As we head into tax time, many small businesses may face a tax audit after a turbulent couple of years. Real estate agents are not immune to having the Australian Tax Office (ATO) audit their books, and it can be a stressful and time-consuming event if you are not prepared.
An audit can often require you to hire external professionals such as accountant or bookkeeper to help you with the process.
These accountants may take their time to prepare all the information for the ATO and, depending on the scale and severity of the audit, it can be expensive.
This is where tax audit insurance comes in, as it covers a business for specified costs in responding to an official tax audit from the ATO or state tax authority.
Tax audit cover is usually a section within a business insurance (BizPack) policy – an insurance package designed to provide cover for your business contents, stock, tools, and commercial premises when an insured event occurs (such as fire, storm, theft, or even accidental damage).
However, it can also sometimes be purchased individually under a BizPack.
The policy offers coverage for the costs of accountants and other external fees incurred through an audit notified to the insured during the period of cover.
Running a real estate business is stressful at the best of times let alone when you have the drama of the ATO breathing down your neck.
But with BizCover your tax audit insurance doesn’t have to be.
Jump online and visit bizcover.com.au or give us a call today to explore the policies available to you.
With multiple competitive quotes to choose from online, you could get back to closing the next deal in no time.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769