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  1. Accounting bodies speak against franking credit proposal

    is no investment that guarantees you a profit or a return so we can’t guarantee that what investors have received over the last decade is going to continue unfettered into the future. “Certainly if you’re already retired you have very limited options...

  2. ‘Biggest structural reform’ to SME finance gets thumbs up

    has welcomed the government’s introduction of a new small business financing scheme off the back of its lobbying efforts. Last week, Treasurer Josh Frydenberg announced that the government would introduce a $2 billion Australian Business Securitisation...

  3. 40k funds to face compliance scrutiny for non-lodgment

    Dana Fleming said the Tax Office would be dealing with about 39,000 non-lodging SMSFs following its work with such funds last year. “I can’t emphasise how seriously we take the lodgment obligation to lodge an SMSF's return annually – this provides us...

    • Type: Article
    • Author: Jotham Lian
    • Category: Super

  4. Foreign qualifications get the nod in new education guidance

    between 2016 and 2018, making December this year the final deadline. FASEA’s latest round of guidance was released on Friday last week, you can read about how it impacts accountants here. [email protected]

  5. New platform capitalises on accountants’ AFSL woes

    OpenInvest platform, which facilitates retail investor access to a market of fund managers, launched at an event in Sydney last night. One of its co-founders, former Praemium director Andrew Varlamos, said the concept was partly motivated by an advice...

  6. ATO defends ‘front door’ program

    to interview certain trustees, to ensure the integrity of the sector is upheld. Speaking at the SMSF Summit in Melbourne last week, ATO assistant commissioner Dana Fleming said the agency’s “secure the front door” program, a compliance program used at...

  7. TPB confirms rego termination for jailed agent

    it terminated the registration of the Sydney tax agent jailed for tax fraud and money laundering ahead of his sentencing. Last week, the Sydney District Court sentenced Md Zahidul Kabir to five years in jail after being convicted of taking more than...

  8. Passwords a ‘scary’ weakness in accounting firms

    for various platforms, or using autofill passwords is catching out even the most cyber safe accounting firms. As reported last week, the legal, accounting and management services sector provided the OAIC with the third highest number of data breach...

  9. Accountant steps up in Melbourne Bourke St tragedy

    raised by the general public for the Melbournian man who helped confront the Bourke Street attacker with a shopping trolley last week. Michael Rogers, who is believed to be homeless, attempted to help police officers by confronting the knife-wielding...

  10. ASIC reveals reasons behind insolvencies in FY17-18

    Inadequate cash flow and poor strategic management of business were the biggest causes of failed businesses in the last financial year, with over 5,000 reports alleging insolvent trading. Small to medium size corporate insolvencies dominate external...

  11. Why courage is the backbone of audit

    Last week, over 6,000 finance and accounting professionals from around the world came together in Sydney to discuss the key global challenges and opportunities affecting the profession, including what audit means in today’s modern business environment....

  12. North American interest boosts strong M&A results

    led to a valuation increase for Australian assets, creating increased competition for Australian PE firms,” said Mr Sonego. Last week, EY’s Australasian Capital Confidence Barometer found that a record 99 per cent of Australian executives believe the...

  13. ‘Name and shame’ proposal for tax dodgers cops backlash

    and entities connected to illegal phoenix activities has its merits but more needs to be done, says industry voices. Last week, Labor announced that if it came into government, it would introduce measures to allow the commissioner of taxation to “name...

  14. New payment time review underway

    Education Michaelia Cash for advice on the effect these payment practices are having on small and family businesses. Last year, the ASBFEO released its final report on payment times, finding that Australian and multinational companies are increasingly...

    • Type: Article
    • Author: Reporter
    • Category: Business

  15. Opportunity for accountants as financial advisers reach ‘distrusted’ rating

    opportunities to accountants giving advice. The 2018 Financial Advice report by Investment Trends has revealed that over the last 12 months, trust levels have fallen most severely for banks and financial planners to below five out of 10, and into the...

  16. MYOB draws battle lines with Xero as results released

    figures for 2018 have given MYOB confidence in “grabbing market leadership”, according to its chief financial officer. Last week, Xero saw its net loss for the six months ended 30 September 2018 widen to $NZ28.6 million, up from $NZ19.6 million from the...

  17. ATO joins new challenge in offshore tax fraud mission

    The ATO participated in a joint data challenge last week as it seeks to identify and develop new techniques and methods to combat tax evasion across international boundaries. As part of the J5, a global tax enforcement alliance between the UK, US,...

  18. Accounting features heavily in new OAIC data breach figures

    and finance industries continue to feature in the top three sectors reporting the most number of data breaches in the last quarter, according to the latest quarterly statistics. The legal, accounting and management services sector provided the OAIC with...

    • Type: Article
    • Author: Reporter
    • Category: Business

  19. Federal Court dismisses tax agent appeal

    a decision by the Federal Court to dismiss the appeal of a tax agent who was rejected from renewing his registration. Last week, Justice Logan of the Federal Court dismissed the appeal by Philip Ham, upholding the Administrative Appeals Tribunal (AAT)...

  20. IPA boss gets raw on mental health of clients, accountants

    the appropriate tools and systems that enables us all to address this trend,” he said. The findings to date In November last year, the IPA released research indicating 85 per cent of small businesses found engaging an accountant significantly reduced...

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