Tax Audit Insurance can often require less underwriting information than some other commercial insurance products, but insurers still need enough information to assess the exposure.

What business information may be required? #

This can include:

• Business name.
• ABN.
• Business activities.
• Annual turnover.
• Number of employees.
• Business structure.
• Number of entities to be insured.

What tax information might be requested? #

Depending on the insurer:

• Previous tax audits.
• Current audits or reviews.
• Known disputes with tax authorities.
• Previous claims.
• Tax lodgement status.

Do I need to disclose an audit already underway? #

Yes.

A known or existing audit should be disclosed.

Do not assume that taking out a new policy after receiving an audit notice will cover that existing matter.

What limit information is required? #

The business should consider the amount of professional costs it wants insured.

Available limits depend on the insurer and policy structure.

What if Tax Audit is already included elsewhere? #

Provide the current:

• Management Liability schedule.
• Business Insurance schedule.
• Existing Tax Audit limit.

Webber Insurance can check whether additional cover is actually required.