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 Cover Options table below.

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.

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

Arranging Tax Agent Insurance is a simple process. To arrange a quote, click the button below and complete our online form. If you would like more information or have any questions, please call us on 1300 932 237.