Insurances

Insurance is an important consideration in managing your risk. The types of insurance that you might need include:

Domestic

• Home and Contents
• Motor Vehicle

Business

• Office Contents
• Commercial
• Retail
• Industrial
• Income Protection
• Term Life Cover
• Trauma Cover

Income Protection

The average Australian worker will earn over $2 million in their 40-year working life. With these facts in mind have you ever considered what would happen to you and your family if you were sick or injured and unable to earn that money?

Insurance industry statistics tell us that every working Australian has a one in three chance of becoming disabled for more than three months before turning age 65.

Employees may be entitled to a limited amount of sick pay from their employer but workers’ compensation only covers you for work related injuries – a small percentage of the causes of disability.

On the other hand, an income protection policy will pay you up to 75% of your income (salary plus super and any other benefits) allowing you to maintain your lifestyle and keep paying your mortgage and other debts.

Income Protection insurance is a vital link in providing you and your family with a regular income stream during times of illness or injury,.. and it’s tax deductible!

Contact us today on how we can assist you assess and obtain Income Protection insurance.

Life Insurance

No one likes to think about the worst case scenario but every day in Australia 220 people are diagnosed with some form of cancer and over 36,000 Australians die from cancer each year.

Statistics tell us that serious illness does not discriminate based on age or gender and the reality is that most Australians are under insured or not insured at all.

When considering life insurance the most important question is, can you afford to live without it? Most people have financial commitments no matter what stage of life and you can be insured against death, injury or illness:

• Death cover (term life) pays a lump sum to your dependants if you die unexpectedly (cover often ceases once you turn 65)
• Total & Permanent Disablement (TPD) pays a lump sum if you suffer an illness or injury that permanently prevents you from working (e.g. Losing both hands)
• Trauma cover pays a lump sum if you suffer any range of specified illnesses such as heart attack, stroke or cancer.

 

Audit Insurance

What are random Tax and Government audits?

Audits, reviews and investigations are conducted by the Australian Tax Office (ATO) and other state and federal government agencies to ensure business and tax payer compliance with various tax and legislative requirements such as Income, Land and Payroll Tax, GST, FBT, Record Keeping, Workers Compensation, Employer Obligations, Superannuation Guarantee and Self Managed Superannuation Fund Compliance amongst others.

How likely am I to get a random audit, review or investigation?

The ATO, along with other federal and state agencies continue to announce significant increases in their audit activity. Now more than ever, Individuals, Businesses and Self Managed Superannuation Funds are at risk of being selected for a random audit or review.

What are the costs to businesses and tax payers in the event of a random audit, review or investigation?

If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs (professional fees) involved in providing the required information. Even the simplest enquiry can require hours of work. In multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved.

How can I protect myself from the costs of random audits, reviews and investigations?

We can offer you an Audit Protection Service which can provide you with comprehensive relief from these costs (fees). The Audit Protection Service provides for the payment of the professional fees incurred as a result of you being selected for an audit, review or investigation by the ATO or other Government body. The Audit Protection Service provides a fixed, cost effective solution to guard against these unbudgeted costs.

What Costs are covered?

The service covers all professional fees up to a prescribed limit (with no excess) when responding to, or representing you in an audit, review or investigation. These include not only our fees, but also legal fees, bookkeeping fees and specialist professional advisor fees (e.g. quantity surveyors, valuers, and actuaries).

Who is covered?

All of our clients can take advantage of the Audit Protection Service. Different levels of cover are available for:

• salary and wage earners;
• investors;
• businesses or business groups;
• trusts & companies;
• Self Managed Superannuation Funds;

What do I need to do to take up the Audit Protection Service?

Please contact Tara Watson on 03 9879 1788 and we will send you an information pack including an acceptance form/invoice.

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