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 St, New Farm
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I want to share my extremely satisfied experience with Tracey Friedland with Consolidated Insurance Brokers. Tracey is really taking her time in explaining everything to me. My partner and I were starting a new business, … More she helped us to find the right company insurance, practice insurance and lead me with the right direction to seek workers comp cover. She is gentle and not constantly nagging me to commit at any stage. Since it took a couple of months to find the right product, she is always patience and make timely response to all the emails. She managed to find a very good deal for us at the end. I will have not doubt I will recommend Tracey to my friends and colleagues!
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We recently worked with Alison to secure insurance for our commercial character building, which includes multiple tenancies, and we couldn’t be more impressed. Alison went above and beyond to ensure we had the right coverage … More tailored to the unique nature of the property. Her attention to detail, responsiveness, and genuine care made the entire process seamless and reassuring. She took the time to understand our needs and provided expert guidance every step of the way. Highly recommend Alison for anyone seeking professional, thorough, and personalised insurance support.
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I had the pleasure of working with Aimee Spencer at Consolidated Insurance Brokers, and I couldn’t be more impressed. Aimee is extremely professional and consistently provides prompt responses to all queries and requests. … More She goes above and beyond to ensure a smooth and successful transaction, making the entire process hassle-free. It's rare to find someone so dedicated and knowledgeable in the industry. Highly recommend Aimee for anyone looking for top-notch service!
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Thank you so much Clayton Rowlings.Professional, friendly and works to get you the best outcome. Not only saved m $1900 a year on fees, but when I needed to use the insurance, it was sorted quickly and with a great result. … More Happy to recommend to any sole trader or small business
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I have a unique property that needed insuring. Rejected by many, Alison Neve worked tirelessly to ensure I got the best cover. I will and would highly recommend her for insurance needs. I found her to be honest and helpful. … More Much appreciated Alison.
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.