Just putting it out there within us peoples here if anyone pays for the Subject Matter Professional fees re protection annually.
The services protection is quite wide within it's content of cover re costs incurred for the Accountant to take over and represent totally with any relevant Gov Agencey. It includes all previous business tax return lodgements.
Its a service offered by my Accountant's Business and get offered and posted in a professional format every year, like right now.
Cost is not much for say $10,000 in professional fee's. I have declined the offer every year since I've started doing this game, but now think it may be worth while.
Yes my book keeping is immaculately filed in Hard Copy Format and imputed into MYOB to a highly accurate and confidently administered level thanks to a MYOB bookkeeper who taught me at home, plus Wendy here within the forum. I could afford the cost of the Accountant if not insured, but its the Peace of Mind thing too.
Over the previous two years I've consultant the Accountant for a few simple queries, couple business related and two personal and paid dearly for the advise.
Also had the ATO send a couple letters to my Accountant two years ago for things out of my control re BAS that I was unable to get ATO to assist with after many written requests. That cost me again just for the two way correspondence in accountant fees.
Figured, if do this Mowing thing for say for a further max 8 years. The Protection fees would be bugger all in the scheme of things to cover and even if the fees were paid for two years after I retired to cover anything.
Anyone out there have this cover???