Helping reduce the financial impact of an unexpected audit
Receiving a notification from the Australian Taxation Office or another government revenue authority can be both stressful and time-consuming.
While Tax Audit Insurance does not cover additional tax, penalties or fines, many policies can help cover the professional fees incurred when responding to an eligible audit, review, investigation or enquiry. These costs can accumulate quickly, even where no wrongdoing has occurred.
Having appropriate cover in place may help businesses manage the financial impact of engaging accountants, tax advisers and other professionals during the audit process.
Every business has different obligations, and understanding your available options can provide valuable peace of mind.
What could Tax Audit Insurance include?
Depending on the insurer and policy selected, Tax Audit Insurance may include cover for professional fees incurred in responding to eligible audits or investigations by government revenue authorities, including:
Australian Taxation Office (ATO) audits
GST and BAS reviews
Payroll Tax audits
Fringe Benefits Tax (FBT) audits
Superannuation Guarantee reviews
Land Tax assessments
Stamp Duty investigations
WorkCover and payroll compliance reviews (where applicable)
Professional accounting and tax adviser fees incurred during eligible audits
Tax Audit Insurance generally covers professional fees associated with eligible audits and investigations. It does not cover any tax payable, penalties or fines.
Contact Key Insurance Group to learn more about Tax Audit Insurance and whether it’s appropriate for your business.
Disclaimer: This article has been prepared for general information purposes only and does not constitute personal financial or insurance advice. The information has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances, read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD), and seek advice from a qualified insurance adviser.
Helping reduce the financial impact of an unexpected audit
Receiving a notification from the Australian Taxation Office or another government revenue authority can be both stressful and time-consuming.
While Tax Audit Insurance does not cover additional tax, penalties or fines, many policies can help cover the professional fees incurred when responding to an eligible audit, review, investigation or enquiry. These costs can accumulate quickly, even where no wrongdoing has occurred.
Having appropriate cover in place may help businesses manage the financial impact of engaging accountants, tax advisers and other professionals during the audit process.
Every business has different obligations, and understanding your available options can provide valuable peace of mind.
What could Tax Audit Insurance include?
Depending on the insurer and policy selected, Tax Audit Insurance may include cover for professional fees incurred in responding to eligible audits or investigations by government revenue authorities, including:
Tax Audit Insurance generally covers professional fees associated with eligible audits and investigations. It does not cover any tax payable, penalties or fines.
Contact Key Insurance Group to learn more about Tax Audit Insurance and whether it’s appropriate for your business.
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Disclaimer: This article has been prepared for general information purposes only and does not constitute personal financial or insurance advice. The information has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances, read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD), and seek advice from a qualified insurance adviser.