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  1. SMSF audits set for change

    transactions have occurred, chief executive of Engage Super Audits Jo Heighway said at a SPAA state chapter event in Sydney last week. “That means effectively our advice is almost way too late to even be relevant to anybody. Real-time information is...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Super

  2. Senator warns FOFA move will hurt financial services

    warned of the costs of legislative uncertainty for the financial services industry following yesterday's FOFA disallowance. Last night a motion disallowing the government’s bill amending FOFA passed through the Senate, having been knocked back by the...

    • Type: Article
    • Author: Aleks Vickovich
    • Category: Regulation

  3. Two-speed economy hitting SMEs, says MYOB

    confidence in their revenue performance, business operators have reported increasing pressure on their operations over the last five years. The survey highlighted a number of leading pressures like fuel prices, cash flow, price margins and the timing of...

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

  4. Walker Wayland partners with IP experts

    be a major asset to a business." The arrangement is the latest in a series of strategic partnerships for Walker Wayland who last year partnered with online legal document provider Law Central, energy sustainability consultants Pangolin Associates, risk...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business

  5. Deloitte stresses 'mounting' client retirement risks

    access to deferred or lifetime annuities, Mr Mason said. “At retirement [retirees] get a lump sum which they need to make last for the rest of their lives. But how long will that be? No one knows. A system that required retirees to purchase a deferred...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Business

  6. EY report sheds new light on cybersecurity threat

    happen to us all. “The genie is out of the bottle – and we can’t put it back, we all have to learn to adapt or perish.” Last month, PwC highlighted the “severe and present danger” of cyber risks pertinent to accountants, including those in small...

    • Type: Article
    • Author: James Mitchell
    • Category: Business

  7. TPB flags further ‘significant’ budget cuts

    see a “significant reduction” in the TPB’s operating budget, according to its annual report which was tabled in parliament last week. The TPB’s new allocation is $14.319 million, a reduction of $2.677 million from the previous year. “These new budget...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Business

  8. Key Bill for CAANZ amalgamation passes

    The Accounting Infrastructure Reform Bill passed its third reading last week, paving the way for Chartered Accountants Australia and New Zealand to officially amalgamate. Part of the bill is an amendment to the NZICA Act 1996 which allows the two...

    • Type: Article
    • Author: Staff reporter
    • Category: Business

  9. ATO annual report flags collectable debt struggle

    by 4.8 per cent in 2013/2014 compared to 2012/2013 the ATO stated in its annual report, which was tabled in parliament last week. In 2013/2014, the inflow of new debt continued to outpace improvements in the ATO’s debt management performance, the ATO...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Regulation

  10. Preparing for the inevitable

    for the vast majority of professional accountants who are currently unlicensed, they’ve actually made this decision over the last 10 years to not be licensed. So, we never had an expectation that once the transitional period came into play, that there...

  11. Accounting firm talks up family trusts

    an ideal tool for multi-generational wealth transfer while SMSFs, on the other hand, must be wound up on the death of the last member, which can also raise tax issues,” he said. “It also means assets held by an SMSF must be sold, and if the family...

    • Type: Article
    • Author: Staff reporter
    • Category: Business

  12. ASIC warns accountants against ‘licensees for hire’

    professor said that the regulator’s “previous experience” with transition periods indicates many may wait until the last possible moment to make a firm decision on licensing options. “I wouldn’t be surprised if there was a rush at the end,” she said. On...

  13. Wealth group sees surge in accountant enquiries

    an interest point for an accountant,” Mr Musgrave said. “We were initially focusing solely on mortgage brokers, but in the last couple of months we have been starting to move into the accounting profession,” he said. “We now have a number of accountants...

    • Type: Article
    • Author: James Mitchell
    • Category: Business

  14. Tax agents defy industry gloom

    is all despite an estimated 500,000 taxpayers being removed from the tax system since the increase in the tax-free threshold last year, the accounting network said. Regional director of H&R Block, Mr Frank Brass, said “There is no doubt the message is...

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

  15. ATO issues warning on offshore income

    Australia’s tax system, taxpayers who voluntarily come forward and disclose before December 19 will only be assessed for the last four years, only be liable for a maximum shortfall penalty of 10 per cent, and will not be referred for criminal...

  16. BDO names five new partners

    be a part of what we are building here at BDO.” According to Mr Brant the Melbourne firm has seen considerable growth in the last 12 months with the tax practice growing by 10 per cent, while a new forensic services division has been created. This new...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business

  17. ATO warns accountants they face $500m shortfall

    according to ATO second commissioner Geoff Leeper. Speaking at the Accountants Technology Showcase Australia in Melbourne last week, Mr Leeper warned accountants to move away from offering tax compliance services and concentrate on offering their...

    • Type: Article
    • Author: Michael Masterman
    • Category: Regulation

  18. MYOB buys into ERP provider

    division said the investment was a natural progression following a successful partnership between the companies over the last year. “Before partnering with Acumatica, we reviewed technology platforms around the world for the ideal solution that would...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business

  19. The key to raising responsible owners of wealth – part 2

    Last month we discussed the challenges of raising the next generation to ensure they are prepared for all that wealth provides. This month we will explore the principles and tools that can help find the balance between providing the next generation...

  20. Deloitte announces latest big name recruit

    challenging crisis response and reconstruction projects. He received the national Award for Planning Excellence in Australia last year and is a member of the World Bank’s Global Facility for Disaster Reduction and Recovery technical advisory group.”...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business
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