Do You Have Tax Audit Insurance?

In conjunction with Vero, our firm offers a tax audit insurance service.  This service allows clients to be covered for the professional costs (up to a certain level) that arise in the event of the IRD reviewing or auditing any tax return filed.  The benefits of this service include:

  • The premiums are cost effective.  For example, a business group with total turnover between $500,000 and $1m can have cover of up to a limit of $10,000 for a premium of $405.
  • There is no excess payment i.e. professional costs are covered from the outset of a review or audit.
  • Cover extends to all associated entities in the group e.g. husband, wife, company and trust
  • The premiums are tax deductible to most taxpayers
  • All prior year tax returns are also covered, and all tax types for which a tax return has been filed are covered
  • Professional costs are paid directly by the insurer to the professional

It is important to note that the insurance does not cover any taxes or penalties that may arise from an audit.

If you are interested in obtaining a quote for tax audit insurance, please contact Roger at roger@mcisaacs.co.nz or Chris at chris@mcisaacs.co.nz