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.

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TOP BROKERAGE 2022 & 2023
The resource of choice for the country’s most forward-thinking insurance professionals.
TOP BROKERAGE 2022 & 2023
The resource of choice for the country’s most forward-thinking insurance professionals.

Tax Audit Insurance

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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.

tax audit insurance accounting fees

What can be covered

What may not be

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

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  • Avatar Santa Scivetti ★★★★★ 2 weeks ago
    Tracey Eaton has been a delight to deal with, even if we are located in a different state. Highly recommend her and will use her in the future without any hesitations. Thank you Tracey you have been terrific
  • Avatar Garry Parkinson ★★★★★ 4 weeks ago
    Highly recommend Debbie and James from Consolidated Insurance Brokers. Our insurance had tripled according to our previous broker but Debbie and James search tirelessly to find us the best quote to insure our property and … More saved us a lot of stress and money, we cannot thank them enough.
  • Avatar Amanda Milnes ★★★★★ a month ago
    We have been using Consolidated Insurance Brokers for 3 yrs now for our business. Aimee from Consolidated has been amazing to deal with. Explained everything in detail regarding our new insurance policies and what had changed … More since previous year and did her best to source the right outcome for us. Would highly recommend Aimee for all your business insurance needs.
  • Avatar Jo Radovic ★★★★★ a month ago
    Lyn was kind, caring and professional from the minute we started talking. I needed a broker because of extenuating circumstance and she was able to find the right insurer who also understood. I’m now rusted on. I highly … More recommend Lyn Schumann 🙂
  • Avatar Sean Stewart ★★★★★ 2 months ago
    Clayton Rowlings from Consolidated was a pleasure to work with and got me the best car insurance deal in the market by far. His high level of service was impressive and he stayed in touch with me in assistance for nearly … More 1 year while I was deciding what to buy. He was very attentive and super helpful at each step of the way, which made navigating this insurance process easy to understand and finalise. Thanks again, Clayton - highly recommend!

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

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