At McCabe Weston Accountants we offer all clients to opportunity to purchase audit insurance. The product is "Audit Shield" provided by Accountancy Insurance. Accountancy Insurance operates Australia wide providing audit insurance solutions to clients via the tax agent. The grouping of clients means that the cost for insurance is very competitive.
Please be aware that audit insurance does not cover tax or penalties that may result from an audit or review. Audit insurance covers you for fees payable to various professionals (accountants, lawyers, valuers, etc.) that you need to engage to fulfil the requirements of an audit or review. These fees are payable even if the audit finds that there is no wrongdoing.
The audit insurance product provided does not just cover you for audit by the ATO. Costs incurred for audit or review from other government entities for things like Transfer Duty, Land Tax, Payroll Tax, etc. can also be claimed.
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