Tax Risk Insurance

Effective insurance against SARS tax audits and related disputes.

Tax audits and disputes is no time for DIY.

Dealing with tax audits is stressful, time consuming and costly.

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Affordable monthly premiums.

It's like having a team of tax attorneys and accountants on retainer, but at a fraction of the price!

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SARS is looking to increase tax revenues.

Employing a great tax accountant is not a guarantee that you wouldn't get audited by SARS.

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What is Tax Risk Insurance?

If a person, a business or a trust is selected for audit by the South African Revenue Service, or if there is a dispute about an unfair tax re-assessment in terms of which SARS is demanding additional taxes, then tax risk insurance will appoint and pay for the team of top tax professionals to deal with the matter - ensuring a fair and favourable tax audit and dispute outcome. 

Tax Risk Insurance is underwritten by Bryte Insurance Company and administered by Tax Risk Underwriting Managers.

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Price
Business
from R249 per month*

For small to medium sized businesses. 
*Premiums dependent on Annual Turnover. 

Personal 
from R235 per month*

For high net-worth individuals.
*Premiums dependent on Taxable Income.

Trusts
from R199 per month*

For asset holding & trading trusts. 
*Premiums dependent on the Trust type.

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Who needs tax risk insurance?

Anyone who pays tax can be selected for audit by SARS. 

Even if your tax affairs are 100% in order and up-to-date, you can still be selected for audit by SARS.  SARS is looking for ways to increase tax revenues, and the number of tax audits increase every year.  And it's not only the tax evaders who are selected, but also anyone of the millions of law-abiding taxpayers who want no hassle with the taxman.  Defending a SARS tax audit and dispute can be complex, stressful and very costly. 

Taxpayers most at risk are:

SME businesses

High net-worth individuals

Trusts

Provisional taxpayers

What we cover

Tax Risk Insurance have access to a network of some of the most respected tax experts in private practice in South Africa.  When a policyholder is subjected to a SARS audit or related dispute, then Tax Risk Insurance will appoint and pay for the team of highly qualified tax experts to deal with the matter.

The team may include leading tax accountants, tax attorneys, tax specialist and even the policyholder's own accountants as may be required to ensure a fair and favourable tax audit and dispute outcome.

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Covered

- Tax audits.
- VAT disputes.
- Income tax.
- Capital Gains tax.
- Pay-as-you-earn.
- Dispute resolution hearings.
- Appeals to the Tax Board.
- Tax Court proceedings.

Not Covered

- The preparation and submission of your normal tax returns.
- Routine verifications and request for supporting information.
- Customs & excise taxes.
- Employment tax incentives.
- International tax and transfer pricing.
- Tax evasion  and non-compliance to tax laws.

Cover Limits

Indemnity limits are dependent on turnover for companies, and taxable income for individuals. These limits are listed here, on your insurance application form and on your policy schedule.

Claims excess

You are responsible for 10% of the claim amount with a minimum of R1 500.

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Each taxpayer must purchase his / her / its own policy. The policy covers only the one taxpayer named in the policy.  Should more than one person, business or trust require cover, then please submit a separate application for each.

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Application Form Buy cover
Online Download the
Information Brochure
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Administered by Tax Risk Underwriting Managers (Pty)Ltd.
Registration Number 2014/086896/07. An authorised financial services provider FSP 46467.

152 Bryanston Drive, Bryanston, Sandton, 2191
Phone: +27 (0) 861 473 738   Email: info@taxrisk.co.za 

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Underwritten by Bryte Insurance Company Limited. 
Registration Number 1965/006764/06. A licensed non-life insurer and authorised financial services provider FSP 17703.

Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Phone: +27 (0)11 370 9111   Email: info@brytetaxrisk.co.za 

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Address

Sable Corner, Bridgeways, Precinct, 15 Bridgeway, Century City, Cape Town, 7441

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© Copyright 2024 - All Rights Reserved - GS Financial Services is an authorised financial services provider FSP13271