According to the Australian Tax Office, almost 15% of small to medium enterprises, will be subject to the ATO’s compliance program, including some form of tax audit. Dealing with audits is a time consuming and expensive affair that could leave you with an unexpected bill of thousands of dollars.
Tax Audit Insurance covers the professional fees that an accountant would charge to help you respond to an official enquiry, review, investigation or audit of returns lodged with the Australian Tax Office or other Federal, State or Territory government authority, agency or body.
Key Insurance Group specialise in Tax Audit Insurance and provide a cost-effective policy specifically tailored to your needs. Through leading insurers, our Authorised Representatives can offer a comprehensive range of products that can be tailored to suit most risks.
We ensure your Tax Probe Insurance Policy protects you against professional fees associated with audits and other official investigations, such as:
Note: ATO Risk Reviews is a process whereby the ATO makes a determination of a large business’ taxation compliance profile and the most appropriate response (ie whether it needs to take steps to actively enforce tax laws, assist a large business in the self regulation process or whether a large business’ standard of compliance is such that the ATO is comfortable with self regulation).