Tax Agent Insurance

Professional indemnity insurance cover for your Tax Agent activities.
Tax Agent Insurance

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As of July 1 2011, Tax Agent Insurance is required by  the Tax Practitioners Board (TPB). Professional Indemnity cover is required if a Tax Agent is not covered by an employer’s policy.

The minimum amount of insurance cover a registered Tax Agent is required to have is based on total turnover, specified in the table below.

What are Tax Agent Services?

Tax agent services are services relating to:

  • ascertaining (that is, working out) or advising about liabilities, obligations or entitlements of entities (that is your clients) under a taxation law
  • representing entities in their dealings with the Commissioner of Taxation (Commissioner) in relation to a taxation law
  • where it is reasonable to expect the entity will rely on the service to satisfy liabilities or obligations, or to claim entitlements under a taxation law.

For a more detailed list, please visit the TPD website here.

Tax Agent Insurance Cover options

Cover Options Turnover Cover Limit
1 Up to $75,000 $250,000 cover inclusive of legal and defence costs
2 $75,001 – $500,000 $500,000 cover inclusive of legal and defence costs
3 $500,001+ $1,000,000 cover inclusive of legal and defence costs

* Please note: What is deemed an appropriate amount of cover for a registered Tax Agent may be more than what is nominated as the minimum requirement.

The Professional Indemnity policies we provide meet all of the requirements set out by the Tax Practitioners Board to ensure your compliance.

Reap the benefits with your Tax Agent insurance policy

We have access to a range of policies suitable for Tax Agents and Accountants. These policies have a range of benefits suitable to the Tax Practitioners Board as follows:

  • Scope of Cover: Policy wording, specific to Tax Agents/Accountants, to provide cover should a breach in your professional duty, while conducting your services, results a claim against you.
  • Persons covered: The agent, directors, partners and employees are covered, as are any contractors who perform work for which the policyholder is liable.
  • Exclusions: This policy does not exclude contractor cover and actually extends cover to the contractor subject to the terms of the policy.
  • Excess: Excess’ start at $500, exceeding TPB requirements (maximum of $1,000).
  • Insurance provider: The insurers are all APRA approved.
  • Automatic Fidelity Cover: $100,000 sub-limit automatically provided (not included for sole traders)

Your Professional Indemnity insurance also gives you automatic protection for the following Tax Practitioners Board’s recommended requirements:

  • Fraud/dishonesty
  • Legal/defence costs
  • One Automatic reinstatement
  • Run-off cover

To arrange cover, please click the quote button below and complete the quote form. After we’ve received and checked your information, we’ll send you a tax invoice so you can make payment.

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