Self Managed Super fund - ATO audit insurance

Discussion in 'Superannuation' started by SilverSanchez, Mar 8, 2012.

  1. SilverSanchez

    SilverSanchez Active Member

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    Just got a letter from my tax man, saying that the ATO are increasing their rate of auditting tax returns and businesses etc etc

    They are offering insurance against the costs of an audit, 300 bucks per year through Vero. They call it Audit Shield - anyone else have more experience of this.

    Sounds like a wise choice on the surface.
     
    SilverSanchez, Mar 8, 2012
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  2. Arsenal

    Arsenal New Member

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    The ATO is offering insurance against the cost of 'their' audits???
     
    Arsenal, Mar 8, 2012
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  3. kram

    kram New Member

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    it's only the GST component post audit total they're sponsoring, the least they can do
     
    kram, Mar 8, 2012
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  4. SilverSanchez

    SilverSanchez Active Member

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    No, its Audit Sheild insurance through my tax man underwritten by Vero Insurance Ltd

    The insurance covers the cost of an ATO audit - not the normal yearly tax audit - this is the ATO random audit/investigation where they go through everything with a fine tooth comb to expose dodgy practices.

    This extra can incure significant extra costs.

    So no one has random ATO investigation insurance? No-one has heard of this?
     
    SilverSanchez, Mar 8, 2012
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  5. SilverSanchez

    SilverSanchez Active Member

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    Anyone heard of the new ATO system giving them access to client records from centerlink, ASIC and banks? They call it on the streets BigBrother system?

    Noone who is a SMSF has heard of this?
     
    SilverSanchez, Mar 8, 2012
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  6. skipau

    skipau Member Silver Stacker

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    When I got my first rental property I took out this insurance for the first coupleoif years whilst I learnt the ropes etc. I thought it was good value for money.
     
    skipau, Mar 8, 2012
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