Tax audit insurance is a business insurance cover specifically designed to cover your business in the case that any problems arise from a tax audit.
Tax Audit Protection covers the professional costs for assisting / responding to any official enquiries, investigations or audits of returns lodged with the Australian Tax Office or other Federal, State or Territory government authority, agency or body.
Tax Audit Cover provides cost effective tax audit protection and peace of mind against the substantial cost that may be incurred should the Australian Tax Office or other Australian government agencies conduct a random investigation or tax audit. Tax insurance is beneficial to cover the costs of preparing / managing tax compliance and tax audits.
Some of the areas that Tax Audit Insurance can cover:
– Income tax compliance / audit.
– Fringe benefits tax compliance / audit.
– Capital gains tax compliance / audit.
– GST compliance / audit.
– Payroll tax compliance / audit.
– Superannuation contributions tax compliance / audit.
Other Professional fees that Audit insurance can cover:
– Fees paid to tax accountants / agents, financial advisers or solicitors who are not your employees, for the preparation or evidence to be submitted to the auditor.
– Fees charged to you for preparation of evidence by your financial service provider(s).
– Overtime paid to employees to prepare for or represent you in any audit.
– Travelling and accommodation expenses incurred by you or your employees in order to attend an audit.