Tuesday 26th April 2016

Audit Activity Increase

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There has been a noticeable increase in Federal and State based revenue office's audit activity.

Payroll tax audits are on the rise and the incidence of ATO Superannuation Guarantee reviews and audits continues to increase with a common theme in the claims being that they are often being instigated by disgruntled employees and contractors 'dobbing in' the employer to the ATO for unpaid superannuation entitlements.

The Fair Work Ombudsman continues to ramp up their audit campaigns against employers not paying the correct wages and entitlements to employees in a number of industries translating to an increase in these claims.

We highly recommend that you consider audit insurance coverage for your business.

 

Source: Accountancy Insurance Issue 16

 

 

 

 

 

Disclaimer:The advice and information provided is not ‘financial product advice’ as defined by the Corporations Act. Tactica Partners is not licensed to provide financial product advice and taxation is only one of the matters that you need to consider when making a decision on a financial product. You should consider seeking advice from an Australian Financial Services licensee before making any decisions in relation to a financial product.

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