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Tax Probe Insurance

Jun 7, 2018

Citycover Insurance Brokers can provide Insurance to protect Business Owners and Individuals seeking cover for Tax Audits. Given the current environment where there is a heightened likelihood of audits, taking up this kind of policy has never been more important.

The Tax Commissioner has predicted that almost 15% of small to medium enterprises, will be subject to the ATO’s compliance program, including some form of tax audit. This has lead to a dramatic increase in ATO field audits on small to medium-sized business, individuals and Self-Managed Superannuation Funds, with almost 80,000 audits conducted every financial year. Each audit can lead to additional work for your accountant and potentially significant costs for your business or for you personally.

Can you afford to pay?

There are many cover benefits associated with Tax Probe Insurance. It is designed to cover you for professional fees associated with tax audits and official investigations of your tax affairs.

What does it cover?

  • Standard cover for tax audits or other official investigations into your liability to pay designated tax carried out by any Commonwealth, State or Territory department, body or agency.
  • Optional cover for the audit of business directors’ own tax returns.
  • Travel and accommodation expenses incurred in the process of the audit or investigation of tax affairs.
  • Stand-alone cover includes the option to cover the audit of self-managed superannuation funds under the Superannuation Industry (Supervision) Act.

Cost of the Policy

The cost of Tax Probe Insurance is low compared to potentially large costs associated with a Tax Audit that you or your business might incur. Insurance Premiums also have the option of being tax deductible as a business expense.

Need cover?

Contact us at Citycover on 1800 122 194 to speak with one of our experienced insurance advisers today.


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