Tax Audit Insurance

Tax Audit Insurance

Tax Audit Insurance

Tax audit insurance covers your business in the event that it receives a random audit from the Australian Tax Office (ATO). It can help cover the costs of professional fees incurred while preparing for the audit from accountants, lawyers, bookkeepers and any other necessary advisors as well as expenses incurred during the audit.

Being audited is often time-consuming and costly and you will most likely be asked to provide records and receipts of past transactions. You will almost certainly need the services of a qualified accountant.

With the ATO continuing to announce increases in their audit activity, it’s important to make sure you are properly covered.


What can be covered?

Cover options:

  • Professional fees such as accountants, lawyers, bookkeepers and other advisers like actuaries and valuers
  • Expenses incurred during audit.

What is not covered:

  • Any fines incurred.

Cover options:

  • Professional fees such as accountants, lawyers, bookkeepers and other advisers like actuaries and valuers
  • Expenses incurred during audit.

What is not covered:

  • Any fines incurred.

What are the benefits of Tax Audit Insurance?

If you’re running a business and filing tax returns then you should consider tax audit insurance.

What level of cover is right for your business?

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

The cost will depend on the length of time an audit takes to complete, so think about how much your accountant charges and any other costs you may incur in terms of gathering documents and evidence. If your business has multiple entities then these may be audited at the same time which will take more time and effort.

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