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Tax Insurance Protects you from a SARS audit

Does the thought of a SARS audit keep you up at night?

What is Tax Insurance?

Tax insurance protects individuals, professionals, businesses and trusts from the financial risks associated with a SARS audit assessment dispute. For a relatively inexpensive monthly premium clients can engage experienced tax professionals to act on their behalf should SARS decide to audit them, and then following the audit, if there is a dispute that arises between the taxpayer and SARS.

What you get with Tax Insurance cover:

  • Access to a panel of tax accountants and tax lawyers for assistance when SARS audits you, from the point of the audit, until the matter is finally resolved.
  • Full professional representation from Letter of Findings until the matter is finalized in ADR, Tax Court, or an Appeal Court, or by negotiated settlement with SARS.
  • Key tax information to reduce tax risks in your business.
  • Most importantly, peace of mind.

Policy options:

Individual cover
for regular taxpayers
Commercial cover for legal entities
such as Companies, Trusts and Closed Corporations
R200,000
professional cover
R300,000
professional cover
R200,000
professional cover
R300,000
professional cover
R500,000
professional cover
R1,000,000
professional cover
R143 per month R223 per month R143 per month R223 per month R342 per month R570 per month
* Annual turnover under R3,000,000 * Annual turnover under R3,000,000 * Annual turnover under R7,000,000 * Annual turnover under R50,000,000

Discuss cover with a broker today:

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SARS audit statistics:

  • R1,400,000,000 debt collected by audits for the 2012/11 financial year (source: SARS annual report 2011/10)
  • R164,000,000 in assessments raised from forensic audits carried out on significant cases and high net-worth individuals (source: SARS annual report 2011/10)
  • R250,000 estimated minimum cost for a specialist tax accountant and tax lawyer to dispute a SARS assessment in court (based on 2011 figures)
Due to changes in tax legislation, after SARS creates an assessment figure the onus is on the taxpayer to make payment first, even if the figure is incorrect, and then attempt a dispute. If you don't have professional assistance, you can end up paying high penalties and interest to SARS for making even simple mistakes.