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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IBM in win over Queensland health payroll fiasco

IBM in win over Queensland health payroll fiasco | Accounting Services | Scoop.it

The Queensland government has been ordered to pay IBM Australia’s legal costs after a failed legal action against the tech giant over the $1.2 billion health payroll fiasco.

 

The Newman state government originally lodged a claim for damages against IBM in the Brisbane Supreme Court in 2013. The Palaszczuk Labor government then continued with the case following its election win in January last year, despite originally calling the proceedings a waste of money.

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Employment for accounting sees steady rise.

Employment for accounting sees steady rise. | Accounting Services | Scoop.it

Demand for accounting and finance professionals continues to increase, despite the number of overall jobs across the financial and insurance services sector decreasing by four per cent, according to a recruitment firm.

 

Citing the latest figures from the Australian Bureau of Statistics (ABS), specialist recruitment firm Robert Half said there has been a decrease of 20,000 roles across the financial and insurance services sector between November 2015 and February 2016.

Top4's insight:

To know more about the employment for Accountants and Finance Professionals contact the best accounting firm here.

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Tax Office targets 800 Australians in global tax haven probe.

Tax Office targets 800 Australians in global tax haven probe. | Accounting Services | Scoop.it

The Tax Office is investigating more than 800 high net wealth Australian clients of the controversial Panama law firm Mossack Fonseca, which is the focus of an unprecedented leak of tax haven records released globally.

 

More than 11.5 million documents have been leaked from Mossack Fonseca's files, revealing the secrets of hundreds of thousands of clients – including several thousand Australians – covering a period over almost 40 years, from 1977 until as recently as last December.

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EY chief predicts market disruption.

EY chief predicts market disruption. | Accounting Services | Scoop.it

EY is on track to grow more than 10 per cent this financial year, according to global chief executive and chairman, Mark Weinberger.

 

The global professional services firm, which is holding its global partner meeting in Sydney this week, is bracing for a major upset in its workforce and marketplace over the next decade.

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We buy less stuff, but more services.

We buy less stuff, but more services. | Accounting Services | Scoop.it

You can’t believe everything you read or hear in the media – consumers in Australia are actually doing pretty well.

 

Our standard of living almost tripled in the post-WWII years and has risen almost 11 times since the mid-1800s when the industrial age kicked off.

 

According to the Australian Bureau of Statistics, at the end of 2015 the average Australian household was earning $150,000 a year. Before you arc up about missing out on your share be aware these figures factor in what the ABS refers to as “imputed dwelling ownership”, a non-cash estimate of the value of owning your home. Take that out and the average figure is still $135,000 a year.

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Key government services to be hit with Australian public service industrial action.

Key government services to be hit with Australian public service industrial action. | Accounting Services | Scoop.it

The federal government has warned of lengthy delays at international airports and limited access to welfare and taxation services as thousands of public servants launch strike action.

 

Staff at 13 federal departments and agencies walked off the job on Monday morning as part of a rolling campaign designed to break a two-year deadlock on pay and entitlement negotiations.

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Purchase gives EY firm legal presence.

Purchase gives EY firm legal presence. | Accounting Services | Scoop.it

EY has bought WA’s top tax law firm, Norton & Smailes, giving its Perth practice a firm foothold in the legal space as the Big Four accountancy groups widen their reach in search of new revenue.

 

The acquisition, sealed yesterday, will see Norton & Smailes’ four principals and 14 professional staff swap the firm’s long-term offices in West Perth for EY’s city premises next month.

 

The team will form EY Law in Perth, to be headed by Chris Smailes. He will be joined as a partner by Daniel Fry, with Richard Norton and Alan Krawitz moving across as directors.

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NT Chief Minister weighs in on backpacker tax.

NT Chief Minister weighs in on backpacker tax. | Accounting Services | Scoop.it

As the Northern Territory pivots its economy towards tourism, the chief minister has welcomed Canberra's decision to review the 'ridiculous' planned backpacker tax.

 

The tax was due to come into force from July 1, with those on working holidays required to pay 32.5 per cent tax in every dollar they earn, scrapping their access to an $18,000 tax-free threshold.

 

Upon leaving the country they would also be taxed 35 per cent on the employee superannuation contributions they received.

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Infrastructure development lagging behind population growth is greatest threat to Australia’s economic future, says infrastructure exec

Infrastructure development lagging behind population growth is greatest threat to Australia’s economic future, says infrastructure exec | Accounting Services | Scoop.it

The main threat to Australia’s economic future is population growth outpacing infrastructure development, says Infrastructure Australia chairman Mark Birrell.

 

Australia will not be able to capitalise on the economic benefits of population growth without long-term infrastructure planning, he told the Committee for Economic Development of Australia (CEDA) at an event in Sydney.

 

“Considered and well thought through infrastructure investment is going to be one of the most effective ways for us to achieve and deliver the qualities we want out of our economic growth,” he added.

 

Not acting would prove particularly costly given the increased infrastructure demands associated with population growth.

