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Tax Audit Insurance

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Tax Audit Insurance
Taking the sting out of an ATO audit

The telephone rings, you answer and it’s your worst nightmare. No, it’s not your mother-in-law but the Australian Tax Office to let you know you have been randomly selected to be audited.

Even if your books are squeaky clean the thought of an audit makes anyone’s palms sweat. The emotional stress is enough to bear without the disruption to business, extra accountant fees and anyone else you need to engage to appease the ATO.

Tax Audit Insurance covers a business in the event that it receives a random audit from the Australian Tax Office. It covers the costs of professional fees incurred whilst preparing for the audit from accountants, lawyers, bookkeepers and any others advisors required, and other expenses incurred during the audit. Being audited can be both time consuming and costly for your business – you will most likely be asked to provide records and receipts of past transactions and you will almost certainly need the services of a qualified accountant.

The Australian Tax Office seems to be in a hiring frenzy, which means your chances of being audited are increasing. With the right Tax Audit Insurance in place, you can at least minimise the audit costs even if you can’t reduce the associated emotional stress!


Tell me what’s included?

What is typically not covered?


Get the cover
That is right for your business

With BizCover you can choose a policy with cover between $10k and $50k.

The length of time an audit takes to complete obviously impacts the cost, so think about how much your accountant charges and any costs incurred in terms of gathering documents and evidence, like the cost of a valuer, etc. If your business has multiple entities then you need to consider that all of these may be audited at the same time – which will take more time and effort!


Tax Audit Insurance benefits:

If you’re running a business and filing tax returns then you seriously need to consider Tax Audit Insurance.


Could this
happen to your business?

No-one ever knows when the ATO is going to strike and your business could be next on their hit list. If your business would not survive the financial and time costs of an audit then you should definitely consider Tax Audit Insurance.

Beat the build up

The construction industry was under review and a clients small business was being audited. They were asked to supply 2 years of records. The client was cleared in this case and the insurer paid $8,500 for accountant fees.

Back to back BAS audit

The insured was a retailer with turnover of around $2m and was asked to provide details substantiating BAS returns for two years. The cost of the investigation and preparation by the accountant was $3,400.


 

