The Australian Taxation Office (ATO) has been allocated substantial funds from the federal budget to increase tax compliance. In short, this means we expect increased tax audit activity. We have also continued to see a steady number of audits in the areas of payroll tax and workers compensation.
We have partnered with AuditCover to provide our clients with a quote for Tax Audit Insurance.
Benefits of AuditCover tax audit insurance
We see the compliance work as key to understanding your business, analysing the data to plan effectively and using trend analysis to keep you a step ahead of your competitors, with previously lodged returns covered automatically. The offering is optional, and the policy starts from the day you make payment.
Income Tax
Payroll Tax
Fringe Benefits Tax
Capital Gains Tax
Superannuation Guarantee
Fully tax deductible
Land Tax
Workers Compensation
BAS/GST Compliance
Stamp Duty
We see the compliance work as key to understanding your business.
Questions Bring Clarity
What is Audit Insurance?
Audit Insurance, specifically the policy offered through our partner AuditCover, provides cover for the professional fees (up to a set limit) that you might incur when responding to an audit or investigation from various government agencies. This means if you’re audited by the ATO or other bodies, the costs of our professional assistance to navigate that audit can be covered by your policy.
Why is Audit Insurance becoming more important now?
The Australian Taxation Office (ATO) has been allocated substantial funds from the federal budget specifically to increase tax compliance. This signals an expectation of increased tax audit activity. We’ve also continued to observe a steady number of audits in areas like payroll tax and workers compensation. Audit insurance offers a way to manage the financial risk of these increased compliance efforts.
What types of audits does the AuditCover policy cover?
The AuditCover tax audit insurance policy is designed to cover professional fees to assist in responding to audits across a broad range of areas, including:
- Income Tax
- Capital Gains Tax
- Land Tax
- BAS/GST Compliance
- Payroll Tax
- Superannuation Guarantee
- Workers Compensation
- Fringe Benefits Tax
- Stamp Duty
Where can I find the full details, terms, and conditions of the AuditCover policy?
To ensure AuditCover is the right fit for you, we strongly recommend you read their policy wording for full details, terms, conditions, exclusions, and definitions. This document will provide comprehensive information about what is and isn’t covered.
Does the policy cover previously lodged tax returns?
Yes, one of the benefits of the AuditCover policy is that previously lodged returns are covered automatically. This provides peace of mind regarding prior financial periods.
Will Atomic Business Advisers receive a fee if I purchase this policy?
Yes, we kindly inform you that if you purchase this policy, we will receive a referral fee from AuditCover. This will not affect your premium; your policy cost remains the same.
Who should I contact if I have questions about Audit Insurance?
If you have any specific questions about the AuditCover policy itself, you can contact AuditCover directly on 1300 895 797. Alternatively, you are always welcome to contact our office, and we can assist with general queries related to your accounting and taxation matters.
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