The Australian Taxation Office (ATO) and other government agencies have been increasing their audit activity year after year. This means that individuals and businesses are increasingly at risk of being selected for an audit.

Anybody who has gone through an audit will tell you how time consuming and costly it is – from preparation time to responding to audit findings and making corrections. Thankfully, tax audit insurance is a cost effect way to manage your risk of being selected for an audit, protecting you from the financial impact.

Who needs it

• Any business that cannot afford to take the associated time and costs involved in preparing for an responding to a tax audit, should they be selected,

• Contractors/sole traders who cannot afford the time and costs involved should they be selected for a tax audit.

Covers that are typically included

• Professional fees incurred from your accountant to assist you with the audit process.

• Time spent preparing for the audit,

• Time spent responding to audit outcomes.