing your records so you might avoid any penalties.
What can be covered
- Individual, company, trust and SMSF entities
- Business and director's cover
- Accounting or compliance officer professional fees
What may not be
- Imposed fines or penalties
- Outstanding tax liabilities
- Defence costs in the event of criminal charges
- Your lost time/salary or wages
Get started with Tax Audit Insurance
Tax audit insurance can cover the cost of a professional preparing your records so you might avoid any penalties
Tax Audit Claim Example
James owns a successful furniture store that he’s had for six years. The ATO requested a full review of his business income over a three-year period.
The cost of the review was nearly $16,000 in professional fees for an accountant to collate, verify and correct records for the three-year period in the format the ATO requested.
Because James had tax audit insurance for his business, those fees were covered. He was able to afford the assistance he needed to prove compliance and avoid any penalties or criminal prosecution.
Why Choose CIB?
Consolidated Insurance Brokers can help by placing you with the best policy for your needs. We’ll find you the most competitive rate possible, and offer advice to ensure your insurance protects what matters.
Our Expertise
Committed to finding you the best insurance solution, our team of knowledgeable insurance brokers will get you the best price available
Your Partner
Safe time and effort by letting our team of expert insurance brokers do the work for you, we can manage your insurance on your behalf.
Clear Terms
We will put an end to the endless jargon, we can help you understand your quotes and policies in clear terms.
Full Cover
We are able to access insurance policies that are not available when buying direct, allowing us to get you a more comprehensive cover and better benefits.
What our clients have to say
109 James Street, New Farm
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Tracey is just plain excellent. Our business cover was not at all straight forward. There was a surprising amount of emotion involved for insurance too. Tracey just took it all in her stride, helped me focus on what’s important, … More and got the deal done with incredible responsiveness. Thank you Tracey
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This company have really been supportive over the years when I needed the advice most at claims. Jade has been great to deal with on our renewal and offered great advice right throughout the process. This renewal was made … More easy with her diligence on each and every section of the insurance policy with a myriad of changes to this year's policy. Thankyou Jade - Highly recommended.
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I was lucky enough to have Aimee as my broker. She made everything super easy to follow and gave us exceptional service. I would highly recommend Consolidated and in particular Aimee for a trouble-free experience in obtaining … More insurance. Thank you for all your help.
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We have been using these guys services for years now - top notch service. Aimee has been amazing at helping us deal with tricky engineering insurance requirements and unusual requests. I would recommend this company, and … More in particular Aimee, for easy, clear to understand insurance policies. A++++++++++
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I called CIB and spoke to Gina. She was absolutely amazing and guided me through the entire process. She ensured I receive the most cost effective insurance solution tailored to my business needs. Could not be more happy … More with the outcome. I would highly recommend this company and especially Gina. Thank you
How can we help?
With access to a range of quality insurers, and policies not available to the public, we can offer you a range of competitive tax audit insurance quotes.
Our experienced brokers can help you determine the level of tax audit cover you need for yourself or your business. We’ll also identify whether an extension or standalone policy will provide better coverage for your situation.
We’ll help you compare the price with the coverage offered for each, so you can make the best decision for your needs.
Frequently Asked Questions
There are many benefits of using a broker over buying directly from the insurer. Insurance brokers:
- Work on your behalf to secure you better protection through their negotiating power
- Help you understand your risks and empower you to make better life / business decisions
- Ensure insurers are held accountable to their promise to protect what you value during claims
- Save you time and money by taking care of comparing and customising policies for your needs
No, it does not.
However, it can cover the cost of preparation and investigating records to avoid penalties/fines and prove compliance.
No Obligations, Completely Free
Get a Quote Today
Talk today with our team to find the right kind of insurance that will suit your needs.
