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 that a few years ago, both Mry and DaleGG viewed such an insurance as a rip-off.
http://www.somersoft.com/forums/showthread.php?t=35715&highlight=audit+insurance
http://www.somersoft.com/forums/showthread.php?t=27032&highlight=audit+insurance
http://www.somersoft.com/forums/showthread.php?t=18111&highlight=audit+insurance
I must say that I am a bit skeptical about such an insurance policy also. In an event of an ATO audit, we have to produce all the records - not the accountant. Why should we pay for their time in attending the audit? Isn't it at the end of the day we are responsible for all the claims - the accountant only put them together? And, if there is anything dodgy we are the ones who bear the consequences and not the accountant.
We would appreciate your views on this, please? Thanks!
I have searched old threads in Somersoft forum and noted that a few years ago, both Mry and DaleGG viewed such an insurance as a rip-off.
http://www.somersoft.com/forums/showthread.php?t=35715&highlight=audit+insurance
http://www.somersoft.com/forums/showthread.php?t=27032&highlight=audit+insurance
http://www.somersoft.com/forums/showthread.php?t=18111&highlight=audit+insurance
I must say that I am a bit skeptical about such an insurance policy also. In an event of an ATO audit, we have to produce all the records - not the accountant. Why should we pay for their time in attending the audit? Isn't it at the end of the day we are responsible for all the claims - the accountant only put them together? And, if there is anything dodgy we are the ones who bear the consequences and not the accountant.
We would appreciate your views on this, please? Thanks!