澳洲Australia property Audit shield service. Sydney

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I've been sent an audit sheild application form from my accountant Is there a benefit in this type of insurance for a person with a few IP's and normal salary Is this just for larger investors businesses
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I first got sent one of these 15 years ago IMO it's just a way for them to earn more from you If you don't reply they keep sending reminder notices With two companies, I've only had one audited in eight years- although that was for GST rather than for tax We were building a shop and paid out fat more in GST than we collected Costs were around $300 Find out what it costs, and put that same amount each year into an offset fund just in case you do get audited Always make sure your paperwork is complete and that you have claimed fairly and within the law Keep those records at hand for the minimum time required by law at least (is it seven years) That way if you do get audited it will not cost too much and you'll come out clean
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Paul Hmmm I'm an accountant who has been approached to sell this service Can assist small-medium businesses as a audit can be very time consuming and very costly in record extraction and legal adviser support This insurance has a high commission paid to the accountant That is a turn off to me I wouldnt offer it to small clients ever I shouldnt charge a client to risk manage their risk I should advise risks down in my view That risk management is one of the differences between a quot;goodquot; v quot;badquot; accountant For example solid substantiation review is not the taxpayers problem It becomes my problem if I ignore the risk to the client If your consider your deductions are 100% legit and havent pushed boundaries as a IP owner an audit enquiry would be VERY minimal cost ie ATO might ask for loan statemnets, agent statements and some repair invoices and proof of them being paid I would think its a waste of $$ to insure what may take an hour if your affairs are organised If you are non-compliant and pushing deductions to limits (ie no substantiation) then that risk is NOT insured anyway It doesnt cover your recklessness Perhaps your accountant is sending the wrong message He is selling insurance that earns him a commission that also pays his fees if you get audited Should he minimise this for the fee already paid
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Hi Paul - great take on this, I agree completely as will your clued on customers FWIW, my last accountant offered me this This is part of the reason why I'm not with them anymore This insurance is basically a scam to me, just like credit card protection insurance and the like
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It just seems like a waste of money The real money from an ATO audit is not the actual cost of complying with the audit - it's the penalties that flow from the audit itself
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I have ignored invitations to buy into this service in the past, but decided to take them up on it this year - pure gut feeling Our affairs are quite complex, and the chance of being audited is high, despite the fact that I am diligent about keeping things on the straight-and-narrow And whadaya know - the ATO did a review of our foreign earnings not 4 months later So I was happy I had the insurance which has paid for itself this year cheers
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Accountants The other warning is an accountant offering schemesOften disguised as a tax benefit investment such as foresty, mangoes, emu's, etc etc I havent seen one that works without tears somewhere along the line If it comes with a tax ruling or a Barrister opinion its first sign of trouble !! Only winner is the person who receives upfront kick backs - The adviser Sadly the FOFA reforms didnt go further and ban accountants from promoting sales of non-financial products as quot;investmentsquot; Example IP's for a SMSF If any 'investment' is offered it should be caught by FOFA Imagine I will get flaming posts attacking that view I'm independent and proud of it We hold SMSF Seminars + Aged Care Seminars Make a very clear point of explaining we NEVER sell anything Not now Not later We may advise on property investing but dont sell and refuse commissions
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Definitely a waste of money for a salary and wage earner with a couple of IP's As mentioned above your money and time is better spent organising your records Any audit should take two hours at the most of your accountants time This is different when you operate a business, if larger and more complex the audit costs can rack up into the thousands very quickly
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Do accountants need to declare the commissions they get from this like financial planners have to declare everything
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Accountants are supposed to IF they are a member of a professional body The Tax Practitioners Board doesnt address this for tax agents however A lawyer who practices in tax may not have a similiar obligation however Who do you trust more
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