Frequently Asked Questions
What's covered
What is covered?
AuditCover provides cover for Professional Fees in connection with an audit of your tax return or compliance obligations.
Who can take out a policy?
We cover the following types of entities: individuals, sole traders, private companies, partnerships, trusts and SMSFs
Is there an excess or deductible?
There is no policy excess or deductible applied if you make a claim.
What types of audits are covered?
The policy is designed to cover audits, investigations and reviews of:
- Income Tax
- Capital Gains Tax
- Stamp Duty
- Tax Return
- Land Tax
- Payroll tax
- BAS/GST Compliance
- Superannuation Guarantee
- Workers Compensation
- Fringe Benefits Tax
- and more…
Whose fees are covered?
The policy covers the Professional Fees of tax specialists that assist with the response to your audit or review, these include your; Accountant, Tax Agent, BAS Agent, Bookkeeper and Tax Lawyer.
Are previously lodged tax returns also covered?
Yes, we cover historical returns, there is no limit to the number or age of returns covered under the policy.
Can I update my policy once it’s bound?
Most definitely, you can contact AuditCover any time to make any necessary changes to your policy.
What level of cover and turnover can I select?
- Cover limits range from $5,000 to $35,000 depending on your turnover
- Turnover options range from from $0 to $50,000,000
How many entities can I have covered under my policy?
There is no limit to the number of entities that can be covered as part of your group.
Partner FAQs
I’m a tax agent. What role do I play?
Tax agents refer their customers to AuditCover for personalised client policies. This means there is no risk of arranging the insurance or giving unauthorised advice. You can also lodge claims on behalf of your client.
How is my client data protected?
AuditCover makes sure to protect your client data at every step of the way by ensuring we’re sticking to cloud-based sharing so that no data is ever vulnerable to being accessed by another party. This system protects not just your clients, but also your practice.
How long does it take to get set up?
Our approach to onboarding new referral partners makes getting set up a breeze with our usual set up complete and ready in 10 business days.
Why do we insure the taxpayer, not the tax agent?
It’s simple really! The taxpayer is the one that gets investigated. We stick to this approach to make things easy when accounting firms are referring clients. We steer clear of “master” or practice policies, as these usually mean more work and responsibility for the accounting firm and we prefer a more transparent partnership.
About AuditCover
Who is AuditCover?
AuditCover is an insurtech insurance underwriting agency, delivering smart tax audit protection. This insurance is issued by Auditcover Australia Pty Ltd on behalf of the insurer HDI Global Specialty SE. AuditCover is a regulated entity, our Australian Financial Services licence number is 535509.
Who is the Insurer?
The insurer of this policy is HDI Global Specialty SE (ABN 58 129 395 544, AFSL 458776). They are locally established and regulated with an A+ credit rating and a strong local presence across Australia and NZ.
Who are we backed by?
AuditCover is venture backed by some of the best and most experienced names in the the industry. Some of them include Insurtech Gateway, HDI Global Specialty SE, Hunter Equity, and a long list of the best and brightest across insurance, accounting and technology.
How is AuditCover different?
We like to look at things differently and we question the status quo. We’re not bogged down in old ways of thinking and that helps when you are changing an industry. We believe that by taking a digital first approach, managing client data securely, and by building an insurance product that covers the taxpayer directly, we can make audit insurance a seamless process for everyone. That means no painful paperwork, no lengthy setup times and excellent data security. It means accounting firms can partner with a distribution platform that does all the work, so you don’t have to. It’s about simpler audit protection the whole way.
Get started with AuditCover today
Find out more about AuditCover and how you can make tax audit insurance smarter.