I closed down my SMSF earlier this year after basically leaving the money on deposit for the year the SMSF was in existence. I'm 66 and just wasn't comfortable with the risk, cost and crap involved, much happier back the way it was with no super and my money on deposit and simple. The accountant offered me insurance against the cost of an ATO audit which I declined.
Now they have sent me a second follow up letter asking me to sign a letter enclosed declining that insurance BUT it has a clause which states "You acknowledge that you will be excluded from the coverage the service provides and will be charged seperately for any professional fees and/or costs that may occur in the event of any audit activity by the Australian Taxation Office[ATO] or any other government body."
Once again I haven't signed and returned it since I suspect that clause could make me liable to pay their costs as a business being audited rather than them.
Am I correct?
