Audit Insurance

​Professional accounting fees resulting from an audit conducted by the Australian Tax Office or another government agency can be substantial. The timing of such audits is generally unpredictable, but that doesn’t have to stop your business from being prepared when the time comes. 

Preparing for an audit, takes time and effort. Accountants, Bookkeepers, Lawyers and any other Advisors are engaged to assist with the preparation and duration of the audit. Audit insurance provides you with the comfort of knowing that the cost of professional fees incurred and any other expenses incurred during the audit are covered.

​Our Insurance experts can evaluate your unique set of requirements and recommend a level of cover that is suitable to the size of your business and the industry you operate in. 

The Australian Tax Office has recently announced plans to continue to ramp up audit activity on businesses focusing on accuracy of BAS Lodgements, Income Tax Returns, Fringe Benefit Tax Returns and reporting of Payroll Tax.  The ATO has increased internal resources in preparation of increased scrutiny  and audits in the coming year.

The cost of responding to a tax audit or government compliance investigation can quickly become significant depending on the state of your accounts. Your response may require the use of professional service fees such as accountants and lawyers.

B Insured Brokers can compile a tailored audit insurance package that can cover your expenses during such an event. Contact the team at B Insured Brokers today for more information or to obtain a quote.

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