Self Managed Super fund - ATO audit insurance

[SilverSanchez]

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.

 

[Arsenal]

The ATO is offering insurance against the cost of 'their' audits???

 

[kram]

it's only the GST component post audit total they're sponsoring, the least they can do

 

[SilverSanchez]

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]

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?

 

[skipau]

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.