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The mirage of super tax breaks

The mirage of super tax breaks | Accounting Services | Scoop.it

Here we go again. Kelly O'Dwyer was speaking off the cuff when she described superannuation tax concessions as a "gift" this week. The word still sounded another warning bell to the entire superannuation industry.

 

They are increasingly alarmed the government seems headed down the path of more damaging tinkering to a system already groaning under its own complexity. The fear is the prospect of more piecemeal revenue grabs and further curbs on contributions permitted – without considering the longer-term impact or even the unintended consequences short term.

 

And all for what?

 

Any notion of changes to superannuation tax only ever made sense as part of a comprehensive package of tax reform. Even then, this was more aimed at demonstrating "fairness" due to the widespread community perception that current tax concessions benefit higher income earners.

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Surprising barriers to female leadership in accounting firms.

Surprising barriers to female leadership in accounting firms. | Accounting Services | Scoop.it

New research has indicated that the biggest barrier to women securing leadership positions within finance and accounting firms could be coming from their female peers.

 

The survey was conducted by recruitment firm Marks Sattin and covered 1,300 Australian finance and accounting professionals.

 

Out of the total respondents, 76 per cent said that less than half of their organisation’s leadership team were female.

 

Only six per cent of the women surveyed were senior executives, compared with the 12 per cent that were men.

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10 things women can do to improve their finances.

10 things women can do to improve their finances. | Accounting Services | Scoop.it

It's International Women's Day and a good opportunity for women to look at the sobering statistics around money.

 

Here are the facts:
Women are still not paid equally to their male counterparts.
Women's super balances are falling way behind men's.
Nine out of 10 Australian Women don't have enough super to fund their retirement.

Women have 40 per cent less superannuation than men.
Women are more likely than men to take a career break to raise children.
Women are 2.5 times more likely to live in poverty in retirement than men.

 

So with longer life expectancies than men, women are forced to survive on less for longer than their male counterparts.

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ANZ wealth restructure raises eyebrows.

ANZ wealth restructure raises eyebrows. | Accounting Services | Scoop.it

Observers of the financial services industry have been expecting for a while that Australian banks would start to scale back their wealth divisions, if not kill them off altogether.

 

Even so, a note by Citi analyst Craig Williams to clients in the middle of last year was particularly prescient. In that note, he predicted that the banks – faced with lacklustre earnings growth, low returns on equity and the explosion of do-it-yourself investors who are disinclined to seek advice from their mortgage provider – would look to sell all or parts of their wealth businesses.

 

And so it has come to pass. In October last year National Australia Bank agreed to sell 80 per cent of its life insurance arm to Japan's Nippon Life Insurance Co. for $2.4 billion.

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Financial planner and bitcoin entrepreneur launch new robo-advice business.

Financial planner and bitcoin entrepreneur launch new robo-advice business. | Accounting Services | Scoop.it

Perth-based financial planner David Pettit has teamed up with well-known Australian bitcoin entrepreneur Zhenya Tsvetnenko to fund and develop a new robo-advice platform that will advise users how to plan their financial lives.

 

Mr Pettit, the founder and managing director of boutique Perth advice firm Advocate Private Wealth, and Young Richlister Mr Tsvetnenko conceived Future Penny.six months ago, and have both personally invested, with a range of other investors, to give it $500,000 in development capital.

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Gender impacts work expense claims, study shows

Gender impacts work expense claims, study shows | Accounting Services | Scoop.it

Women could get an instant pay rise by claiming tax breaks for work-related expenses as aggressively as men.

 

Men claim about $6.6 billion more in expenses than women, the latest Tax Office statistics show. Male employees claimed on average $2563 and women $1430.

Some of the difference is down to the gender pay gap and the types of jobs males and females choose.

Top4's insight:

A study revealed a significant difference between work expense claims made by men and claims made by women.

 

This difference has been attributed to:
- The bigger number of men in the workforce
- The higher pay typically received by men
- The types of job that allow for more work-related expenses

Know more about making work expense claims with the help of professional accounting services and contact a trusted accounting firm today.

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Can robots terminate the human adviser?

Can robots terminate the human adviser? | Accounting Services | Scoop.it

Financial planners and advisers would scoff at the idea of an automated system, or a robot, providing financial advice to clients based on answers to a few questions and the click of a button.

 

Moreover, advisers are apprehensive of consumers embracing the do-it-yourself approach to investing, arguing that it is impossible for consumers to navigate complex investment choices and the myriad of financial products without guidance from trained advisers.

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ATO complaints spike driven by sluggish tax returns, documents show.

ATO complaints spike driven by sluggish tax returns, documents show. | Accounting Services | Scoop.it

Complaints to the Australian Taxation Office (ATO) during tax time skyrocketed last year with thousands of Australians frustrated by slow tax returns, an ABC investigation has revealed.

 

Nearly 14,500 complaints were made to the ATO from July to the end of October, an increase of 70 per cent on the 2014 period.

 

More than half of the complaints were about sluggish returns, with at least 28,000 individual tax returns taking longer than ATO standards.

