Tax audit insurance, also known as audit insurance or ATO audit protection, helps cover the professional fees involved in responding to audits, reviews and enquiries of lodged tax returns. This can include fees charged by accountants, tax agents, bookkeepers and specialist advisers.
It does not stop an audit from happening. It pays for the professional help you need to get through one.
Tax audit insurance can respond to matters such as:
Tax audit insurance covers the cost of responding to these matters, not the tax bill itself.
Even a straightforward tax review can require your accountant or tax adviser to spend time gathering records, checking figures, preparing responses and communicating with the relevant authority. Accountants generally bill for this work by the hour, and a more detailed audit can continue for months, with costs adding up along the way.
The cost of responding can be out of proportion to any adjustment the ATO or state revenue office ultimately makes. Even when an audit is completed with no changes to your tax position, the professional fees involved in responding still apply.
| Type of review | What the work generally involves |
| Simple BAS review | Checking BAS records, supporting documents and GST figures |
| Full income tax audit | Reviewing financial records, preparing information, answering questions and meeting with the ATO. A full audit can take several months. |
| Payroll tax audit across two states | Reviewing payroll records, preparing information for each state revenue office, responding to queries and managing the audit process with both authorities. |
Tax audit insurance can help cover the professional costs of this work, even where the audit or review ultimately results in no adjustment.
Barrack Broking already serves businesses and business owners in construction, hospitality, professional services, childcare and accommodation. If you’d like to see how we support businesses across these industries, explore who we help.
Tax audit insurance covers professional fees, not tax owed. It generally does not cover:
Policy terms, limits and exclusions vary, so check what a policy includes before you commit.
Yes. Any taxpayer can be selected for review, and selection does not require the ATO (or a state revenue office) to suspect wrongdoing.
Payroll tax audits also appear to be a growing focus for state revenue offices.
For businesses that already rely on accountants and tax advisers, tax audit insurance can be a worthwhile investment. The cost of cover can be far less than the professional fees you could face responding to a lengthy audit or review.
One of our directors oversees each client matter, from the first conversation through to claims.
We start by listening and mapping your audit risk profile. This lets us size the right level of cover for your situation rather than offering a one size fits all policy.
Using our market expertise, we recommend a tailored tax audit insurance strategy with transparent options, limits and inclusions. At this stage we explain the costs and your coverage options.
We go to the market to negotiate a policy with the right insurer, based on the risks we identified. Rather than leaving you with a basic policy, we secure terms suited to your lodgement history and risk profile.
Our service does not end when the policy is placed. Whether you need claim information, policy clarification or general advice, you can rely on us all year round.
Allow us to give your business and employees the insurance care you deserve. Don't wait for a claim to find out that you're underinsured. Talk to one of our specialist tax audit insurance brokers today.
Our clients rely on us for strategic advice and dependable support.
We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever
thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again
Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be
Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.
Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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