tax audit insurance

Tax Audit Insurance

Protect Your Finances Against the Unexpected Costs of an ATO Audit

No matter how accurate your tax returns are, the ATO (Australian Taxation Office) can select your business or personal finances for a random review or audit at any time. Even if you’ve done nothing wrong, responding to an audit requires time, resources, and often substantial accounting costs.

At TSK Accountants, we offer Tax Audit Insurance to protect you from these unexpected expenses—so you can focus on your business or personal finances, not worry about audit fees.

What Is Tax Audit Insurance?

Tax Audit Insurance is a policy that covers the professional fees incurred when your business or personal tax affairs are audited or reviewed by the ATO or other government agencies. These audits can be triggered by various factors, including:

  • Random selection

  • Industry benchmarking

  • Business performance trends

  • Late lodgements or errors

  • Claims for deductions or GST credits

Whether you’re a sole trader, SME, individual taxpayer, or trust, an audit can cost you thousands in accounting and advisory time. This insurance ensures that you’re not left paying out-of-pocket for your accountant’s fees during the process.

What Does It Cover?

  • ATO audits and reviews

  • BAS and GST reviews

  • Payroll tax, PAYG, and superannuation guarantee reviews

  • Fringe Benefits Tax (FBT) audits

  • Income tax and capital gains tax reviews

  • State taxes and WorkCover compliance checks

  • Reviews by government bodies such as the Fair Work Ombudsman or ASIC

  • Correspondence, lodgement corrections, and on-site visits support

Why Take Out Tax Audit Insurance?

  • Avoid Surprise Costs: Audit response fees can range from hundreds to thousands of dollars. Insurance eliminates that risk.

  • Peace of Mind: Knowing you’re protected if the ATO comes calling.

  • Full Coverage: Policies can cover the time and effort involved by your accountant, bookkeeper, tax agent, or legal advisor.

  • Affordable Annual Fee: Low-cost cover compared to the potential out-of-pocket expense of an audit.

Who Should Consider It?

  • Business owners of any size

  • Sole traders and contractors

  • Self-managed super funds (SMSFs)

  • Individuals with complex tax situations or multiple income streams

  • Anyone lodging claims for significant deductions, losses, or offsets

Let TSK Accountants Help You Stay Protected

We offer Tax Audit Insurance to our clients through reputable underwriters, with flexible policies that suit your situation and risk level. We’ll guide you through the options, explain the inclusions, and help you stay protected against rising ATO scrutiny.

📍 Serving Melbourne and surrounding suburbs
📞 Call us on (03) 8721 9989
📧 Email: info@tskaccountants.com