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Tax audit insurance for accounting firms

AuditCover is Marsh's trusted partner for tax audit insurance solutions, designed to streamline processes for accounting firms across Australia. As a technology-focused provider, AuditCover equips firms with the necessary tools to efficiently navigate the complexities of tax audits.

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What is Tax audit insurance?

At present, the Australian Tax Office (ATO) is intensifying its tax debt recovery efforts. If your client is randomly selected by the ATO for an audit, they face additional costs from you, as their accountants and/or tax agents, as well as potential legal costs. They must also take valuable time away from their business to respond to the audit. 

Tax audit insurance isn’t compulsory, but it offers prudent tax audit protection for your clients.

Our partner, AuditCover, offers a fast, secure, purpose-built tax audit insurance platform that you can utilise to protect your clients against tax audit fees.

Typically, Tax audit insurance covers

  • Cover for professional fees associated with a tax audit.
  • Fees incurred by accountants, tax agents, BAS agent, bookkeepers, or tax lawyers.

What usually is not covered

  • Any interest, fines or penalties resulting from an audit.
  • Any return not required by an Australian authority.

To learn more about tax audit insurance by AuditCover please download the AuditCover information sheet.

How to get started?

1

Register your accounting practice

Head over to the AuditCover website to register your accounting practice and create a profile. After registering, you can create a quote for each of your clients.

2

Your clients are covered upon acceptance of a generated offer

AuditCover allows you to choose which clients receive referrals from you. Your client can select their policy start date and get covered immediately, with no waiting periods.

3

Streamline renewals and refunds

AuditCover streamlines renewals with automated client renewals, removing the need for accountant involvement. Additionally, It also handles all refund requests, ensuring a hassle-free experience for clients and accountants.

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Why has Marsh partnered with AuditCover?

Offering AuditCover’s purpose-built platform underpins Marsh’s accountancy insurance solutions. 

AuditCover offers integration with accounting and compliance software to significantly reduce the paperwork and administrative burden associated with tax audit insurance. This frees up accountants to focus on providing expert and timely advice to clients.

AuditCover aligns with our Marsh objectives - to be a single point of contact for your business’s insurance needs.

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Why Marsh?

Why choose Marsh for your business needs?

Claims support

Handling an insurance claim can quickly become overwhelming, not least when your time is stretched to the limit keeping your business going. We help take the load off and manage, negotiate and settle claims with insurers on your behalf.

Experts on your side

As a world leading insurance broker, we’ll negotiate competitive coverage on your behalf. When you choose Marsh, you’re choosing comprehensive coverage, backed by extensive industry expertise. 

Trusted by 130 associations

We are proud to be the endorsed insurance broker for more than 130 Australian industry groups and member associations, developing insurance solutions that help meet the risk and insurance needs of businesses across a variety of industries.

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Frequently asked questions

Yes, audit insurance is fully tax deductible.

If the audit is triggered within the period of cover, there’s no limit on the age of returns you and your clients are covered for.

No. It’s not a compulsory requirement, but with the ATO ramping up tax recovery measures, we refer all associated accountants to make this available for their clients.

We believe so. An audit can be an incredibly stressful interference and can happen to anyone. With AuditCover, your clients can feel confident that your professional fees are covered.

 AuditCover’s simple onboarding system means your clients can be covered in 10 business days or less.

Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) receives a financial benefit paid by AuditCover Australia Pty Ltd (ABN 63 638 872 634, AFSL 535509) when a Tax Audit Insurance policy is issued to your clients.

LCPA 25/163