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Be Audit Ready
Even if your books are squeaky clean, the thought of an audit makes anyone’s palms sweat. Leaving aside the emotional stress involved, you have to deal with the disruption to your business and costs incurred in responding.
Tax Audit Insurance* covers a business for specified costs in the event that it is selected by the Australian Tax Office for auditing. The policy covers the costs of accountants and other professional fees incurred in the course of an audit. Being audited can be time consuming, complicated and can potentially result in a significant financial detriment. You will almost certainly want the services of an external accountant or similar professional and their fees can be substantial.
With the right Tax Audit insurance in place, you can at least minimise the cost of an audit to your business, even if you can’t reduce all of the stress.
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What is typically included?*
- Accountants’ fees
- Tax agent fees
- Limited other professional’s fees incurred to responding to a tax audit
What is typically NOT covered?*
- Fines or taxes imposed
- Your time or salary or lost opportunities
- Your employee’s time or wages
Your Cover Options
With BizCover you can choose from levels of cover between $10,000 and $50,000.
The length of time an audit takes to complete obviously impacts the cost of responding to it. Consider how much your accountant charges or If your business comprises of multiple entities then you need to consider that all of these may be audited at the same time.
If you are running a business or filing tax returns you should consider Tax Audit insurance.
Could this happen to your business?
No-one ever knows when the ATO will conduct an audit of a business. If your business would struggle to meet the financial costs of responding to an audit then you should consider Tax Audit Insurance.
Beat the build up
The construction industry was under review by the ATO and a small business was being audited. As a result, they were required to supply 2 years of business records. The client passed the audit and the insurer paid $8,500 in accountants fees.
Back to back BAS audit
A retail business with turnover of around $2 million was required to provide details substantiating its BAS returns for 2 years. Accountant’s fees totalling $3,400 were covered by the policy.
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