Over the past few weeks I’ve covered a range of lesser-known insurance risks, those that businesses are less likely to think about or understand that they really should be covered for. You’ve worked hard to grow your business so don’t put it – and your employees – at unnecessary risk. Having the right protection could very well mean the difference between on-going success and reputational disaster or possibly even financial disaster. Your business relies on you for protection and finding the right policy is vital. Don’t be left stranded should the need arise for you to make a claim. Insure your assets, your revenue and your liabilities.
ATO AUDIT INSURANCE
No matter how big or small, there isn’t a business around that isn’t a potential target for a random Australian Taxation Office (ATO) audit. Dealing with audits can be time-consuming, costly, highly stressful and you may even be left thousands of dollars out of pocket. Did you know that you can insure your business to pay the fees of a professional like your accountant handle this process for you, should you ever be part of an audit?
Keep in mind the ATO can audit any part of your business and not just tax, so any statutory payments you are required to pay by law are open to audit.
Audit Insurance provides cover for all the fees and expenses you may incur during an enquiry, investigation or review conducted by the ATO or any other Federal, State or Territory government agency with the responsibility to carry out reviews relating to taxes, duties, levies and the like. A TAI policy may cover professional fees from accountants, lawyers, bookkeepers and any other advisors that you might require throughout this process.
While this is a little-known insurance cover, it is well worth talking to your local insurance broker about this or contact us for a referral.