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
5.0 633 reviews
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Alan Dorber
★★★★★
2 weeks ago
Alison went out of her way to provide information need to review an existing account with another broker. It was easy to explain what was wanted and recommendations from Alison enabled the review to flow. Her knowledge of … More the Insurance world impressed me and she is a pleasure to speak with. Alison is credit to the company and is easy to speak with. I was sorry we could not get a better figure. but she did her best. Thank you for allowing me to comment.
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Sarah Benson
★★★★★
3 weeks ago
We have been using Consolidated insurance for many years. We use them for all our business and personal insurance. Having everything under the one roof with a reliable company saves us so much time, money and stress. The … More service is amazing, Gina, William and Karen are always there to help not matter the time of the day. I would highly recommend Consolidated Insurance Brokers. Thanks Sarah
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Joanne Hamilton
★★★★★
3 weeks ago
We had a slightly unusual insurance request, and Jade was very persistent in finding us the best policy that met our needs! She was very professional and prompt in answering our emails and calls and explaining prospective … More cover to us. We highly recommend CIB to anyone seeking insurance.
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Christopher Zraybi
★★★★★
3 weeks ago
I had the pleasure of working with Tracey at Consolidated Insurance Brokers, and I can't recommend her highly enough! From our first conversation, she was incredibly attentive, taking the time to understand my specific … More needs and concerns.Tracey is not only knowledgeable about various insurance options but also genuinely cares about her clients. She walked me through the entire process, ensuring I felt comfortable and informed at every step. After dealing with numerous brokers and insurers over the years, I can confidently say that Tracey secured the best prices for me compared to all others I’ve encountered.Her quick responses to my questions and proactive approach made the experience seamless. Thanks to Tracey, I now have the perfect insurance coverage tailored to my situation at a fantastic price. If you're looking for a dedicated professional who goes above and beyond, look no further than Tracey at Consolidated Insurance Brokers!
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Katina Validaki
★★★★★
4 weeks ago
Over the past 4 years Tracey at Condolidated Insurance Brokers has been absolutely wonderful. So knowledgeable and friendly, always willing to go above and beyond for our Business. We really highly recommend Consolidated … More Insurance Brokers for all of your Insurance needs. Katina and Marcelo Rodrigues.
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.
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