Tax audit insurance claim trends affecting accountants in 2021-22.



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In this webinar, Rod Spicer, Associate Director of Claims and Underwriting, and Roman Kaczynski, Director of Accountancy Insurance alongside Peter Johnson from Advisers Digest, will discuss the claim trends that the Accountancy Insurance Claims Department have identified between 1 July 2021 - 30 June 2022.

Synopsis:

As an accountant, you are acutely aware that when an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation Office (ATO) or other government revenue authorities.

You can undertake every due diligence there is but the ATO or other State Revenue Authorities have advanced data matching technology and even artificial intelligence to check your client’s tax returns and compare disclosures made in them to those of other taxpayers or benchmarks.

These are designed to find discrepancies in a lodged return, and they have been proven to work very well. This inevitably leads to more audits and reviews.

In this webinar, you will hear about the proportion of claims of Audit Shield clients in several of the most prevalent claim areas such as reviews and audits of Employer Obligations (PAYG/SG/FBT), Income Tax, ATO (High Wealth), Payroll Tax Investigations, BAS (Pre & Post Assessment), Income Tax (Rental Property), and more.

This represents a group of almost one million Individuals, Businesses and Self Managed Superannuation Funds participating in Audit Shield.

Learning outcomes:

Learn the most frequent claim types by the ATO and other State Revenue Authorities for 2021/22 through the Audit Shield portfolio in Australia.

Describe what the ATO and other State Revenue Authorities’ audit activity looked like over the last 12 months to 30 June 2022.

Identify whom the ATO and other State Revenue Authorities are auditing (based on the type of claims received). Such examples of audit activity areas elaborated upon will include:

Employers who fail to pay their employee superannuation guarantee contributions on time or not at all

Individuals not properly claiming deductions

High Wealth Groups that fall into the ATO “Next 5000 Streamlined Assurance reviews” campaign

Review claim expenses related to capital works, depreciable assets, repairs, maintenance, and other rental property related expense claims

Consider the benefits of Audit Shield and the value in additional tax & SMSF training with Advisers Digest.
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