Tax Audit Insurance
How Tax Audit Insurance can benefit you?
- Covers the professional fees normally charged to you if you are ever tax audited, covers for eligible official enquiries, reviews investigations or audits, of lodged returns.
- Avoids disputes regarding fees incurred as a result of audit, our fee otherwise is $685 an hour, when we start a tax audit, clients who are not covered by tax audit insurance will need to pay for 5 hours upfront, as the minimum time to start a tax audit usually takes 3 Hours, any remaining monies, if any, will be reimbursed to you.
- Your tax Audit Insurance will pay for our time in the event of a Tax Audit, individual tax returns without a business schedule are usually covered for up to $10,000 of our time in the event of a tax audit. Fees are paid to us from the insurance company, in any case, ensuring that you are not forked with the bill, if ever tax audited.
- No excess applicable to any policy, you will never have to pay for an excess on our insurance policies.
- A proactive, cost effective solution for you and is also claimable on next years tax return.
- Audits of previously lodged returns are also covered, including those that we have not lodge or prepared ™. We have the right to refuse any client Insurance that are from previous tax audits.
- If you choose not to take out the tax audit cover, you as the client are subject to take care of your own tax audit, our preparation fee as per the terms and conditions of your Tax Invoice states you are not covered in the event of a tax audit, alternatively you can pay us $685 an hour in the event of a tax audit with a minimum 5 hours paid upfront.
- Tax Audit insurance can cover, Workers Compensation Audits, Superannuation Audits, Company Tax Audits, BAS Audits, Payroll Audits, and much more.
All tax audit Insurance starts the 01 July 20XX and Ends 30 June 20XX of the financial year, if you are not covered by 01 July 20XX you will not be covered by the tax audit insurance if your tax audit is instigated on the 19th July 20XX, you are covered from this date, the start of the tax audit starts from the date that the tax audit letter arrives from the Australian Tax Office, as your Insurance policy ends on 30/06/20XX, it is your responsibility to have your tax audit insurance renewed by or on 01/07/20XX of the current year.
We are ready to meet your needs.
Price is usually $121 if you are a PAYG Employee.
Tax Audit Insurance policy covers your tax agent’s fees in the event they need to carry out the audit, the insurance company will pay the tax agent up to $10,000 worth of time, in the event you are tax audited by the Australian tax Office.
Personal Tax Return, Company, tax, SMSF, Trust, partnership and BAS Returns, Workers Compensation, Superannuation and payroll audits.
Yes your business can be covered by tax audit insurance and all the other audits that can be triggered whilst running a business.
Prices start from $220 for a business including sole traders, companies and trust.