2024 Agenda

In this session, we'll delve into the interplay of the factors driving success within a team – a necessity for the performance of a modern accounting firm.

Consider the emerging challenges for the industry and explore how vision, values, and culture have a major part to play in your firm's future success.

Throughout this session, learn from John’s mistakes and wins to uncover the strategies to:

• Contemplate and deal with the ever-changing dynamics of a modern team.
• Recruit and retain top-tier talent while continuing to provide the opportunity your team yearns for.
• Foster peak performance among your team and a culture of continuous growth.
• Consider emerging technologies and trends to balance human desires and technical requirements.
• Establish reporting lines and boundaries, thereby fostering an atmosphere of transparency, authenticity and collaboration.

Hear directly from John

Practical and easy to implement strategies for adopting AI tools on a smaller scale.

In this session, we explore how small to mid sized accounting firms can utilise AI tools in combination with their other software applications to speed up repetitive and tedious tasks in their practice.

This session will explore:

• Specific ways that AI tools can be adopted in areas such as client communication, data analysis and tax research.
• Practical tips and advice for implementing these tools.
• The applications available now that are suited to accounting firms and what’s likely to be rolled out this year.

This session will also address some of ethical and regulatory considerations around AI implementation for accountants including data privacy concerns and security. It will also provide case studies of where AI has been successfully integrated into accounting practices.

Are your employer clients registered for fringe benefits tax (FBT)? The ATO is targeting a number of Australian employers who are not registered for FBT with a $1 billion tax revenue gap. Don’t let your clients fall behind!

Stay ahead of the game and learn how to ensure your clients are FBT-compliant and avoid costly penalties. In this session, we’ll cover the latest updates on FBT compliance and highlight the common mistakes made by employers.

And that’s not all! Discover how to leverage salary packaging to benefit both employers and employees. With salary packaging, you can turn non-deductible expenses into deductible expenses and potentially save employees thousands of dollars per year – without any additional employer costs.

Key takeaways:

• Stay informed about the latest updates on FBT compliance.
• Insights to case studies of FBT audits, the 13 defined benefit categories, and the “low-hanging fruit” that will attract ATO attention.
• Learn how to ensure your clients are registered for FBT and avoid costly penalties.
• Discover the benefits of salary packaging for both employers and employees, including tax-effective remuneration and potential cost savings.
• How to assist clients in outsourcing and relocating talent and to put forward the best remuneration offer to new employees.

Don’t miss out on this opportunity to enhance your knowledge and provide valuable advice to your clients. Join us for this informative session and walk away with a better understanding of FBT compliance and the benefits of salary packaging.

Sweeping amendments to the Tax Agent Services Act are having a significant impact on the way tax practitioners operate their practices and their services. This session will examine some of the residual issues stemming from the first set of changes that commenced on 1 January and also help practitioners prepare for further changes set to apply from the middle of this year.

In this session, John Jeffreys will explain in detail:

• What procedures must be implemented for complying with the new obligations relating to disqualified entities.
• What tax agents need to know about the new dob-in provisions or breach reporting requirements set to apply from July.
• Important details about the other obligations being introduced.
• The TPB’s latest guidance on the reforms.
• Emerging issues from the changes and tips and advice for dealing with them.

John will also cover some of the common queries he receives from practitioners on the changes and answer any questions you may have.

Developments across a number of Australian states in relation to the payroll tax rules have significantly impacted professional structures such as medical and healthcare practices. Revenue offices in Queensland, NSW, Victoria and South Australia have each issued rulings significantly impacting the way the state’s payroll tax laws apply to contractor arrangements.

This session will provide an update on:

• The latest position on payroll tax by each of the states and any amnesties that apply.
• What tax practitioners need to know when assisting clients in this area.
• Recent case law and what it means for medical practices and other businesses impacted by the recent rulings.

It will also explore other emerging issues in the area of payroll tax, including an increase in audits and compliance activities by state revenue authorities.

While the ATO scaled back its debt recovery actions during the COVID-19 pandemic, since the beginning of 2024 it has taken a more assertive approach with an expectation that businesses address tax debts. The small business restructure (SBR) process was introduced by the ATO to enable eligible businesses to compromise their debts, with their creditors’ agreement, to maximise the chances of trading viably in the future. Unlike any other insolvency procedure under the SBR process, business owners remain in control of their business during the restructure.

In this session you will learn:

How the SBR process allows business owners to remain in control of their businesses during the restructure. Tips for preventing directors from personal liability for insolvent trading or repayment of the company’s tax debt if they received a director penalty notice from the ATO. How creditors will be prohibited from taking action against the business to recover money or property during the SBR process. How you can assist small businesses through the SBR process as an alternative to debt repayment plans.

The accounting profession, with its roots traced back to ancient times, finds itself at a critical juncture amid a rapidly evolving landscape. Various factors, including evolving customer demands, regulatory shifts, technological advancements, and increased employee influence, are shaping the transformation of the traditional accounting role.

In this analysis, we will present these trends and identify existing opportunities for firms to enhance their financial performance. Furthermore, we will delve into the data to forecast the industry’s future trajectory, highlighting how firms can strategically position themselves to gain a competitive edge in the rapidly changing marketplace.

The government has introduced a raft of proposed changes to super since the beginning of last year including the proposed $3 million super tax and payday super.

These changes will have significant implications for certain clients and tax practitioners play an important role in guiding clients through them.

This session will cover:

• Strategies and planning for clients impacted by the Division 296 tax for super balances above $3 million
• The processes and steps that employers will need to implement to prepare for payday super
• Potential roadblocks and teething issues that may arise with payday super and how to mitigate them
• The latest on tax issues relating to non-arm’s length income and expenses
• An update on other proposed changes such as the relaxation of the residency rules for SMSFs

Join us as the ATO outlines its key compliance activities and focus areas for the next financial year.

In this session, the ATO will provide insight into:

• Emerging compliance issues within tax and super.
• It’s latest views and guidance on recent legislative changes and case law.
• Key compliance programs and activities it has planned.