Claims for BAS reviews once again dominated the overall audit activity that Accountancy Insurance witnessed so far in 2013. The overwhelming number of claims came from BAS reviews, across all states as well as nationally in Australia, which follows the trend in recent years.
There has also been significant audit activity in the areas of Employer Obligation matters, and in the category of Individual Tax Return Related, which includes reviews, investigations, enquiries, examinations and audits of individual returns.
Claims related to Employer Obligations are particularly significant in terms of actual claim values, accounting for almost the same value of claims as BAS reviews. Although less significant in number, several categories feature as costly claim areas in value: Payroll Tax (all states), Superannuation Fund Reviews and Income Tax general claims. It is also interesting to compare the figures to the same period last year:
- The number of reviews focussing on excess super contributions has halved
- BAS reviews have reduced by 19%
- Foreign Source Income enquiries have risen significantly off a small base
- Significant rise in High Wealth activity, again off a small base
To protect yourself against the ever-growing threat of an audit, contact Accountancy Insurance on 1300 650 758 or visit www.accountancyinsurance.com.au for more information.
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