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.
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
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.
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.
Our Specialty
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.
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full cover
With a broker, you get more comprehensive cover and benefits not available if buying directly.
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.
What our Customers Say
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- Dealing with Natasha made sorting out my insurance as painless as it could have ever possibly have been.Natasha gave me multiple options and choices, also adding her opinion of pitfalls to be mindful of.Being our first commercial … More property purchase, I was extremely lucky to be talking with Natasha, who has an outstanding and wide knowledge of commercial properties and associated insurance.To my amazement, Natasha also offered all these options in under an hour, which I found stunning!The lost art of PR and courtesy is alive and well here.Thank you SO much for being you !Jay, Adelaide SA
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