News : Accounting

Accounting, Division 296, SMSF, Tax

Tax-effect accounting more compelling

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

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Accounting, Administration, Artificial Intelligence, Practice Management

Class launches two AI solutions

Class has launched two user facilities driven by artificial intelligence developed to improve the efficiency of accountants.

Class has launched two user facilities driven by artificial intelligence developed to improve the efficiency of accountants.

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Accounting, Division 296, Tax

Division 296 status must be reported

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

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Accounting, Financial Advice, Superannuation

Reintroduce exemption to fix advice crisis

A revised accountants’ exemption would allow thousands of qualified practitioners to meet the growing demand for superannuation advice.

A revised accountants’ exemption would allow thousands of qualified practitioners to meet the growing demand for superannuation advice.

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Accounting, AML/CTF, Auditing, Financial Advice, Financial Planning, SMSFA

SMSFA urges action on AML/CTF reforms

Advice and accounting businesses that have not prepared for new AML/CTF reforms should act immediately to meet the looming compliance deadline.

Advice and accounting businesses that have not prepared for new AML/CTF reforms should act immediately to meet the looming compliance deadline.

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Accounting

SMSF misuse creating reputation risk

The misuse of SMSFs has been intentional and is damaging the reputation of the sector, despite many people using them properly.

The misuse of SMSFs has been intentional and is damaging the reputation of the sector, despite many people using them properly.

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Accounting, Administration, Compliance, Documentation, Legislation, Regulation

Trust deed upgrades a fine line legally

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

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Accounting, ASIC, Financial Advice, Financial Planning

Advisers major funders of ASIC actions

Advisers are the key funders of ASIC operations, yet no enforcement proceeds are used to bolster the sector against future problems.

Advisers are the key funders of ASIC operations, yet no enforcement proceeds are used to bolster the sector against future problems.

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Accounting, Compliance, Regulation

AUSTRAC releases AML/CTF starter kits

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

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Accounting, Investments, SMSF

Licence not needed for generic template

Accountants who do not have an Australian financial services licence are still able to provide some investment strategy documentation.

Accountants who do not have an Australian financial services licence are still able to provide some investment strategy documentation.

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