Does anyone have SMSF audit insurance cover? I have received an offer from my accountant. The insurance is provided by Vero (Suncorp subsidiary)
Basically for those who aren't aware of it, it covers (up to $10k in this policy) any professional costs associated in responding to Audit questions from the ATO. The cover doesn't automatically extend to me, however they add my account to the list of clients participating in this service. In the event that I am subject to an audit, the accountants will then see to claim their fee from the insurance company.
The cost is $360 (GST inclusive) and is apparently deductible.
Basically for those who aren't aware of it, it covers (up to $10k in this policy) any professional costs associated in responding to Audit questions from the ATO. The cover doesn't automatically extend to me, however they add my account to the list of clients participating in this service. In the event that I am subject to an audit, the accountants will then see to claim their fee from the insurance company.
The cost is $360 (GST inclusive) and is apparently deductible.
