Tax Audit Insurance

 

Tax Audit Insurance provides cost effective protection and peace of mind against professional fees incurred should the ATO or other Australian government agency conduct a random review, investigation or tax audit.
 
The cover is provided through Accountancy Insurance, who are partners with over 1,700 accounting firms nationwide, and are universally acknowledged as continually setting the benchmark in Tax Audit Insurance.


What Types of Events Are Covered?

The following official enquiries, reviews, investigations and audits are covered by Audit Shield:

 

  • Income, Land and Payroll Tax
  • BAS/GST Compliance
  • Workers Compensation / WorkCover
  • Superannuation Guarantee and Compliance
  • Self Managed Superannuation Funds
 
  • FBT
  • Record Keeping
  • Research and Development Grants
  • Stamp Duty

 

What professional fees are covered in the event of a claim?

The cover extends to professional fees in responding to, or representing you, in a review, audit or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, actuaries, etc).

 

How much cover can I receive?

As a guide, individuals and businesses with a turnover of less than $1m would enjoy cover of $10,000. Businesses turning over between $1m and $10m would enjoy cover of $20,000.

 

How Much Does Cover Cost?

The cost varies depending on whether you are an individual , self-managed super fund or a business.

 

As a guide, the premium is $95 per year for an individual, and $405 per year for a business with a turnover of less than $1m.

The premium is fully tax deductible.

 

In the case of business cover, associated individuals and family entities can be covered by the same policy – for no extra cost.  

 

How much cover can I receive?

The main exclusions from the policy are:


  • The review or audit was underway before coverage began.
  • The return that is the subject of scrutiny was prepared fraudulently;
  • The ATO impose a final culpability penalty of 75% or more (typically, this is in cases of recklessness or deliberate evasion);
  • There are fees associated with a criminal prosecution; 
  • Costs are incurred for work which should have been done prior to the audit or review taking place.         

 

how do i get a quote for audit insurance?

Contact Sandra Cox of our office on (07) 3808 4499 for a no obligation quote that has been tailored to your specific circumstances.