News : Accounting

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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Accounting, Strategy

SMSF exit plans a sleeper issue

Accountants and advisers who have clients with real business premises in their SMSFs should consider restructuring the premises before the death of members to ensure a smooth SMSF exit plan, according to an industry consultant.

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Accounting, ATO, Regulation

TBAR requirements overwhelm accountants

There is a genuine sense many practices are not ready for the ongoing transfer balance account reporting (TBAR) requirements post 1 July 2018, according to an SMSF expert.

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Accounting, Regulation

Calls continue for accountants’ exemption revival

Chartered Accountants Australia and New Zealand (CAANZ) has revealed it has experienced similar feedback to other accounting bodies with significant requests from members wanting a return to the accountants’ exemption with regard to servicing SMSF clients that was in operation before the implementation of the Future of Financial Advice (FOFA) reforms.

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Accounting, Management

Online portals flagged as key SMSF gap

SMSF trustees who use accountants as their main source of advice have expressed a demand for online access that allows them to monitor their fund, which in turn will lift their satisfaction levels, new industry research has revealed.

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