First of all, just a reminder that the new House of Wealth sharemarket game, for Q2/2010, started today. The last round was great fun, with one of our new clients managing to overhaul my profits in the final stages of the game to claim the win and leave me in second place, for the second time in a row. Andrea & Stephen rounded out the top 3, after winning the Q4/2009 series, which is a brilliant effort on their part, too.

It’s a great way to learn how the market works before risking too much skin in the real world. In the next couple of days, we’ll be talking to Andrea & Stephen about their investing strategies and ideas, so that you can learn from their proven methods as well. So, if you’d like to play this round, please contact Dannielle and she’ll get you hooked up.

Moving on;

Audit insurance is quickly becoming more and more common in the accounting industry. In short, it’s (yet another) form of insurance that you can pay for, which is supposed to cover your accounting fees in the event of an audit from the tax office.

To be perfectly honest, in most cases… it’s a rort. Waste of money; consider donating it to charity instead.

For most investors that we deal with, the cost is likely to outweigh the potential benefit. Full-blown audits are relatively rare, as the tax office data-matching and analysis often means they know the answers before having to ask the question. Usually, the inquiry is a simple question that is dealt with quickly and easily. And so if there are any accounting fees necessary, they’re usually quite small.

Provided, of course, that the client has their records in good order.

Do you?