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New role for accounting industry stalwart

New role for accounting industry stalwart | Accounting Services | Scoop.it

A well-known industry figure, who previously served as president of the Institute of Chartered Accountants, managing director of a mid-tier firm and tech CEO, has landed a new role.

 

David Smith has joined AdviserLogic as a strategic consultant and will later join the company’s board as a non-executive chairman.

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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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Incoming government must revive tax debate, say finance leaders

Incoming government must revive tax debate, say finance leaders | Accounting Services | Scoop.it

Leading investors have called for the incoming federal government to resume broad tax discussions within six months of Saturday's election in an effort to boost the competitiveness of the local system and lift economic growth.

 

While backing the Coalition's plans for a corporate tax cut, the fund managers bemoaned the fact that the cut was not part of a comprehensive tax package.

 

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Tax time: 10 questions to ask yourself as June 30 looms

Tax time: 10 questions to ask yourself as June 30 looms | Accounting Services | Scoop.it

Tax season is here and, after a few surprise changes in this year's budget, tax advisers' phones have been running hot with queries.

 

Some are fairly straightforward – such as "how long should I keep my receipts for?" (generally five years) and "'can I still easily claim car-related expenses after recent changes?" (yes).

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Call for aged care financial advice to be regulated by ASIC

Call for aged care financial advice to be regulated by ASIC | Accounting Services | Scoop.it

Senior Australians and financial planners are calling for aged care financial advice to be regulated by the Australian Securities and Investments Commission as the financial arrangements for nursing homes become increasingly complex.

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Synchron victorious on commissions, fees and payroll tax | Money Management

Synchron victorious on commissions, fees and payroll tax | Money Management | Accounting Services | Scoop.it

Life/risk-focused dealer group, Synchron is claiming a payroll tax victory with respect to arguing against the inclusion of commissions and other fees collected on behalf of advisers.

 

Synchron director, Don Trapnell, has claimed the victory with respect to a long-running argument with the Victorian State Government's State Revenue Office (SRO), which had assessed that the dealer group was liable to pay payroll tax in relation to the commissions and fees it collects on behalf of some of its advisers.

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Budget changes and poor Tax Office data hurt super advice

Budget changes and poor Tax Office data hurt super advice | Accounting Services | Scoop.it

The wealth management industry has warned the new rules will be complex to administer.

 

Now an industry group representing about 100 independent financial planning businesses has written to Assistant Treasurer Kelly O'Dwyer asking her to ensure individuals and their advisers can get better access to Australian Taxation Office (ATO) data to ensure people don't unintentionally break the new rules.

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Get planning for tax time

Get planning for tax time | Accounting Services | Scoop.it

I am a builder working for myself. I’ve earned some decent money this year and I’m worried that I’ll be hit with a big tax bill. Is there any way of knowing how much tax I might need to pay, and is there a way to reduce my tax?

 

The simplest way to estimate your tax payable is to subtract your business expenses from your income, and then multiply that figure by the relevant tax rate.

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New role for accounting industry stalwart

New role for accounting industry stalwart | Accounting Services | Scoop.it

A well-known industry figure, who previously served as president of the Institute of Chartered Accountants, managing director of a mid-tier firm and tech CEO, has landed a new role.

 

David Smith has joined AdviserLogic as a strategic consultant and will later join the company’s board as a non-executive chairman.

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Accountants not grasping ‘complexity’ of advice

Accountants not grasping ‘complexity’ of advice | Accounting Services | Scoop.it

Accountants moving into financial advice are underestimating the complexity of the industry, with some unaware of the many compliance responsibilities, according to AFA chief executive Brad Fox.

 

Speaking at an event in Sydney last month, Mr Fox said many accountants do not fully understand what the new licensing regime will mean for their businesses.

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Ten things women need for career success

Ten things women need for career success | Accounting Services | Scoop.it

On any given day in your work life, there is a lot to focus on. Clients, meetings, deadlines, office politics, stress and anxiety, not to mention your boss, your team and just when do you get that coffee break?! It can be pretty overwhelming.

 

So it's not surprising then that my research shows that 70% of women don't have a career plan, and more than 48% of women are just completely winging it when it comes to what's next for them work wise. Not only that, more than 70% of women are really struggling with their health and wellbeing, and just plain forget about any semblance of work life balance. Pretty daunting statistics.

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Creativity key in NAB's $2.4b wealth turnaround

Creativity key in NAB's $2.4b wealth turnaround | Accounting Services | Scoop.it

Andrew Hagger is on the home stretch of one of the country's biggest corporate transformations.

 

He has 400 staff working on the complex process of ceding control of National Australia Bank's Life operations to Japanese partner Nippon Life, which involves extracting its superannuation business and developing a new technology platform.

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Tips for businesses to prepare for the EOFY

Tips for businesses to prepare for the EOFY | Accounting Services | Scoop.it

June 30 always seems to sneak up on us doesn’t it? There’s a lot involved in preparing your business documentation for the end of financial year.

 

If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. Business is running well as usual and you believe you are able to manage everything and then, end of financial year approaches. The calm before the storm.

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Report slams National Australia Bank's risk management

Report slams National Australia Bank's risk management | Accounting Services | Scoop.it

National Australia Bank is sitting on a damning internal audit report that rated its operational risk management practices as "inconsistent and ineffective" and says key elements need "strengthening".

 

NAB's confidential three-star internal audit report, completed in April 2015 and obtained by The Australian Financial Review, was so serious it was escalated to chief executive Andrew Thorburn, divisional heads, the NAB board and the prudential regulator APRA.

