Worried about a tax audit?

Then take out Tax Audit Insurance!

What does it cover?
What’s NOT covered?
Who is Covered?

What does it cover?

  • Cover begins one business day after payment is marked in the online system
  • Covers the payment of our professional fees from a basic phone enquiry to a complete audit of lodged returns with the ATO, Federal and State Agencies.
  • Includes fees of any other outside person or relevant  consultant eg Taxation lawyer
  • Investigation of prior year returns is covered
  • No excess  and fee is tax deductible
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What’s NOT covered? – Matters not covered under the insurance include:

  • Penalty tax, costs, interests or any fines
  • Audits, reviews or investigations notified prior to policy cover commencing
  • If culpability penalties imposed by the ATO are 75% or more
  • Failure of client to produce documentation to the ATO or government agency
  • Child Support or Child Support Agency
  • Audits of superannuation funds resulting from failure to rectify contravention report
  • Mass marketed schemes without a product ruling
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Who is Covered?

  • One policy can cover all entities within a group subject to the following:
  • Any individual (includes spouses earning less than $75,000), company, firm, partnership or trust must hold 50% or more ownership, interest or shareholing in the entity named in the policy
  • The entity named in the policy holds a 50% or more ownership, control, interest or shareholding in any company, firm, partnership or trust
  • Any individual included as per above must receive the majority of their income from within the nominated group
  • Self Managed Superannuation funds are covered separately
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  • Claims are made on line and must be lodged as soon as we become aware of them ie. Upon receipt of the audit notification
  • Claims must be raised within the period of insurance or within 30 days of the expiry of the policy.
Business Accountants Melbourne

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