INPRACTICE

For accountants in public practice

THE LATEST

It is fairly clear from the Fair Work Ombudsman's words and actions that we are in a new era of accountability.

What Fair Work breaches mean for accountants’ professional insurance

05 Apr 2018

Accounting firms are being fined as accessories when their clients break the law and exploit vulnerable workers. What does this mean for your firm’s professional indemnity insurance?

The changes aim to protect whistleblowers who often expose themselves to significant personal and financial risk.

Accountants reporting tax issues may be protected under whistleblower laws

06 Apr 2018

Accountants may soon have the option of reporting tax misconduct to the Australian Taxation Office (ATO) under proposed legislation that offers increased protection for whistleblowers.

Australia does have one of the more punitive bankruptcy regimes in the world, but it’s not the most punitive.

Australia’s bankruptcy laws are about to change. Here’s what that means.

06 Apr 2018

Proposed changes to insolvency laws, currently before Parliament, could see the bankruptcy discharge period in Australia reduced from three years to one. Critics, including CPA Australia, say proposed changes to bankruptcy laws will cause more harm than good. Here’s what you need to know.

Networking opportunities can benefit your practice, your career and you personally.

Why you should make time for professional development

04 Apr 2018

As a practising accountant, you know you’re short on time. You also know that it’s important to keep up-to-date with what is going on in your industry. Three CPAs explain why they think attending industry events is essential for practitioners’ continuing professional development – and how it will help you “sharpen your saw”.

ALL INPRACTICE ARTICLES

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Practitioners need to stay on top of any tax changes in order to correctly advise their clients.

The top 8 issues facing accounting practices today

18 Apr 2018

Constant changes to the tax system, hiring and retaining staff, and understanding the impact of technology on your practice – these are all challenges for the modern accounting firm. Here are eight of the top issues for public practitioners.

Critics say the gig economy is creating a new working poor of exploited employees.

The dark side of the gig economy: warning flags for accountants and finance professionals

10 Apr 2018

Powered by new technology, the gig economy offers flexibility for workers and employers, plus the chance to make some extra money, but these arrangements can fall foul of the law.

Accountants reporting tax issues may be protected under whistleblower laws

06 Apr 2018

Accountants may soon have the option of reporting tax misconduct to the Australian Taxation Office (ATO) under proposed legislation that offers increased protection for whistleblowers.

Australia’s bankruptcy laws are about to change. Here’s what that means.

06 Apr 2018

The ATO plans to issue new guidance on Everett Assignments, a form of income splitting, by June 2018.

Tax office takes on professionals over income splitting

05 Apr 2018

High-risk behaviour by professional firms has prompted a review of income splitting arrangements.

What Fair Work breaches mean for accountants’ professional insurance

05 Apr 2018

Accounting firms are being fined as accessories when their clients break the law and exploit vulnerable workers. What does this mean for your firm’s professional indemnity insurance?

Why you should make time for professional development

04 Apr 2018

An increasingly litigious and complex environment is driving the need for accountants and lawyers to work more closely together.

How lawyers and accountants can work together for the good of their clients

26 Mar 2018

Accountants and lawyers often need to work hand-in-hand to secure the best outcomes for clients. Here’s how two industry professionals manage the relationship.

New requirements in the Code of Ethics for professional accountants ensures practitioners respond in a timely way.

Why you can’t turn a blind eye to non-compliance by a client

02 Mar 2018

New requirements in the Code of Ethics mean that accountants may, in some instances, have to report client non-compliance with laws and regulations (NOCLAR).

Applying IFRS 16 will see profits affected by the financing effect, even if the underlying results stay the same.

The bottom line on leasing under IFRS 16

01 Mar 2018

IFRS 16, the new accounting standard on leases (AASB 16 Leases in Australia), will bring trillions onto balance sheets globally but putting it into practice has thrown up some complexities.

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The rewards for cybercriminals from gaining access to client records can be substantial, and no accounting practice is too small.

Why even small practices are cybercrime targets

02 Mar 2018

No accounting practice is immune to cybercrime or the damage it can cause. And the recent rollout of the Notifiable Data Breach (NDB) scheme now imposes significant penalties for failures to report breaches.

Getting the price right: the risk of underpricing is long hours for meagre earnings.

Price perfect: How to avoid being overworked and underpaid

30 Jan 2018

Deciding on what to charge a client might be a grey area, but knowing what you’re worth can be black and white.

An agreement between an accountancy practice and financial planner is a relationship like any other, so regular communication is vital.

5 tips for referring clients to a financial planner

17 Jan 2018

Referring clients to an appropriate financial planner can benefit all parties, but it is imperative that public practitioners apply due diligence to the process.

A licensed accountant should keep good records of the discussions they have with clients when providing SMSF services.

ASIC: How to help your clients set up an SMSF

15 Jan 2018

Since the removal of the accountants' exemption and the introduction of the limited Australian Financial Services (AFS) licence, accountants who provide self-managed superannuation fund (SMSF) services have taken a range of steps to adapt to the changes.

Don't slip up, learn how to ensure your client information is correct.

Understanding reasonable care

29 Nov 2017

In an era of heightened scrutiny from regulators, accountants and tax practitioners need to have a handle on their duty of reasonable care. Here are some steps you can take.

It is imperative that as professional advisers we seek to verify what we know and what we are told by clients.

Get client documentation right and avoid tax disputes

04 Aug 2017

Don’t take asset ownership at face value - reviewing documentation is integral to best practice in tax risk management and it sets the foundation for all that follows.