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  1. They said accountants had no future, and they were wrong

    less suited to the ATO’s do-it-yourself system. The final percentage for agents may yet be broadly in the same ballpark as last year. Many people – myself included – worried that myTax could turn into the Uber of the tax world, the digital disrupter...

  2. Industry sees spike in firm sales

    level” there are more buyers than sellers in the market at the moment. He attributes this trend, which has spiked in the last five years, to accounting firms in particular struggling to master organic growth. “They’ve been growing by acquisition for...

  3. Uni hits out at national accounting education standards

    graduates and their future employers are looking for. Professor Guthrie noted that the new education standards introduced last year by the IFAC were of very high quality; however, whether they are being applied in an Australian context is an important...

  4. ‘New and significant’ merger for mid-tier

    a financial advice firm has joined its network, in a bid to up its national presence in the wealth management space. Late last week, HLB Mann Judd announced that Sovereign Plus has joined its Perth division of accountants and advisers. Sovereign Plus...

  5. New guidance looms for fixed entitlements

    is fixed, which can have a significant impact on tax outcomes for clients. Practical Compliance Guideline 2016/D16, released last week, outlines the factors that the commissioner will consider when deciding whether to exercise the discretion to treat an...

    • Type: Article
    • Author: Reporter
    • Category: Tax

  6. Most sought-after accounting services revealed

    years out from sale. Over 70 per cent of all SME purchases from accountants fell into one of these two categories in the last 12 months. “Sounding board” services involve regular meetings, on either a quarterly or monthly basis, where business risks,...

  7. Xero attributes losses to system changes

    of duplicate platform costs, as it transitioned from Rackspace to Amazon Web Services (AWS). This was largely in line with last year’s loss of $44.3 million over the same period, with Xero chief executive Rod Drury saying while the platform changeover...

  8. Digital businesses 8 times more likely to grow, research finds

    of the economy”, with small businesses making up two thirds of the economy and 280,000 new businesses started in Australia last year.

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

  9. Time-based billing? Time to move on

    having any confidence in using other methods like value-based pricing. Value pricing is a strategy that’s appeared in the last couple of years, referenced by leading experts all over the world, such as Ron Baker (director, VeraSage Institute, USA), Mark...

  10. CPA boss remains bullish despite slow licence take-up

    advisers at various stages of the on-boarding process”. “Since announcing our intention to establish CPA Australia Advice last year, we’ve been developing our business structure, getting our team together and working through the intricacies of our...

    • Type: Article
    • Author: Linda Santacruz
    • Category: Regulation

  11. ‘Just days left’ until crucial compliance deadline

    June deadline; however, we will not be granting any further extensions for businesses who have not implemented SuperStream.” Last month, a survey by MYOB found there was confusion in the marketplace about SuperStream. “The ATO has announced big changes...

  12. ASIC tells accountants: expect delays until 2017

    the longest transition period that we’ve ever had for a regime like this and we received 66 per cent of applications in the last four months,” Mr Day said. “We put very public notices out that we wanted people to apply by the end of March this year. If...

  13. KPMG continues start-up program for energy sector

    innovative start-ups in the energy and natural resources sector with industry leaders who can help fund their projects. Last year the program saw $650,000 in capital delivered to eight Australian start-ups. According to KPMG, the 12-week program is...

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

  14. Holes remain after SMSF loans tax determination

    with unusual assets continue to face obstacles in ensuring compliance, despite the release of a recent tax ruling. Last month, the ATO further clarified its position on LRBAs and related-party loans through TD 2016/16. You can read about the TD in full...

  15. Beware, the ATO is on the hunt for lifestyle assets

    art, marine vessels, aircrafts, enthusiast motor vehicles and thoroughbred horses. The ATO will review these assets for the last two financial years based on the following nominated asset threshold: • Marine vessels – over $100,000 • Aircraft – over...

  16. Accountants have ‘lost the art of organic growth’

    have lost the art of organic growth. They’ve been in an environment where growth has been force-fed on them for probably the last three decades. So their ability to go out and grow business and grow clients hasn’t been something that has been a high...

  17. Shifting client base triggers compliance warning

    he said. “I think a lot of accountants don’t know how to have a conversation with people and they just do what they did last year, there’s no value-add,” he told AccountantsDaily. Mr Ratcliff noted that most accounting firms are still content with their...

  18. Government warned on ‘compliance logjam’ with tax changes

    “The draft legislation anticipates that on or before 1 July 2017, people will know their superannuation balance down to the last dollar,” the SMSFOA said. “However, for self-managed funds in particular, it can take months for the trustees and the fund’s...

    • Type: Article
    • Author: Reporter
    • Category: Tax

  19. Big four firm flags fee shake-up

    space will see further changes to its traditional fee structure and the interfaces it uses for client service provision. Last week, KPMG marked its official entry to the professional services software market, heralding a shift in focus around innovation...

  20. Accountants’ cloud lag hits software provider

    are transitioning to cloud-based systems. “Accountants are always busy, they have their head down, doing what they did last year. Finding time to embrace change, finding time to look at new systems and put new things in place, is hard for them to do,”...

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