The Advertiser (Adelaide) 22/5/06
New audit assistance feature for landlords
AUSTRALIAN landlords can now cover themselves against the expense of a tax audit following the release of a new product feature from Terri Scheer Insurance.
Following the Australian Taxation Office's decision last year to focus on rental income and expense claim, the brokers developed the feature, which will cover landlords for up to $2000 in accounting fees related to their investment property if audited by the ATO.
This financial year, the ATO is expected to review 6000 rental income and expense claims that would lead to 3600 audits. "After learning of the ATO's plans to focus on audit activities on rental income and property investment, we reviewed our policies and developed the tax audit cover, "chief executive Terri Scheer said.
"Most landlords take care in managing property investments but this doesn't exempt anyone from having to undergo this potentially time-consuming and costly exercise.
"Ongoing policy development is a crucial factor in being able to deliver competitive cover that meets all landlords' needs."
