Worried about a tax audit?
Then take out Tax Audit Insurance!
What does it cover?
What’s NOT covered?
Who is Covered?
Claims
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
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
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
Claims
- 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.
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Organise a consultation with an experienced accountant…
Request a call Or call us (03) 9589 5488
Trusted accountants for Melbourne businesses
At Bruce Edmunds, we are proud to support Melbourne business owners with dependable accounting, tax, and strategic advice. Our clients trust us to help them stay compliant, make informed decisions, and plan with confidence.
