Insurance is usually associated with fields of work that come with risks, so why would tax audit require insurance? Well, The Australian Taxation Office (or ATO) is carrying out more and more tax audits. As a business owner, you may have the most well-kept books in the world, but you are still going to require the services of a professional accountant.

There is a lot of accountant work associated with tax audits, and that requires you to pay significant amounts of money out of pocket. You never know when a random tax audit may surprise you, so you are always at risk. You may think you can’t prepare, but you can, with tax audit insurance.

When you are targeted for a tax audit, your business is responsible for covering all the costs related to offering the information. Accountants can charge thousands of dollars, so you need a solution.
Bluewell Insurance Brokers can offer you the right kind of coverage. We have extensive experience in the field, and we are able to help you with the appropriate insurance coverage for your needs.

 

What kind of coverage do you receive with Tax Audit Insurance?

Tax Audit Insurance will take care of the costs associated with hiring an accountant who can respond to the Australian Taxation Office and provide them with the required information. It is their job to protect and represent your best interests in their communication with them over the course of the investigation.
You never know when you’re going to get a random tax audit, and producing the necessary money to hire an accountant on the spot can be difficult, or even impossible. Tax Audit Insurance guarantees that you are able to afford a surprise tax audit and pass it without problems.

 

Who needs Tax Audit Insurance?

Tax Audit Insurance is a good thing to have for any business, especially small ones. While this is not something you require in order to function, it is something that can save you from bankruptcy. Think what you would do if you had a surprise tax audit tomorrow. Would you be able to afford the several thousand dollars it would cost you to hire the services of a professional accountant?
Would a simple tax audit from the Australian Taxation Office run your business into the ground? Are you at risk of closing down? Then what you need is Tax Audit Insurance. Why run the risk of losing so much money, when you can prevent this entire situation by taking out insurance?
Bluewell Insurance Brokers can help you with all of your Tax Audit Insurance needs. We can provide you with the appropriate types of insurance so that you can have peace of mind that no matter when the Australian Taxation Office decides to drop by, you will be prepared and will be able to afford the investigation.
If you need a quote, or if you have any questions on Tax Audit Insurance, feel free to discuss them with us. Call us on 1300669664.