It’s not a question of “If” but “When” a business/individual will be reviewed or audited.
Last year there were over 2 million ATO tax audits/review conducted. Claims data indicates a significant rise in ATO reviews targeting individuals, sole traders, and small to medium businesses. Alarmingly, over 80% of these claims are “Reviews” rather than “Audits”. Contrary to common belief, it’s not just large companies under scrutiny. Individuals, including tradespeople, medical professionals, sales representatives, and sole traders, are equally at risk.
This intensified scrutiny is part of the ATO’s effort to recover over $12 billion in taxes uncollected during the COVID period. It is no longer a question of “if” but “when” your clients will be reviewed. Therefore, it is imperative that your members are protected immediately.
For years Tax Audit Insurance has been only available to businesses and individual tax payers through their accountant or general insurance broker, paying huge fees to have protection.…..THAT HAS NOW ALL CHANGED!!
AuditSave has given Industry Associations, and Business Groups a way to protect their members, and maximise the group’s profits with a product that provides opportunities that NO OTHER insurance product has ever provided!!
Great Product, Incredible Opportunities!
Here’s a list of the benefits to both the group’s members and the group.
Benefits to the Members
- Members save over 90% on their individual tax audit insurance premiums. $40 – $50 average cost per member instead of $500 – $700 individually.
- Covers all business/individual members (100%) AND their associated entities.
- New members are automatically covered during the term without any additional cost.
- SMSF Trustees receive trustee administrative penalty protection. (Unique to AuditSave).
- The policy cost can easily be absorbed into the members’s fees by applying a nominal % or $ fee increase or a combination of both.
- Members no longer have an audit insurance invoice to pay and are protected.
Benefits to the Association/Group
- Provides the Association/Group with a strong additional value add service and point of difference by protecting their members.
- Strengthened member relationships. (Makes the member even more dependent on the association/group).
- Significantly increased Association/Group profits through increased member fees.
- Attracted new members.
- No annual administration.
- No selling tax audit insurance.
- Easy to implement “set and forget” structure.
- Very simple online claims process.
The common response is that the AuditSave tax audit group policy is a “No Brainer”.