Our Insurance Reviews

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R Wang 2016-12-14 The staff is very nice. The company takes initiative to follow up the overdue policy as my credit card details expired, which is very considerable. Very convenient. Excellent customer experience. 5
C Harris 2016-12-13 Easy and simple. Thank you. 5
D West 2016-12-13 Excellent and hassle free. Fast turnaround is what I needed and what I received from BizCover. 5
T Roulston 2016-12-13 Absolutely amazing! I recommend Bizcover to everyone! Thank you. 5
J Anderson 2016-12-13 Good, easy, efficient. 4
M Brezzi 2016-12-11 Good service. Clear quotes. Efficient. 5
G Cortopassi 2016-12-09 Very east to navigate through the steps & clear on the product 5
A Reay 2016-12-09 all over very fast 5
J Ale 2016-12-08 Easy to renew 5
N Wills 2016-12-02 Dealings with Biz Cover was good...did not like the fact documentation which was to include client definition of operation could not be sight ed prior to payment...other than that...service was efficient. 4
N Richardson 2016-12-02 Happy with the service 4
Y Boikowski 2016-12-02 No problems are an excellent situation to be in. 5
R Lo 2016-12-02 good and provided with comparison of other insurance company. 5
P Poole 2016-12-02 Very easy to renew every year and at a competitive rate too. 5
V Jewson 2016-12-02 So easy 5
B Hawkins 2016-12-02 Easy process 5
D Cutler 2016-12-02 Easy use 5
A Shreewastav 2016-12-01 Quick and easy! 5
D Downer 2016-12-01 Great value and quick service 5
D Sin 2016-12-01 I love the convenience of it! The annual reminder to renew and the ease of doing so just takes away one less worry for me. 5
I Zuman 2016-12-01 I was able to compare products and talk to someone to clarify various points about the policies. Staff at Bizcover were proactive in contacting me to renew. There were several options that I could choose from so it gave me choice. 5
R Carter 2016-12-01 Easy to select and purchase but confirmation & documents were not received in email 4
S Sibthorpe 2016-12-01 Easy to deal with and very helpful... 5
P Hall 2016-12-01 Quick and easy to get covered for a first time business owner. Plenty of options offered too. 5
D Anderson 2016-12-01 Prompt service, absolutely trouble free transaction 5
S Tokic 2016-10-04 Happy that BizCover read these surveys and respond quickly. Was surprised with my previous experience as generally have always had a good experience prior to that one instance. 5
K Treacy 2016-09-15 Every year it is a simple and pleasant transaction with no increase in cost 5
P Jackson 2016-09-15 Very good on this - bit also wanted stock insurance, was told my case was complex and that someone would get back to me - no one ever did 5
Z Liao 2016-09-13 perfect 5
J Hartmann 2016-09-09 Easiest renewal I have EVER undertaken 5
S Rooke 2016-09-09 I started a freelance job this week and needed to get my insurances sorted out in a hurry. Bizcover made it easy to compare policies and to see what the major inclusions and exclusions would be in 4 relevant policies, including the trade-off between excess and premium. It was all simple enough that I was able to cross check this with the checklist on my professional association website and I had the policy in place within half an hour. Bizcover were upfront on the payment page that they collect a commission from the provider and whilst the list of policies did not contain every player on the market, the spread was broad enough that i didn't feel the need to look elsewhere. I would use again. Improvements? Perhaps there should have been more policies to choose from. Perhaps that would have made the process harder to complete. Hard to say. 5
B Jorgensen 2016-09-09 Easy to use website. Good range of products compared. Easy comparison of the different products. Simple purchase with immediate receipt of documentation. 5
D MANKAR 2016-09-08 Excellent customer service. Email received about my renewal certificate in no time. 5
D McLoughlin 2016-09-08 Good 5
M Roberson 2016-09-07 Easy to compare options 5
C Pinteric 2016-09-07 I rang with a double up on my credit card, but it had been a coincidence that another company was due to direct debit money out that same day.without me knowing. It was my mistake at the time, 4
R FRANCIS 2016-09-07 Ok 4
A Russell 2016-09-06 Easy to use and fast 5
A Barber 2016-09-02 The service was good 4
S Tzannes 2016-09-02 Simple, quick and clear 4
K WATT 2016-09-02 I had to send an email explaining that I never received the first email reminding me that my payment was due - the first I knew of it was the payment confirmation email... I received no apology or interest from the staff member and she simply confirmed which email it was sent to and said to re-check my spam - which I did - and then advised her I still found nothing to which I have had no reply.... I have rated this exchange as good because she replied quickly and gave me a possible solution to my first email so poor feels a bit harsh but I'm not overly impressed by the experience. 4
