As the case for an alternative business model for accounting firms becomes more compelling, traditional partnership arrangements in public practices are being challenged.
For businesses of all kinds, having to pay for regulatory oversight is not new. But price hikes levelled at some practitioners by ASIC have led to a lot of ire in the sector and raised serious questions about whether they are justified.
Practitioners should be fully cognizant of whether or not they hold a binding death benefit nomination on behalf of an SMSF member.
In the current economic climate, many practitioners might find it hard to justify increasing their fees, but with a little care it is possible.
The Australian Taxation Office is calling on accountants and tax agents to help combat fake tax debt scams involving cryptocurrencies such as bitcoin.
Informed consent is not new to financial advisers, but a new exposure draft is raising questions.
New reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers.
Are you providing personal advice to retail clients on superannuation including SMSFs, life insurance, personal insurance and investments? Practitioners who are licensed financial advisers or employ advisers in their practices should be aware of the coming new professional standards framework.
In August 2016, the Australian Securities and Investments Commission (ASIC) started a new project to test how effectively the new accountants' limited licensing regime was working, and to identify any systemic problems in the industry. Here are the findings.
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.
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 may soon have the option of reporting tax misconduct to the Australian Taxation Office (ATO) under proposed legislation that offers increased protection for whistleblowers.
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.
High-risk behaviour by professional firms has prompted a review of income splitting arrangements.
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?
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”.
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 mean that accountants may, in some instances, have to report client non-compliance with laws and regulations (NOCLAR).
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.
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.