News : Accounting

Accounting, ATO, Pensions

Excess determinations not a disaster

Accountants who lodged transfer balance account reports (TBAR) for their clients on 29 October may receive an excess notice from the ATO, but should not panic, a technical expert has said.

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Accounting, Education

Professional advisers meet most FASEA elements

Chartered accountants (CA) and certified practising accountants (CPA) have already met most of the elements of the proposed education reforms and therefore should not be compelled to study further, AccountantsIQ has argued.

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Accounting

Restoring trust must be priority: IPA

The issue of trust in the accounting profession has perhaps never been more important, particularly in light of the findings in the recent banking royal commission, according to the Institute of Public Accountants (IPA).

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Accounting, Auditing, Financial Planning

Joint efforts required for SMSF trustee errors

An audit expert has said in order to tackle and reduce SMSF trustee mistakes, accountants and financial advisers must work together when seeing clients.

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Accounting, Financial Planning

Govt marks start of new complaints system

The federal government noted the commencement of the Australian Financial Complaints Authority (AFCA) today stating consumers and investors will benefit from increased access to redress.

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Accounting, Superannuation, Tax

Tax-effective accounting needed for TSB

SMSF practitioners must consider implementing tax-effective accounting when preparing annual accounts for an SMSF as this can determine a member’s total super balance (TSB), a technical expert has said.

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Accounting, Business News

CAANZ partners with innovation hubs

Chartered Accountants Australia and New Zealand (CAANZ) has unveiled a strategic program to partner with innovation hubs to enable accountants to keep pace with innovation and technology.

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Accounting, Financial Planning, Regulation

Gross incomprehension over accountants’ exemption

Recent lobbying efforts for the reinstatement of the accountants’ exemption have revealed many practitioners have failed to understand the original framework, according to an SMSF industry body.

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Accounting, Regulation

Fund accounting can deliver TSB gain

Using tax-effect accounting when preparing the financial statements of an SMSF can be of benefit when determining a member’s total super balance (TSB), according to a superannuation technical expert.

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Accounting, Financial Planning

Multidisciplinary firms outperforming accountants

New research has revealed multidisciplinary accounting practices have a larger number of SMSF clients and have greater profitability growth, with the shift away from pure accounting specialists expected to continue.

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