Accounting Services
Browse the latest accounting developments, trends, standards and opportunities in the Australian Accounting industry from accountants and accounting associations on Top4 News.
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Non-aligned dealer group hunts for accountants

Non-aligned dealer group hunts for accountants | Accounting Services | Scoop.it

A Sydney-based dealer group is looking to attract experienced SMSF accounting specialists to the network via a new licensing package.

 

Libertas Financial Planning director Mark Euvrard said the offer would appeal to many accountants who are looking for an independently-owned and non-aligned licensee with no product ties.

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Advisers don't want this superannuation windfall

Advisers don't want this superannuation windfall | Accounting Services | Scoop.it

Proposed changes to superannuation in the federal budget will produce a windfall for advisers. But many say it is not the type of work they are looking for.

 

Wealth advisers and accountants have been bombarded with inquiries from concerned clients, although they have little to offer in the way of answers, with so much of the devilish detail missing.

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ATO targets self-managed super fund tax dodge

ATO targets self-managed super fund tax dodge | Accounting Services | Scoop.it

The Tax Office has in its sights an emerging tax avoidance tactic being taken up by self-managed superannuation funds.

 

In its latest taxpayer alert, the ATO warns trustees not to churn what is known as personal services income through an SMSF in an attempt to pay little or no tax.

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Tax cuts, reef and highway projects in Turnbull's make or break budget

Tax cuts, reef and highway projects in Turnbull's make or break budget | Accounting Services | Scoop.it

Tax cuts come to Queenslanders earning over $80,000 in Tuesday's federal budget and they are also likely to see $200 million to widen the congested Ipswich Motorway from Darra to Oxley and $168 million for the crammed Pacific Motorway.

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IBAC recommends changes to public accounting after millions stolen from government department

IBAC recommends changes to public accounting after millions stolen from government department | Accounting Services | Scoop.it

Corruption investigators have recommended sweeping changes to public accounting after finding the Department of Education has been defrauded of several million dollars.

 

The report by Victoria's Independent Broad-based Anti-corruption Commission (IBAC) found at least $6 million was stolen from the department in suspicious transactions

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PwC wins $25m NSW Treasury deal

PwC wins $25m NSW Treasury deal | Accounting Services | Scoop.it

Professional service giant PricewaterhouseCoopers has secured a $25.5 million NSW government contract to overhaul the state's finance functions by 2017.

 

The deal is billed to be one of the biggest financial governance transformation programs in the country based on the $70 billion annual budget administered by NSW Treasury.

 

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Victorian businesses urge payroll tax reform in state budget

Victorian businesses urge payroll tax reform in state budget | Accounting Services | Scoop.it

As Victorian Treasurer Tim Pallas prepares to deliver his second budget on Wednesday, business leaders are urging him to focus on the two Ps - productivity and payroll tax.

 

"We have been encouraging them to look at how they can improve productivity, whether it be through infrastructure development, because that is such an important area, or skills training," said Tim Piper, Victorian Director of the Australian Industry Group.

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PM urged not to cut taxes in 2016 Budget

PM urged not to cut taxes in 2016 Budget | Accounting Services | Scoop.it

Former Reserve Bank governor Bernie Fraser has signed the letter, along with a range of economists and legal experts.

 

The full-page open letter in Fairfax press is addressed to Prime Minister Malcolm Turnbull.

 

It urges him to consider the pursuit of equity and fairness and argues collecting more tax would make Australia a better place to live and work.

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Why the AFP wants you to know about "drift netting" attacks

Why the AFP wants you to know about "drift netting" attacks | Accounting Services | Scoop.it

The Australian Federal Police has coined a new term for a specific type of phishing attack targeting human resources and payroll platforms, revealing a rise in successful "drift netting" attempts over the past year.

 

Speaking to the Australian Cyber Security Centre conference in Canberra today, AFP cybercrime operations team leader Scott Mellis revealed how attackers are infiltrating payroll systems to exfiltrate money for mules.

