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TCF eases cost burden on smaller agents
Australia’s Travel Compensation Fund (TCF) has announced an initiative that means many smaller agents will no longer have to pay audit fees when annually renewing TCF participation.
The change to the renewal process applies to existing TCF members with annual turnover of $1 million or less.
The changes to the TCF Financial Criteria, to be run initially for the 2011-2012 renewal year, will mean approved TCF participants will, after their first annual renewal, no longer be required to have their financial statements audited and Annual Financial Review (AFR) signed off by a registered company auditor.
Instead, agents will only need an accountant in public practice to prepare and verify the financial information they lodge with the TCF.
TCF participants with an annual turnover of $1 million make up about 30 percent of the 3200 agents in the TCF.
Based on the accounting and audit costs reported to the TCF, the savings could be as much as $2,000 depending on the particular accounting and audit arrangements of each eligible participant.
The TCF Board, in approving this initiative, said it believes that the reduction in compliance costs through relaxation of audit requirements will not materially reduce the quality of the financial information provided to the TCF, or increase the risk of agent collapses and claims on the TCF.
TCF participants with annual turnover of $1 million or less make up only eight percent of total compensation claims over the last 10 years.
TCF chief executive, Glen Wells said, “The travel agent sector of the Australian travel industry is in a sound financial position and equipped to meet the challenges and market fluctuations.â€
Ian Jarrett
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