Tax Audit

Insurance

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Audit Insurance

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Tax Audit Insurance

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INFORMATION

What Is Tax Audit Insurance?

With premiums starting from $121, this excess-free, tax-deductible insurance covers up to $10,000 in professional fees (be it legal, or accounting) in the event you or your business are unlucky enough to receive extra attention from the Australian Tax Office, State Revenue Office, WorkSafe, or other government organisation.

Dealing with audits can be time-consuming, stressful and expensive, however, Tax Audit Insurance will reduce the stress and cover your expenses. If you are subject to an audit, you simply pass the details to us and we will manage the process with the tax office or other agency.

Government agencies continue to announce significant increases in their audit activity and sophisticated computer cross-checking is making additional enquiries much more likely. Random audits and investigations are carried out not only by the tax office, but by a whole range of state and federal government agencies covering matters such as:

  • Income Tax, BAS, GST, FBT
  • Capital Gains
  • SMSF
  • Super Guarantee
  • Centrelink, Child Support
  • Employment Conditions
  • Work Related Expenses
  • Payroll tax, Land Tax, Stamp Duties; and
  • Workers Compensation

How likely am I to get a random government audit or investigation?

What are the costs to my business of random government audits and investigations?

If your business, super fund or individual return is subjected to a random audit, review or investigation, you are responsible for the costs involved in providing the required information. Even if your records are up to date and you have done nothing wrong, a simple enquiry can require hours of work by your bookkeeper or accountant to respond effectively.

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CASE STUDIES

Business

Type of Audit: Employer Obligations
A client was selected when a data matching flag notified the ATO that the employees had claimed more PAYG Withholding than the employer had reported. Although the discrepancy was cleared, the client was found to have not paid the correct amount of superannuation and was assessed $4,083 in Superannuation Guarantee Charge.

Fees: Total accounting fees of $7,374 were fully covered by Tax Audit Insurance

Individual

Type of Audit: Income Tax (CGT) Review
A review was undertaken for the use of CGT Small Business Concessions on a gain of approximately $5 million reduced to $450,000. After providing all the responses and obtaining legal advice to further validate the client’s position, the tax office accepted the return as lodged.

Fees: Accounting and legal fees totalling $9,625 were fully covered by Tax Audit Insurance

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