Tax Audit Insurance
Tax Audit Insurance is specifically designed for Accountants to protect themselves and their clients against the unexpected costs incurred in responding to client audits, enquiries, investigations or reviews.
Now more than ever, individuals, businesses and self-managed superannuation funds are at risk of being selected for a random audit, investigation or review. The ATO and other Government bodies have more sophisticated data matching technology. Every year there is a shift on which industry the ATO will be targeting, and the use technology and resoursces to analyse data from tax returns along with other information.
In the event that an audit arises, the costs in attending to an audit can be significant. A Tax Audit Insurance policy can cover the Accountants costs to assist in the review. The cover can also extend to engaging a Tax lawyer professional to assist with the official enquiry
An example of what a Tax Audit Insurance policy can cover:
• BAS/GST Compliance
• Workers Compensation/WorkCover
• Self Managed Superannuation Funds
• Income, Land and Payroll Tax
• And many more
With over 20 years experience in the Accounting Profession we at Professional Assurance understand the risks. Contact us To discuss in full what the policy can cover.