Considering 2014 was the year of the horse according to the Chinese zodiac, the Australian Taxation Office and the other revenue and collection agencies around Australia seemed to have backed 2014 to be a big winner for them. A summary review of last year’s claims experience shows the team at Accountancy Insurance that activity has escalated from what could be described as a light trot to now being a full on gallop. The below figures provide an indication of audit activity of firms utilising Accountancy Insurance’s Audit Shield.
In the last six months that surrounded the end of 2014, claim payments of over $1,000,000 per month were paid not once, but twice. This reiterates the belief that audit activity is still on the rise and Audit Shield is an essential tool in providing protection from the unplanned professional fees.
With 2015 being the year of the goat, there is no doubt that there will be new challenges on the horizon. Let’s hope it does not include stubbornness from the revenue agencies.
If you would like to learn more about how Audit Shield can protect your firm and your clients, please contact Accountancy Insurance on 1300 650 758 or via email on enquiries@accountancyinsurance.com.au
Roman Kaczynski
Director – Accountancy Insurance
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