Worried about a tax audit?
Then take out Tax Audit Insurance!
What does it cover?
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Cover begins one business day after payment is marked in the online system
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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.
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Includes fees of any other outside person or relevant consultant eg Taxation lawyer
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Investigation of prior year returns is covered
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No excess and fee is tax deductible
What’s NOT covered? – Matters not covered under the insurance include:
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Penalty tax, costs, interests or any fines
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Audits, reviews or investigations notified prior to policy cover commencing
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If culpability penalties imposed by the ATO are 75% or more
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Failure of client to produce documentation to the ATO or government agency
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Child Support or Child Support Agency
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Audits of superannuation funds resulting from failure to rectify contravention report
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Mass marketed schemes without a product ruling
Who is Covered?
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One policy can cover all entities within a group subject to the following:
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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
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The entity named in the policy holds a 50% or more ownership, control, interest or shareholding in any company, firm, partnership or trust
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Any individual included as per above must receive the majority of their income from within the nominated group
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Self Managed Superannuation funds are covered separately
Claims
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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
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Claims must be raised within the period of insurance or within 30 days of the expiry of the policy.
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WHERE DO YOU WANT TO BE
IN 20 YEARS?
Find out how Bruce Edmunds & Associates can take you there.
