Are you an Audit Target?

Whilst historically Tax Audits were targeted at big business and the wealthy, increasingly the ATO and other Government Agencies are turning their attention to both small to medium businesses and individuals, particularly those who own rental properties, operate trusts, and/or have a Self Managed Super Fund. When you couple this with the fact that the rate of random audits is increasing, there has never been a better time to get Audit protection.

Why Purchase Audit Insurance?

The audit process can be very time consuming with the preparation time and time it takes in responding to audit findings. The professional fees involved can quickly run into thousands of dollars. Audit Insurance protects you from these unexpected costs.

About our service:

  • Covers costs associated with responding to any official inquiry, investigation, review, examination or audit conducted by a government authority;
  • Provides the ability to cover your family members, trusts, SMSF’s, and/or Business under one policy;
  • Provides the flexibility for you to choose the level of cover you are comfortable, with Limit options ranging from $10,000 to $50,000;
  • Premiums are fully tax deductible.
  • No claims excess
  • Covers audits for prior Returns submitted on behalf of the Insured;
  • No time limit on how long an audit can take in terms of reimbursing professional fees. The limit is the selected sum insured;

You can find our brochure here for further details.

Want to know more?

If you have any questions regarding the Audit Insurance Policy or application process please contact us at Banks Group on 03 9810 0700 or auditinsurance@banksgroup.com.au.

If you would like to sign up for Audit Insurance please click here.