Tax Audit Insurance
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What is Tax Audit Insurance?
Being audited can be time consuming, complicated and potentially very costly.
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.
What does Tax Audit insurance cover?
Accountants fees
Limited other professional’s fees incurred to responding to a tax audit
Tax agent fees
- Fines or taxes imposed
- Your employee’s time or wages
- Your time or salary or lost opportunities
Why might you need Tax Audit insurance?
If you are running a business or filing tax returns you should consider Tax Audit insurance.
Respond to an ATO audit
Cover professional fees
Reduce financial stress during an audit
Let’s cover your small business on the go
Start a quote to see how much you can save and buy online in minutes.
3 industries who purchase Tax Audit insurance most:
- Management Consultants
- Education Consultant
- Communications Consultants
- Human Resources Consultants
- Business Coaching
- Environmental Consultants
- Content Writers
- Nurses
- Aged Care Support Workers
- Chiropractors
- Occupational Therapists
- Physiotherapists
- Disability Plan Management
- Disability Care
Tax Audit insurance is suited to a wide range of industries and occupations in addition to the ones listed above.
How much does Tax Audit insurance cost?
Tax Audit insurance costs can vary based on your business’ size, risks, insurance requirements and other factors. Every business is unique, and so is the type and cost of its policy.
How is the cost of insurance calculated?
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
Get cover that works with the risks of your business
You can select different levels of cover to suit your needs.
This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How is the cost of insurance calculated?
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
Click here to check industry wise average prices
Get cover that works with the risks of your business
You can select different levels of cover to suit your needs.
This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How it works – buying online
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How to make a claim online
We’ll assist you through the claims process & manage the claim directly with the insurer.
Let us know Fill out our
claims form and provide info
to support the claim
Receive extra support We
will assist you with your claim
Claim results We will notify
you of the claim outcome.
3 Steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
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^ Savings made from January 2024 to April 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
Frequently asked questions
For most businesses, Tax Audit insurance is not a legal requirement. However, you should consider Tax Audit insurance if you run your own business and file taxes for that business.
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 offers coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit.
If you still have questions, you can reach one of our friendly business insurance experts – go here for our Contact Us details.
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