Tax Audit Insurance- Individuals

Tax Audit Insurance for Individuals will cover the cost of hiring a lawyer or accountant to complete the tax audit on your behalf. This process can be highly technical and complicated, especially if you are a business owner. With this insurance, you have piece of mind that your audit costs will be covered by the insurer and you don’t have to outlay large amounts of money to complete your obligations.

A tax audit involves the ATO looking into your affairs to ensure the information you have provided to them is correct. During the audit, other parties such as your bank may be contacted as part of the process. If there are discrepancies found during the audit, you may be required to pay money to the ATO. If you find yourself involved in a tax audit, it can be a costly, stressful and time consuming process that can leave some businesses with an accounting bill into the thousands.

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