News : Accounting

Accounting

TBAR needs rethink on business models

Advisers and accountants servicing clients on the transfer balance account report (TBAR) requirements need to revisit existing processes and business models within their businesses, according to an SMSF expert.

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Accounting

TBAR raises fee structure issues

Advisers and accountants will need to think about how they intend on charging clients when servicing them for the new transfer balance account reporting (TBAR) requirements, according to an SMSF expert.

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Accounting

ASIC updates tax, BAS agents guidance

The Australian Securities and Investments Commission (ASIC) has updated its guidance for accountants who provide SMSF services to cover the exemption from Australian financial services licence (AFSL) requirements for tax and business activity statement (BAS) agents.

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Accounting

Relationship changes affect downsizer eligibility

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Financial advisers and accountants need to be across how a change in home ownership due to relationship changes can affect how couples make downsizer contributions, an industry expert has said.

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Accounting

Accountants not alone on tech challenges

SMSF accountants should embrace the latest technological developments rather than fear the worst as all industries have to deal with the impacts of rapid change, according to an accounting software provider.

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Accounting

Cash-flow advice in retirement the accounting sweet spot

Accountants can enhance their value proposition for SMSF clients in retirement by making the decision to become the advice expert on cash-flow requirements, a technical services executive has said.

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Accounting

SMSF accounting advice falls short: panel

Two people at a desk.

A panel of consumers has criticised the quality of advice they received from the accounting community with regard to establishing an SMSF, as well as the assistance given in running this type of fund.

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Accounting

New scheme may facilitate third-party assistance

View of Sydney from Potts Point in cloudy weather

The First Home Super Saver Scheme (FHSSS) introduced as part of the 2017 federal budget could potentially provide a welcome avenue for third parties to assist in the purchase of a residence for younger family members, a technical expert has said.

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Accounting, Investments

Property bubble claims shot down again

Accusations SMSF borrowings are a danger to the financial system are misleading, with criteria to buy property in an SMSF significantly stricter than buying an investment property in an individual’s name, an industry executive has said.

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Accounting

Accountants must bullet-proof business

An upward-pointing arrow graph on a chalkboard.

Accountants need to take action to ensure their practices are able to cope with the “rising tide” of industry challenges, an industry executive has warned.

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