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Tax Audit Insurance covers a business for specified costs in the event that it is selected by the Australian Tax Office (ATO) for auditing. The policy covers the costs of accountants and other professional fees incurred in the course of an audit.

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Professional fees can be expensive, depending on the type of audit and the number of periods being audited. Common Audits are those undertaken by the ATO in relation to personal or business returns.

 

Cover Options:

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We can arrange cover professional fees associated with audits and official investigations, including:

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• business audit only (with investigation cover)

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• business and directors audit (with investigation cover)

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• individual cover (only for insured parties that are not a corporation)

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• self-managed superannuation fund cover.

 

Covers that are typically included:

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• Professional fees incurred from your accountant to assist you with the audit process.

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• Time spent preparing for the audit.

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• Time spent responding to audit outcomes.