Frequently Asked Questions
- Q Will it cost me anything to implement Tax and Government Audit Insurance in my practice?
- A No, in fact it will make you money! Each time a client accepts the offer to take up the cover, you receive a dividend. Typical annual income is between $3,000 and $10,000 per partner
- Q Do AIB charge for their services?
- A No, all the set up, mail out creation and access to software are provided free of charge. (you only need to pay for the postage and your letterhead)
- Q How do I make a claim?
- A A It's easy! Simply log the claim using the AIB software system. Once the query has been finalised, provide us with the correspondence from the relevant authority, an invoice and a copy of your WIP, and we'll have payment to you within
- Q Will I be able to claim all my time?
- A Yes. All time spent responding to the query is covered
- Q We receive a lot of Workers Compensation reviews. Are these covered?
- A Yes. ANY query raised in relation to a lodged return is covered. All returns lodged with the ATO or any state based agencies are covered
- Q What about Payroll Tax?
- A As above. Yes it is covered
- Q So what isn't covered?
- A There are a small number of exclusions. See the "Policy Coverage" screen for details, or "Contact Us". We will be happy to provide further detail
- Q What about FSRA. Am I breaching this by offering Tax and Government Audit Insurance to my clients?
- A ASIC has provided "relief" to be able to offer this service to your clients, but only using the Vero policy and the AIB methodology. Relief has not been granted to any other policy or method
- Q Can I "Self Insure" by billing my clients to create a pool to draw from should one of them be audited?
- A No. Self Insuring not only breaches FSRA, it also breaches the Insurance Act. Severe penalties apply
