Accounting body predicts key 2017 trends

One major accounting body has outlined the trends it believes will affect the tax and accounting landscape in Australia this year, including on the digital and regulatory fronts.

Speaking to Accountants Daily, Rob Ward AM, head of leadership and advocacy at Chartered Accountants Australia and New Zealand, said he believes 2017 will see the ATO progress its “ambitious” tax system modernisation plans.

However, he believes that getting meaningful tax reform legislation through parliament will be challenging and problematic.

“But any tax crackdown on large company and wealthy individual tax planning is likely to be supported,” he said.

The use of data analytics will continue to grow “in many functions”, Mr Ward said.

“In-house for many organisations assisting the CFO in decision-making; in practice providing advisory opportunities, such as more of a virtual CFO role, and also within the external audit function,” he said.

In-house finance teams will also continue to explore new areas, such as robotic process automation, Mr Ward believes.

Finally, he said superannuation will be a significant focus area in 2017, as some of the biggest changes to the super system in recent memory have now passed into legislation.

“Our many members involved in this space will be hard at work during 2017 transitioning to the new super landscape,” he said.

 

 

 

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