We provide audit insurance for businesses, individuals or SMFS’s. Tax Audit insurance provides coverage for reimbursement of agreed external accountant and other professional costs arising from a Tax Audit from ATO or defined audits from Commonwealth or State departments.
Coverage for Tax Audit can be obtained in various methods.
A separate stand-alone policy can be obtained which provides additional benefits including a wide list of different audit types, coverage from inquiries or review prior to a full audit, in addition to the audit itself, and for professional costs including potential legal costs.
A limited form of Tax Audit can be provided automatically within some Business, Management Liability and Home insurance policies. A limited number of audit types are covered in this scenario, and the policy definition of what is an Audit is more restrictive.
What is not covered by Audit Insurance?
It is important to realise that certain types of costs are not insured these include professional fees in connection with any income return no prepared or reviewed prior to dispatch by tax agent with certain exceptions.
Standard exclusions for this type of coverage include false or misleading conduct that you knew to be false, costs arising from delays in submitting tax returns within required sub-limits and tax penalties. As an owner or director your own time or lost opportunities, and those of your employee’s time or wages are also not insured.
How can I obtain Audit Insurance?
To obtain Audit insurance, complete our form on-line or call us, and we will contact you to provide a formal quotation for your insurance.
Business Insurance Specialists can provide Tax Audit coverage on a standalone basis which offers additional benefits, or within other policies we can ensure you are provided a basic cover at minimal cost.
For a no-obligation review of your Tax Audit insurance, contact us today.