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I don't understand why we have to pay insurance to protect the accountants, while they should have their own professional indemnity!

Theo: I can't answer your question about HDTs and the likelihood of them being targeted by ATO for audit. I am a small investor and always try to keep it simple. And, one thing DaleGG said in his books which stays with me is to get into the habit of good record keeping (even though it is...

Just a general thanks to all the forumites who have contributed your views through your answers on my question regarding audit insurance. Appreciated the different viewpoints and explanations - which help me in affirming my own view!

Hi Coastymike Thanks for your further views in that audit insurance may not be necessary for small investors (which I consider myself to be one). If I understand correctly from your explanation that, in an event of an ATO (and having no audit insurance) I should be able to say to my...

Just received letters from accountant offering us the Audit Insurance (or Audit Protection Service) for between $200 to $300 annual premium - covering maximum $10K of accountant fees in attending an ATO audit, review or investigation. I have searched old threads in Somersoft forum and noted...