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Do Australian startups actually have a problem hiring talent?

Do Australian startups actually have a problem hiring talent? | Accounting Services | Scoop.it

I’ve spent much of the past two years speaking to startup founders, drifting from coffee to coffee, talking about what they’re doing, how they’re doing it, what’s working, what’s not, and what they wish was different.

 

I offer help where I can, but the truth is people already know what they need to do. They just need to start doing it.

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What you need to consider if you want to sell your business

What you need to consider if you want to sell your business | Accounting Services | Scoop.it

There are a number of items that need to be considered to get your business “sale ready”. It’s therefore not surprising nearly 80% of businesses in Australia are not saleable in their current state and an even higher percentage (96%) of owners have not defined a plan for generation transfer.

 

A successful sale is the product of good planning and preparation from a legal, tax and operational perspective. To ensure you’re ready to execute a successful sale of your business there are a number of things you need to consider if you want to sell your business.

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5 work-related expenses the ATO is targeting this tax time

5 work-related expenses the ATO is targeting this tax time | Accounting Services | Scoop.it

Every tax season the ATO has a specific set of targets, and this year it’s work-related expenses.

 

The crackdown comes as the tax office implements a new technology which allows it to compare similar individuals to see whether they are over-claiming.

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Getting your finances in order for EOFY

Getting your finances in order for EOFY | Accounting Services | Scoop.it

The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order.

 

Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts and invoices a week, that can add up to 5,200 invoices a year. Without proper filing processes, the end of financial year can be a daunting time.

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Boutique benefits from accounting allegiance

Boutique benefits from accounting allegiance | Accounting Services | Scoop.it

A boutique firm that was recently admitted to an accounting network has highlighted the potential for collaboration with accountants on client matters.

 

Sutton Douglass, a specialist tax firm founded by Mark Douglass and Judith Sutton, joined accountancy referral network Walker Wayland Australasia earlier this year

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Is your accountant helping with your super?

Is your accountant helping with your super? | Accounting Services | Scoop.it

Superannuation is a complex topic, and the rules change all the time. So it's not surprising that many people rely on their accountant to help out, especially if they've chosen to set up a self-managed super fund (SMSF) in a bid to increase their returns.

 

The superannuation industry is, sensibly, tightly regulated. One key regulation requires that any accountant who is offering advice on how to run an SMSF must either hold a limited Australian financial services (AFS) licence or be an authorised representative of such a licence holder.

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Ten tips for lodging your first tax return

Ten tips for lodging your first tax return | Accounting Services | Scoop.it

Almost half a million Australians lodged a tax return for the first time in 2015. Lodging your first tax return can seem overwhelming, so this list of ten tips should help make the process seem simpler. 

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AtlasTrend aims to simplify international investing for Australians

AtlasTrend aims to simplify international investing for Australians | Accounting Services | Scoop.it

Facebook, Royal Caribbean Cruises and automaker Daimler might not sound like they have a lot of in common.

 

To Kent Kwan, these are three stocks that are best placed to capitalise on the baby boomer generation's growing interest in social media, passion for cruise holidays and preference for driving Mercedes-Benz vehicles.

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Property pundit wants foreign buyers "slugged" with higher tax

Property pundit wants foreign buyers "slugged" with higher tax | Accounting Services | Scoop.it

The head of a property agency has called on the NSW government to “slug” foreign buyers with a surcharge on property.

 

The NSW government has flagged a 1.5% surcharge for foreign buyers as a possible measure in the upcoming 21 June state budget. IBuyNew chief executive Mark Mendel has praised the idea, but has argued that the 1.5% surcharge doesn’t go far enough.

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Making friends with your tax audit: What can it teach us?

Making friends with your tax audit: What can it teach us? | Accounting Services | Scoop.it

“Embrace your tax audit” are the last words you’d expect to drop from the lips of a financial advisor, but that’s exactly what the head bean-counter from First Class Accounts is asking us to do.

 

Clive Barrett, Executive Chairman of First Class Accounts, said the very idea of a tax audit struck fear into the hearts of small business owners across the country, however that frown could be turned upside down if we instead looked at the situation as an opportunity for growth.

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5 dividend shares better than the big banks

5 dividend shares better than the big banks | Accounting Services | Scoop.it

Most SMSF investors hold at least one of the big four banks, but for diversification sakes should also hold a mix of small to medium shares in the portfolio too.

 

The banks Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) appear to have great dividend yields of between 5.4% and 7.3%, but those dividends could be cut in future.

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Audit finds finance service flying blind

Audit finds finance service flying blind | Accounting Services | Scoop.it

The first ever audit of the 27-year-old Financial Information Service (FIS) managed by the Department of Human Services has found it has never had clearly documented objectives or measures for its targeting or performance.

 

Auditor-General, Grant Hehir said in his report Administration of the Financial Information Service that the FIS was established in 1989 to provide free and confidential information to pensioners on a range of financial and related matters.

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Female entrepreneurs facing barriers to their potential

Female entrepreneurs facing barriers to their potential | Accounting Services | Scoop.it

Australia’s female entrepreneurs are facing key barriers when it comes to realising their ambitions for business growth, EY has found.

 

The global professional services organisation conducted a survey of 143 female entrepreneurs as part of its Entrepreneurial Winning Women™ (EWW) Asia-Pacific program, which assists female-led businesses to become global market leaders.

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