Just wondering if anyone knows whether we can take out our own insurance (instead of going through our Accountant's insurance) to cover any professional fees charged in the case the ATO chooses to audit Us and if so who your insurance is with?
Our Accoutant's firm is asking us (not mandatory) to pay $430/yr to take out this insurance. If we get audited, our Accountant will claim their professional fees from their insurance.
Our last accounting bill was around $10K so i'm thinking if we were audited, to fork out an additional $10K for them to prepare our paperwork and manage the whole process would hurt
Anyone mind sharing which insurance company they're with and your thoughts on whether you think its worth it or not?
Our Accoutant's firm is asking us (not mandatory) to pay $430/yr to take out this insurance. If we get audited, our Accountant will claim their professional fees from their insurance.
Our last accounting bill was around $10K so i'm thinking if we were audited, to fork out an additional $10K for them to prepare our paperwork and manage the whole process would hurt
Anyone mind sharing which insurance company they're with and your thoughts on whether you think its worth it or not?