 

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Pay rise tipped for accountants in 2016

Pay rise tipped for accountants in 2016 | Accounting Services | Scoop.it

New research indicates a significant chunk of accounting professionals can look forward to a 2016 pay increase, with accounting roles in high demand.

 

As part of the recruiting firm’s annual salary guide, Robert Half indicated that 66 per cent of Australian CFOs plan to increase salaries for their existing accounting and finance employees in 2016, due largely in part to overwhelming demand for highly skilled professionals.

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Accountancy firm muscles into Perth legal space.

Accountancy firm muscles into Perth legal space. | Accounting Services | Scoop.it

EY Oceania’s move to take over a specialist tax law practice in Perth is the latest play by accounting firms to gain market share in legal services.

 

The accountancy giant has brought on partner Chris Smailes of the newly acquired tax law firm Norton & Smailes to establish EY Law in WA.

 

He is joined by partner Daniel Fry, directors Richard Norton and Alan Krawtiz and supported by 14 new professional staff.

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Five ideas to help fix Australia's tax system

Five ideas to help fix Australia's tax system | Accounting Services | Scoop.it

The federal fiscal bargain will always be a dynamic process. But we can re-set parts of our institutional framework to improve it.

 

Here’s an idea: share income tax and GST revenues equally between the federal government and the states, replacing all other grants from the Commonwealth government. A new Intergovernmental Agreement would be needed and both state and federal governments would have a stake in future tax reforms for both income tax and GST.

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Uber go-ahead in Tasmania a step closer after Lower House passes bill.

Uber go-ahead in Tasmania a step closer after Lower House passes bill. | Accounting Services | Scoop.it

The arrival of ride-sharing services like Uber in Tasmania is a step closer after the passing of a bill in the state's Lower House.

 

The bill allows operators like Uber into the market, as well as freezing the release of additional taxi licences for at least one year.

 

It will impose similar restrictions on ride sharing that currently exist for hire cars, like medical, police and working with vulnerable people checks for drivers

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ANZ 're-imagines' its financial planning offering

ANZ 're-imagines' its financial planning offering | Accounting Services | Scoop.it

Dealer groups will struggle to make a profit if they do not digitise manual processes and take advantage of new video-based technologies, according to ANZ's managing director, Wealth Australia, Alexis George.

 

Speaking on Friday, Ms George told a media roundtable that the bank was "re-imagining" its financial planning offering by unifying its banking and advice operations and looking at the cost-effectiveness of financial planning.

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How do the tax cuts affect your business?

How do the tax cuts affect your business? | Accounting Services | Scoop.it

The federal government has gifted small and medium enterprises with $5.3 billion in tax cuts in this year's budget.

 

The centrepiece of the pitch is extending the small business tax cut so that from July 1 the corporate tax rate will be 27.5 per cent for the 870,000 businesses with turnover of up to $10 million. This builds on the 2015 budget, which cut the tax rate for small businesses with less than $2 million turnover to 28.5 per cent.

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Extra planner education urged on leverage

Extra planner education urged on leverage | Accounting Services | Scoop.it

Dealer groups have an obligation to ensure that only those planners who are suitably qualified are allowed to deliver advice around leverage and margin lending, a Money Management roundtable sponsored by Bendigo and Adelaide Bank's Leveraged business has been told.

 

Discussing where margin lending and the use of leverage sits within current advice offerings, Shaw and Partners head of Wealth Management, Earl Evans said he believed there needed to be far more stringent and better education where leverage and margin lending is concerned.

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Turnbull to call election by week's end, 'substantial' tax changes expected in budget

Turnbull to call election by week's end, 'substantial' tax changes expected in budget | Accounting Services | Scoop.it

Prime Minister Malcolm Turnbull says there will be "substantial" changes to the tax system in tomorrow night's budget, as MPs prepare for what is expected to be the final week of Parliament before the election is called.

 

Treasurer Scott Morrison has confirmed wealthier Australians will pay more tax on their superannuation, but that there will be some relief for those pushed into higher income tax brackets by inflation.

