Welcome to the transparency and simplicity of Super Cover.

What's Super Cover?

Insurance cover to reimburse professional fees incurred to assist your 'clients' exposed to a 'return audit' or a 'compliance audit' of a Self Managed Super Fund ('SMSF').

If, in addition to an SMSF, your ‘client’ has exposure to random ‘return audits’ or ‘compliance audits’ by other government agency that administers taxes, duties or workers compensation (also includes workers compensation in various Territories & States is placed with private insurers), please refer to www.auditcover.com.au.

What’s different about Super Cover?

We are aware of various audit or tax insurance products available. We’ll openly advise interested parties of the differences.

What sets Super Cover apart from the others is:

  1. Monthly client declarations
  2. Unquestionably, the widest scope of cover available.
  3. Competitive premiums.
  4. Simplified administration process; no software applications; limited paperwork & staff involvement.
  5. Greater client privacy.

… and all supported by executives involved in audit insurance since 1987!

So, what does Super Cover include?

Professional fees incurred when a client’s superfund is exposed to an audit, typically undertaken by the ATO. 'Audit' includes activities such as examination, inquiry, investigation, questioning, compliance, review or audit.

… and exclude?

  1. Known circumstances.
  2. Returns lodged more than three (3) months outside a prescribed lodgement date.
  3. Where a superfund fails to be compliant with a relevant government agency.
  4. Where a superfund volunteers new or revised information on a previously lodged return and an audit ensures.
  5. Where a superfund has acted dishonestly or fraudulently; has been assessed as having acted recklessly; or where criminal activity or prosecution is involved.
  6. For any amended assessments, fines or penalties imposed.
  7. Where a superfund participates in a financial arrangement or structure that hasn’t been sanctioned by the relevant government agency.

Main points of difference:

  • Audits to determine if a client is compliant, as well as audits of lodged returns.
  • The term ‘audit’ automatically includes ‘examination, inquiry, investigation, questioning, compliance, review or audit’ at no additional costs.
  • There’s no culpability factor! Mistakes happen, however, dishonesty, acting recklessly or the deliberate withholding of information is a different story.
  • Failure to maintain proper records won’t strike out a claim, but the costs to re-establish records aren’t covered. Clients are supposed to maintain and retain records in accordance with various legislation and guidelines.
  • Professional fees incurred don’t stop once the relevant government agency has issued their determination or assessment. What if the assessment needs to be challenged? What if there is a review of an assessment in isolation to an audit? Professional fees incurred to dispute any fines or penalties are covered until the selected sum insured is exhausted.
  • Mishaps happen. Late notified claims are covered, so long as Super Cover is current.

Who's the insurer?

Zurich Australian Insurance Limited, 100% owned by the Swiss-based worldwide Zurich Financial Services Group and has a Standard & Poor's A+ rating.

Next steps

Please complete this Enquiry Form and we’ll be in touch ASAP.

Our Privacy Statement

Key rules governing SMSF

This checklist provides a summary of the key rules governing SMSFs. We recommend that SMSF obtain relevant professional advice to ensure compliance as the penalties for non-compliance can be costly.

This AFR article also highlights ‘ATO gets serious with trustees’.

Contact details

P: (02) 9261 4228
F: (02) 9261 4229
E: audit@auditservices.com.au
Audit Services Pty Ltd
PO Box 20756, World Square, NSW 2002

Authorised Distributor, Apex Insurance Brokers, AFSL 236871


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