Tax & BAS Agents Insurance
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Meets Tax Practitioners Board requirements
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Option to purchase 1 year, 3 years, 5 years or 7 years of run-off cover.
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Ability to add Public Liability to your cover (of up to $20 million).
Insurance solutions for Tax Agents / BAS Agents
You do the numbers, let insurance.com.au take care of your insurance.
A registered Tax Agent or BAS Agent is required to maintain Professional Indemnity (PI) insurance that meets the Tax Practitioners Board (TPB) requirements, including being able to demonstrate the cover in order to be eligible for renewal of their TPB registration. Not maintaining PI insurance that meets the TPB’s requirements means not meeting an ongoing TPB registration requirement and a breach of the Code of Professional Conduct.
The minimum level of cover will depend on your business’ turnover. Registered Tax and BAS Agents, with a turnover of over $500,000 must maintain a minimum aggregate amount of cover (inclusive of legal and defence costs) of $1,000,000.
The cover must also include civil liability arising from any act, error or omission in the provision of tax agent services.
Cover must be provided by an Australian Prudential Regulation Authority (APRA) approved insurer or a provider approved by the TPB.
For the details of the TPB’s requirements, see here: https://www.tpb.gov.au/pii
Key product benefits
Option to purchase 1 year, 3 years, 5 years or 7 years of run-off cover.
Ability to add Public Liability to your cover (of up to $20 million).
Up to $5M Professional Indemnity.
What events does this policy cover?
Here are some examples of situations that you may be covered for.
Errors in Tax Advice
Mistakes in tax returns or BAS submissions may lead to financial losses for clients and result in claims for compensation.
Compliance Breaches
Misinterpretation or misapplication of tax laws could expose clients to penalties and fines, making agents liable.
Confidentiality Breaches
Handling sensitive financial information increases the risk of data breaches, leading to potential legal action and reputation damage.
Fraud and Misconduct
Professional Indemnity insurance can cover liabilities if a claim arises from fraud or dishonesty by an employee.
Legal Defense Costs
Even unfounded claims can be costly to defend, and PI insurance may cover these expenses.
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We'd choose us, but why should you?
Quick and easy quote & purchase process
Policy benefits tailored to your occupation
Dedicated customer service team available
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