Summary of Policy Updates

As part of your renewal, the policy has been updated to provide clearer wording, refreshed definitions, and broader coverage, ensuring alignment with current legislation, ATO standards, and market requirements.

Key Enhancements:

• Coverage Improvements
• Explicit cover for Policyholder’s professional fees in managing Tax Audits for clients.
• Only the Policyholder can submit claims.
• Payroll Tax Returns now covered even if not prepared by a Tax Agent.
• Professional Fees covered for up to 18 months post-audit start, with a 20% sub-limit for objections and appeals.
• Exclusions & Cyber
• Narrowed exclusions for broader coverage.
• Introduction of a standalone Lloyd’s-style cyber exclusion for clarity.
• Definitions Updated
• Expanded “Tax Audit” to include non-lodgement investigations, Compliance Obligations, and workers’ compensation wage audits.
• GST now addressed via input tax credit position (removed from “Insured Amount”).
• New definitions for Failure to Take Reasonable Care, Intentional Disregard, and Recklessness.
• Shortfall Audit Clarification
  • Cover applies where ATO penalties are 25% or less, consistent with ATO classifications.
• Claims & Conditions
• Removal of 60-day notification requirement.
• Clearer GST treatment in settlements.
• New provisions for Governing Law, Other Insurance, and cover commencement for new clients.

Overall: These updates deliver clearer language, improved consistency, and broader scope of cover to meet contemporary regulatory and market standards.

If you have any questions regarding these updates or your renewal, please do not hesitate to contact us.

If you have any questions regarding these updates or your renewal, please do not hesitate to contact us.
Agile Underwriting Services Pty Ltd
Suite 1, Level 6, 171 Clarence Street, Sydney, NSW, 2000