Claims-made verse Occurrence-based terms

This review drills down to the very understanding of claims-made & occurrence-based insurance policies. The following insurance classes are often claims-made, as opposed to occurrence-based insurance policies. Tax Audit Insurance Professional Indemnity Directors & Officers Liability Employment Practices Liability Management Liability *The crucial impact & indeed importance of the variance in the cover provided (under […]

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What is tax audit insurance, and what should I look for when choosing a provider?

Accountants around Australia will have come across numerous tax audit insurance providers in their time running a practice. Policies that are backed by larger insurance companies may present more prudent partnership opportunities, whereas those without may be riskier for the accountant. How ATO Is Tackling The Problem As an accountant, it makes sense to offer […]

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I am an Accountant: Can my clients avoid an ATO tax audit?

Tax time is quickly approaching and as the largest contributor to Australia’s whopping $8.7B tax revenue deficit, “the ATO compliance focus is likely to be on the small business sector” with high-wealth contributing “substantially lower” than some expected. With plans to send hundreds of thousands of “please explain” notices to ordinary Australians, it is worthwhile having the conversation with […]

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