The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia.
The five most common audit activity areas 1 July 2022 – 31 December 2022 were:
• Payroll Tax (All States)
• Employer Obligations (PAYG/SG/FBT)
• Income Tax (WRE)
• BAS (Pre & Post Assessment)
• ATO (Individual Excess Super Contributions)
Official reviews or audits of your client’s lodged tax returns, or financial compliance obligations can sometimes be unavoidable and can occur without warning. When an audit hits, it is rarely a reflection of the work put into preparing the return by the accountant but is more often due to a specific crackdown by the Australian Taxation Office (ATO) or other government revenue authorities.
These are the highlights from the five most common audit activity areas amongst accounting firms offering Audit Shield in Australia between 1 July 2022 – 31 December 2022:
CLICK HERE to download the report
Rod Spicer | Associate Director – Claims and Underwriting | Accountancy Insurance
- Audit Shield claims activity across Australia Jul-Dec 2022 - 30 January 2023
- Predicted ATO audit activity trendsfor 2021 & 2022 - 17 August 2021
- Tax audit claim stats all accountants in Australia will want to know - 14 July 2021