V Nemeth 2016-09-01 Very nice customer service. 5
E Robinson 2016-09-01 Well i have not had to use them as i have not had to make a claim as yet. 5
S Handley 2016-08-26 some of the best service I have had over the phone. 5
S Nicholson 2016-08-26 I needed to update my address etc. 5
I WALKER 2016-08-25 Online renewal on insurance service was simple and easy 5
B McDonald 2016-08-25 Friendly and helpful 4
S Thomas 2016-08-25 Very user friendly and efficient. 5
L Smith 2016-07-11 Seamless, painless experience. Thank you. 5
A Mew 2016-07-11 Easy to use and straight forward. 5
Y SUN 2016-07-11 very good. 5
V Shtohrin 2016-07-05 Great, wouldn't be able to do anything without BizCover 5
A Redpath 2016-07-04 Prompt service and good customer service 5
J Corbett 2016-07-04 reliable and efficient 5
J Lyngkuist 2016-07-04 Excellent, very quick response, and was able to adjust my cover with no issues. I would certainly recomend the company. I have taken out Public Liability insurance, and Professional Indemnity Insurance. 5
W Yusofzai 2016-06-30 Great service, helpful girl 5
D Child 2016-06-29 Great thanks 5
S Sayers 2016-06-29 Very helpful and dealt with my request timeously 4
R Wilkinson 2016-06-29 We found Brad very helpful and responsive to our insurance needs. 5
A Hamilton 2016-06-28 I found it impossible to up date the name on the policy which we had changed last year. It took several phone calls and emails to correct this,,there should be a better process to correct name on policy. 4
W Diez 2016-06-28 Easy and great 5
J Brydon 2016-06-28 Very good 5
D Trowbridge 2016-06-27 Highly recommended. Easy to use. 5
N Bennett 2016-06-27 thorough and helpful 4
S Floate 2016-06-26 Very adeptly handled 5
S Wereta 2016-06-26 Polite and productive 5
T Day 2016-06-22 Quick and easy 4
R Naseer 2016-06-22 good service 5
S Everdell 2016-06-21 Timely, efficient & excellent follow up with ease of execution. 5
P Menlove 2016-06-21 Quick 5
E Sofianos 2016-06-21 Representative was great to deal with ... 5
V Hongyok 2016-06-21 The service was fast, direct and easy to navigate. 4
C Pitchford 2016-06-20 The best decisions are made by asking the right questions first and keeping it simple. This would be the quickest and easiest way to complete your insurance. 5
L Vulaono 2016-06-19 This is the first time I purchase the PLI and PI Insurance. I have not compared prices and coverage with any other Insurance companies. I am happy with my purchase as it has served my purpose in a timely manner; Please note my residential address is: 4 Tuga Way Pemulwuy NSW 2145 4
M Califano 2016-06-19 Easy & quick process 4
S Zeynel 2016-06-19 Quick and easy. Highly recommended! 5
N Oranye 2016-06-19 They were able to beat a competitor price and then some 5
B Ghimire 2016-06-19 Excellent service 5
G Carter 2016-06-15 Great attention to detail given when comparing different brokers and great with helping me find the best price. 4
K Cincotta 2016-06-15 Fantastic & quick service. 5
T Barnard 2016-06-15 Yes, think was easy and very straight forward. 5
N Schultz 2016-06-14 Very good on line system 5
P Cristo 2016-06-14 Very easy renewal process. 5
A Halliday 2016-06-14 I haven't claim anything yet. So i cant tell. 4
B Clare 2016-06-14 Quick, easy and offers monthly payments! 5
T Peters 2016-06-14 Good/responsive customer service 4
L Winn 2016-06-08 The call I got was brilliant and very helpful they fulfilled my request quickly and i had it all sorted in just a couple of minutes and cheaper than i had originally seen. 5
S Gunn 2016-06-01 I was impressed with how easy the website was to use and would definitely recommend Bizcover to anyone needing business insurance 5
K Mckay 2016-05-25 I have always been happy with the Bizcover service. However, sometimes there is a lack of attention to detail which can result in inaccuracy which then needs to be corrected. The phone sales service is very good, with friendly and helpful staff. I would (and have) recommend Bizcover to others. 4
R Mason 2016-05-24 Fast 4
G Visser 2016-05-19 All OK 4
L Garbellini 2016-05-14 quick and easy to renew my cover 5
G Birdsall 2016-05-11 easy to use and good prices thanks 5
P McKenna 2016-05-11 very good 4
C Sheridan 2016-05-10 Easy and quick. Good process. 5
M stoveld 2016-05-10 Good service Ive never had to make a claim and hope I never have to. In saying that I would like to see premiums reduced every year if claims are not made Overall they are reasonable. 4
A Jameson 2016-05-07 I had just changed my address details with the company 4
S Veljkovic 2016-05-06 Standard service given. 4
R Foster 2016-05-05 Affordable and easy to navigate insurance. Highly recommend. 5
R Avasalu 2016-05-05 The first Andrew that i deal with was rude and pushy. He can across as annoyed when i couldn't call him back and generated a new quote to see my options. He should understand that this is not my only priority at the moment. I was thankful that another Andrew picked up the phone next time and couldn't have been more helpful! He took time to explain things to me and understand what i needed. He was happy for me to take as much time to think it over and i was happy with what he had explained so i signed up. 4