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Change to payroll tax concession will hurt small businesses

Change to payroll tax concession will hurt small businesses | Accounting Services | Scoop.it

Uncertainty around payroll tax concessions is stopping South Australian small businesses from growing, the State Opposition says.

 

The concessions are provided to businesses with a payroll under $1.2 million, and while the State Government has previously extended them for a year, that will end on July 1.

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ATO reveals Australia’s wealthiest postcodes

ATO reveals Australia’s wealthiest postcodes | Accounting Services | Scoop.it

Australia’s wealthiest individuals overwhelmingly prefer inner-city living, new data from the Australian Taxation Office (ATO) has revealed.

 

Perhaps unsurprisingly, Sydney’s eastern harbour suburbs of Darling Point, Edgecliff and Point Piper recorded the highest average income in the 2013-14 financial year.

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ATO grabs the electoral roll in its latest tax crackdown

ATO grabs the electoral roll in its latest tax crackdown | Accounting Services | Scoop.it

The Australian Tax Office will add the electoral roll to its growing list of data matching sources as part of its latest bid to track down potential tax cheats.

 

The initiative will see the taxman obtain personal information on about 15 million voters from the Australian Electoral Commission, including their names, residential addresses, gender, date of birth and occupation.

 

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How the rich invest: Car parking pays off for Computershare

How the rich invest: Car parking pays off for Computershare | Accounting Services | Scoop.it

An investment in car parking technologies is starting to pay off for Chris Morris.

 

Best known for founding share registry firm Computershare, Morris also has a string of technology investments that he has become more closely involved in during the past few years as he gradually stepped away from Computershare.

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Australia’s housing bubble and the road to private serfdom.

Australia’s housing bubble and the road to private serfdom. | Accounting Services | Scoop.it

Over the last 20 years, housing has developed a reputation as a risk-free and high-gain asset. Property remains a coveted asset and can now be purchased with a small deposit; the rest borrowed from banks. It certainly is an attractive investment: since 1996, housing prices, adjusted for inflation and quality, have soared by 141% through to 2015.

 

Many global housing markets corrected after the GFC, but Australia’s continued to boom, especially in Sydney and Melbourne. This resilience is attributable to the vested interests: the FIRE (finance, insurance and real estate) sector, numerous Federal and state government interventions, and leveraged home owners and investors, who believe housing price inflation benefits them.

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Record low rental yields in Sydney and Melbourne a risky sign.

Record low rental yields in Sydney and Melbourne a risky sign. | Accounting Services | Scoop.it

Rental yields on residential properties in Sydney and Melbourne have fallen to record lows posing risks for property investors and residential mortgage-backed securities, ratings agency Moody's warns.

 

Increased net costs in servicing a housing investment relative to household incomes make investment properties less affordable, according to Moody's Investor Services residential report.

 

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Banks dangerously complacent on risk culture

Banks dangerously complacent on risk culture | Accounting Services | Scoop.it

The Australian banking sector came through the global financial crisis relatively unscathed but its resilience also had a downside: it has left banks dangerously complacent about assessing shortcomings in their risk cultures.

 

Complacency can be defined as "a mixture of laziness and self-delusion", Harrison Young told The Australian Financial Review's Banking & Wealth Summit last week. The chair of the Commonwealth Bank of Australia board's risk committee said an example would be a dentist's patient who thinks going for a check-up would be a waste of money as his teeth are fine – but also because he doesn't really want to know if he has a cavity.

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GST revenue dip will deliver substantial blow to state budget.

GST revenue dip will deliver substantial blow to state budget. | Accounting Services | Scoop.it

The Tasmanian Government has flagged a substantial hit to its budget bottom line with GST revenue expected to be slashed.

 

Last year, Tasmania pocketed a $590 million windfall as a result of a favourable GST carve-up by the Commonwealth Grants Commission.

 

However, Treasurer Peter Gutwein told Parliament this morning that a revision to the formula used to divide the tax revenue would result in a ''substantial downward revision" in projects GST payments to the state.

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