As the dust settles over the momentum generated from the last financial year, I am keen to share with you the insights from a claims perspective. The team at Accountancy Insurance has compiled client data from the last financial year, which I am sure you will find interesting.
The 2014/15 financial year has seen record numbers of claim activity with growth in all sizes of business. Our statistics show that the Australian Taxation Office (ATO) has increased their activity in every category of client size with particular focus in the $1 – $3 million turnover range.
In the last financial year, every state grew in audit activity across our client base. ACT ranks in first position for the state/territory with the highest growth in activity at a 44% increase. Looking at other states, NSW activities have increased by 29.15% followed by SA at 24.58%, QLD by 17.70%, and then VIC and WA have grown by around 11.5% each. Tasmania has also seen an increase, albeit by only 5.88%.
Authorities are not particularly being specific by size of client nor are they overly specific in regards to location.
If you would like to learn more about current audit activity, please contact the team at Accountancy Insurance on firstname.lastname@example.org. If you elect, we can send the Accountancy Insurance biannual newsletter, What’s Happening, to you. The Spring edition will be sent in September.
Roman Kaczynski, Director, Accountancy Insurance
Accountancy Insurance provides Audit Shield, the tax audit insurance offering, to more than 2400 accounting firms across Australia and New Zealand. Australian based accountants also enjoy the comprehensive and tailored professional indemnity insurance offered by Accountancy Insurance. For more information please go to www.accountancyinsurance.com.au