K Moore 2016-05-04 The guy I spoke to was helpful. 5
D Ellis 2016-05-04 Efficient and timely 5
D Leary 2016-05-04 Efficient service. 5
P Kennison 2016-05-04 Simple as joining online and efficient 5
J Britto 2016-04-26 Easy to use. Thanks 5
J Lilley 2016-04-26 Very good 4
J Ward 2016-04-22 Great customer service and support through the whole process. Friendly and caring staff too! 5
S Burrows 2016-04-21 Ability to choose cover is easy and clear to understand. I was able to take out the right cover very quickly. Ideal choice for small businesses trying to take out cover. 5
H Abdelnour 2016-04-21 Easy to talk to, informative and professional. 5
N Pilon 2016-04-21 Good quick service............Thank you 4
J Oldham 2016-04-21 Thanks 5
K Scott 2016-04-21 Easy to navigate, and easy to use. 5
K Eiszelt 2016-04-21 Followed up my enquiry and kept contact with me until I was ready to commit to a policy. 5
J Roy 2016-04-20 Excellent 5
J Sharp 2016-04-20 Easy & Pleasent 5
C Parmenter 2016-04-20 I haven't had to deal much with them yet, however join up so super easy and convenient. 4
D Spears 2016-04-20 Excellent service and very easy to use. I needed to update a policy and all I had to do was log into my account and upgrade a policy. So easy and time saving. 5
D Killin 2016-04-20 BizCover are cheap but responsive - just what I was looking for. I will continue to use BizCover in the future for my PI & PL insurance. 5
K Butler 2016-04-20 Great and affordable service with immediate response 5
P Hellawell 2016-04-20 The best online quotation system I could find. Quick turnaround. 5
P Saunders 2016-04-14 I've been buying PI Insurance for about 30 years and Bizcover is by far the easiest and least hassle insurance broker I have ever dealt with. 5
M Szeles 2016-04-14 Easy & efficient 5
J Monger 2016-04-12 Hello, I was very impressed with Andrew, the man who took my call. How he explained the cover and the fact that it was available to me almost immediately at a very reasonable rate. Yes I would recommend them to others. 5
L Clifton 2016-04-12 Very easy, fast & friendly 5
M Page 2016-04-12 Easy to use... efficient, straight forward. 5
C Algeo 2016-04-12 Fast, professional and very helpful service. 5
A Stott 2016-04-12 Bizcover have highly skilled staff who go out of their way to assist customers. 5
S Martin 2016-04-12 Took the time to explain everything in detail and made good recommendations. I definitely recommend BizCover. 5
P Khazaal 2016-04-12 It was an extremely seemless process, and made renewing my cover easy. 5
P Zhang 2016-04-12 Good one ! 5
M Turner 2016-04-12 Very easy 5
M EVANS 2016-03-17 Online tool is very easy to use. I organised my professional insurance for the coming year in a few minutes. A great company! 5
R Xie 2016-03-16 The review is just to bizcover rather than to the insurance policy. Bizcover provided a convenient way for me to select the suitable insurance for me. But one of the funny thing was, when I select the lower policy amount, the offer is not very limited. When I changed it to a higher policy amount, the premium actually went down due to more insurance company can provide such product. Not sure if there's other better way to list the options such as from the lowest premium to the highest with different policy price listed respectively? 4
M Maldonado 2016-03-16 Service was excellent and super quick 5
R Donaldson 2016-03-11 An expedient system to obtain the insurance criteria that is required at a competitive cost. 5
J Manning 2016-03-09 simple and easy 5
B Sutton 2016-03-08 Easy to use. Great information. 5
E Johnson 2016-02-08 Really comprehensive service. Really fast cover!! Very happy. 5
W O'Toole 2016-02-05 simple renewal process is excellent and cost is very competitive - I would recommend/have recommended Bizcover to colleagues. 5
R Saunders 2016-02-05 I found a list of possible insurers and went to the web of the first one listed had to make a phone call, left details and waited for an email -it took too long. Then I went to Bizcover and found I could do the whole lot online in a few minutes. EASY to do and GREAT. 5
D Evans 2016-02-05 The fact that we can now automatically renew our policies takes a burden off or already heavy paperwork responibilities 5
S Shaw 2016-01-23 Happy with service. However have been charged twice pending a refund on 2nd payment. 5
Q Zhang 2016-01-22 Easy to follow the online services. No jargon. Price is reasonable. Strongly recommend. 5
C Hill 2016-01-22 The insurance I was after was fairly generic and I needed it in order to be licensed to practice. The process was quick and easy which suited me well. 5
H McLachlan 2016-01-22 This was just a renewal, but as always was made so easy Thank you until next year 5
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