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Is Accounting Hurting Your Brain? Try These 10 Finance Tools For Small Business.

Is Accounting Hurting Your Brain? Try These 10 Finance Tools For Small Business. | Accounting Services | Scoop.it

Some people in the world are numbers people. They love figures and maths and spreadsheets. Then there's the rest of us.

 

Many small business owners, who usually start their business because of their own speciality skills, can struggle with the daily grind of managing cashflow, budgets, invoicing and payments particularly if they've never had to do it before.

 

So here are 10 finance tools that won't break the bank -- or your brain.

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ASIC issues guidance to peer-to-peer lenders.

ASIC issues guidance to peer-to-peer lenders. | Accounting Services | Scoop.it

The corporate regulator has warned the burgeoning peer-to-peer lending sector that it won't be allowed to make an Uber-like sidestep of the existing rules, telling start-ups they must meet financial services licence obligations.

 

It comes as the watchdog moves to tighten rules around online lenders using algorithms – or "robo advice" – to issue financial products to consumers.

 

Peer-to-peer lenders, also called marketplace lenders or P2P lenders, operate by matching up consumers to lenders or investors via an online platform.



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The future is tech and women will be needed: How to get involved.

The future is tech and women will be needed: How to get involved. | Accounting Services | Scoop.it

There’s a major shift in skills underway across Australian business, and it’s time to jump on board.

 

The Australian Computer Society (ACS) released its annual report at the National Press Club yesterday, revealing a massive gap in skills needed for our digital future.

 

It found that the digital economy is set to grow from 5% to 7% of GDP by the year 2020, seeing a major shift in skills across the economy.

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Balancing act for migrant accountants.

Balancing act for migrant accountants. | Accounting Services | Scoop.it

In the era of rapid globalisation of businesses, the need for universal accounting professionals is very significant. In today’s world, qualifications alone do not matter as there is a constant need to upgrade competency, build new expertise, and have excellent interpersonal skills.

 

The Institute of Chartered Accountants of India (ICAI) is the world’s second largest professional accounting body, with more than 240,000 members. The student membership is roughly four times that of full time ICAI members, which illustrates the importance of chartered accountants in building a robust economy. Clearing ICAI exams is a tough task, with historical pass percentages of a miniscule 3-6 per cent. However, there is a lot of potential by getting this qualification as employability is high, you can work from remote locations and has no capitation fee.

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More tax laws will complicate already over-complicated system, says magistrate .

More tax laws will complicate already over-complicated system, says magistrate
. | Accounting Services | Scoop.it

The complexity of laws, regulations, bylaws, statutory schemes, codes of conduct and other legal rules is so great that it is impossible for commercial lawyers, let alone average Australians, to keep up, Victorian magistrate John O'Callaghan says.

 

Mr O'Callaghan said there were 21 income tax acts, 31 acts dealing with superannuation and 17 concentrating on the goods and services tax and tax laws did not need further complication.

 

"These do not even include regulations and determinations," he said. "Instead of adding to the statute book, some thought should be given to consolidating and simplifying the laws in those areas, so that they become intelligible and meaningful for all Australians."

 

There could be significant changes to the tax system in 2016. Both main parties are debating if changes should be made to negative gearing and capital gains tax.

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PwC creates cyber security game to let board members play as hackers.

PwC creates cyber security game to let board members play as hackers. | Accounting Services | Scoop.it

Australia's biggest accounting firm PwC is rolling out a new way of teaching its clients about cyber security, creating a game in which senior executives and board members can play as the attackers and the defenders.

 

Game of Threats was developed by the firm's Washington DC office, in conjunction with PwC's Australian design team and will be launched locally through the Melbourne office this week and in Sydney next week.

 

PwC cyber partner Richard Bergman said Game of Threats was the first solution of its kind for PwC Australia's digital design team but it could be the first of many gamified education products.

 

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Five steps to creating a successful business plan.

Five steps to creating a successful business plan. | Accounting Services | Scoop.it

When you own your own business it is easy to get caught up working in the business and never take time out to work on the business.

 

Working in the business drives your cash flow today. Working on the business, which includes writing an annual business plan, drives your cash flow tomorrow.

 

It can be challenging to develop a business plan. Can you afford to take the time out? How will it help your business today?

 

In my experience, successful leaders move towards a challenge. They want to plan for the future of their businesses. They want to think about the environment, the competition, and the quality of the team. Envisaging the future fires them up.

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Public service's executive jobs bonanza after rank and file redundancies

Public service's executive jobs bonanza after rank and file redundancies | Accounting Services | Scoop.it

There are some very good jobs up for grabs in the Australian Public Service right now, some paying up to $394,000, but they are not for everybody.

 

Freed from the shackles of the notorious hiring freeze, some of the government's biggest departments are looking to boost the ranks of their top brass, offering hefty salaries and even loftier job titles.

 

The Australian Border Force is looking for "Assistant Commissioner" of "Strategic Border Command" who gets to be in charge of the controversial outfit's "Regional Commanders" around Australia and on a salary of between $212,000 and $269,000.

 

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