 Tax Audit Insurance
Tax Probe Plus
covers you and your business for what could be thousands of dollars in
professional fees incurred as a result of an audit.
The types of audits covered include those
conducted by the Australian Taxation Office as well as by a Commonwealth, State
or Territory Department, Body or Agency. Examples are State Revenue Offices
(Payroll Tax, Stamp Duty) and WorkCover Authority. The Policy does not cover any
superannuation compliance audits.
For the purposes of the insurance, fees in
relation to professional advisers are defined as those paid to an accountant who
is a member of a nationally recognised accounting body, registered tax agent or
tax consultant.
For full details, download the
Tax Probe Plus Policy Wording
(86KB, 11 pages)
The Tax Commissioner predicted in a recent
edition of Australian Taxation Office Compliance Program 2002-2003, that one in
10 businesses will be subjected to some form of tax audit and further crackdown
on tax deductions. The likelihood of you or your business incurring additional
expenses of professional fees as a result of an audit has never been greater.
Despite the best efforts of Accountants to lodge
accurate returns on behalf of their clients, random audits by authorities will
continue to take place.
The Tax Probe Plus Policy provides peace
of mind in knowing you will be covered for such random audits.
The distinguishing benefit over the standard Tax
Probe Policy is the Tax Probe Plus Policy is valid for audits on tax
returns submitted for previous years (retrospective cover). This benefit is
available at no extra charge.
For example, if you have a current Tax Probe
Plus Policy and you are audited on a taxation return that was submitted two
years ago, your current Policy would respond to the audit. This is on the
condition that you must not have already received notice of the audit, or had
information that it was likely to take place, when taking out the Policy.
Similar products in the market may offer this
additional benefit but they often charge an additional premium for retrospective
cover.
Cover is affordable when you compare it to the
cost of professional fees for an audit that could amount to thousands of
dollars.
Premiums are scaled to accommodate the different
circumstances of individuals and businesses. Businesses have premiums
individually calculated based on their actual turnover for the last financial
year, the number of partners and directors and the Limit of Indemnity chosen.
As an exclusive offer, Austbrokers Countrywide
clients receive a
special 20% discount off the standard premium.
Vero provides a 20-day money back guarantee and
will give you a full refund of your premium if you are not completely satisfied
and cancel the policy from inception and return it to Vero within 20 days from
the date of issue.
Furthermore, Tax Probe Plus has the
flexibility of allowing you to choose from a range of Limits of Indemnity.
Austbrokers
Countrywide can assist you in deciding the
appropriate level of indemnity to suit you or your business.
As a leading specialist small business insurer,
Vero recognised the need in the market for specialised cover for tax audits, and
worked with Austbrokers Countrywide to launch Tax Probe Plus.
Vero (formerly known as Royal & Sun Alliance
Insurance Australia Limited) has been one of Australia's leading insurance
providers for over 170 years. As a 'multi-specialist' insurer operating in a
number of niche markets, Vero offers the benefits of expert knowledge combined
with the scale and security of a major player.
Vero is the intermediated general insurance
business and significant part of the ASX-listed entity Promina Group Limited.
Broker: Austbrokers Countrywide ABN 51 586 953 292
Insurer: Vero Insurance Limited ABN 48 005 297
807
To obtain an obligation-free quote for Tax
Probe Plus, simply enter your details in the online quote form below.
Austbrokers Countrywide will contact you with a quote. Required fields are marked with ▲
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