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Wealth firm hires from PwC, CBA

04 March 2015 firm has announced two key appointments, with the recruits coming from PwC and CBA. Koda Capital, which was established late last year by former CEO of JBWere, Paul Heath, and former CEO of MLC and NAB Wealth, Steve Tucker, has recruited Ben Andreou...

• Type: Article
• Author: Staff Reporter
• Category: Business

The future is bright for accountants and bookkeepers

12 March 2015 Looking back on the Year of the Horse last year, it’s clear that 2014 should have in fact been called the Year of the Cloud. The bounds of cloud technology were pushed in all directions by businesses in almost every industry — with one of the biggest...

• Type: Article
• Author: James Solomons
• Category: Business

ATO second commissioner big winner in Tax Institute awards

19 March 2015 The Tax Institute has announced the winners of its annual Tax Adviser of the Year awards at a ceremony on the Gold Coast last night. ATO second commissioner Andrew Mills was named Chartered Tax Adviser of the Year while the Corporate Tax Adviser of the...

• Type: Article
• Author: Staff Reporter
• Category: Tax

Chartered accountant sentenced to jail

24 March 2015 a chartered accountant to 11 years in jail for his part in a $450 million tax fraud. Anthony James Dickson was sentenced last week to a minimum seven years' jail on two fraud charges. According to a Supreme Court judgement summary, the first was an...

• Type: Article
• Author: Michael Masterman
• Category: Regulation

Tax office provides clarification on LRBAs

13 April 2015 clarification from the ATO on whether two recent interpretive decisions will be applied retrospectively. In December last year, the ATO issued two interpretive decisions, ATO ID 2014/39 and ATO ID 2014/40, which confirmed that nil interest borrowing...

• Type: Article
• Author: Miranda Brownlee
• Category: Tax

ATO warns SMSFs on franking credits scheme

04 May 2015 against claiming franking credit benefits by channelling dividends from shares in private companies through SMSFs. The ATO last week issued taxpayer alert TA 2015/1 warning SMSF members against the practice. According to the ATO, this occurs when a...

• Type: Article
• Author: Staff Reporter
• Category: Super

IPA welcomes govt's small business package

11 May 2015 The Institute of Public Accountants (IPA) has applauded the government’s jobs and small business package, announced last week, calling it a huge step forward in driving small business innovation, productivity and growth. IPA chief executive officer...

• Type: Article
• Author: Staff Reporter
• Category: Business

Melbourne firm joins Moore Stephens

16 June 2015 Moore Stephens has found a Victorian firm to replace its Melbourne office, which last year defected to Chinese giant ShineWing. Nexia Melbourne, with 16 partners and 100 staff, will join Moore Stephens as its Victorian office “in coming months”....

• Type: Article
• Author: Michael Masterman
• Category: Business

KPMG announces record number of new partners

22 June 2015 round of partner appointments, effective 1 July 2015, 37 per cent are for senior female executives, up from 24 per cent last year. In addition, a record 56 per cent of internal promotions to partner were female. KPMG said it has taken a proactive stance...

• Type: Article
• Author: Michael Masterman
• Category: Business

Townsends slams ASIC’s view on SMSFs

29 July 2015 an SMSF with a starting balance of $200,000 or below is unlikely to be in the client’s best interests comes under fire. Late last week ASIC released new SMSF advice guidance, which made clear ASIC’s view of SMSFs with a $200,000 or below starting...

• Type: Article
• Author: Staff Reporter
• Category: Super

Firms failing at advisory, says Smithink

06 August 2015 advisory services is “scary”, according to Smithink’s Mark Holton. Speaking at Smithink’s Practice Managers Workshop last week, Mr Holton said the amount of firms attempting to move into the business advisory space and failing should be a big concern...

• Type: Article
• Author: Michael Masterman
• Category: Business

Tax office crackdown on SMSF trustees who 'play the system'

26 August 2015 practices in their own personal and business affairs could impact how the ATO views and scrutinises their SMSF. Late last week, Kasey MacFarlane, ATO assistant commissioner of the SMSF segment, superannuation, said that if the regulator finds an...

• Type: Article
• Author: Katarina Taurian
• Category: Super

Australia number one for cyber-security breaches: PwC

22 October 2015 the radar of many Australian businesses. “Encouragingly, investment in managing cyber threats has also increased, reversing last year’s slight drop in security spending,” he noted. The survey also indicated a strong focus on 'cyber-security leadership’,...

• Type: Article
• Author: Mitchell Turner
• Category: Business

NTAA members tipped for last-minute licensing rush

19 November 2015 Tax and Accountants' Association (NTAA) regarding referrals of clients for advice services, one association has tipped a last-minute rush as the end of the accountants’ exemption approaches. The Association of Independently Owned Financial Professionals...

• Type: Article
• Author: Staff Reporter
• Category: Business

Not Using New Technology? You Risk Losing Out in 2016

14 December 2015 Promoted by The exponential rate of technological change over the last decade has many experienced accountants and other professionals on the run as they try to keep pace. Keeping up to date professionally has always been challenging enough, but all...

• Type: Article
• Author: Content Partner
• Category: Technology

PwC to target SMSF space

12 January 2016 PwC is set to step up its presence in the SMSF sector, following the recent recruitment of a leading SMSF specialist. Late last year, Liz Westover joined the firm from Chartered Accountants Australia and New Zealand, where she was head of...

• Type: Article
• Author: Katarina Taurian
• Category: Super

Super tax rebate gaining support

18 January 2016 rebate to be introduced, as a former Association of Financial Advisers president makes headway with government. In December last year, principal at Paramount Wealth Management, Wayne Leggett, said that instead of concessional contributions being...

• Type: Article
• Author: Katarina Taurian
• Category: Tax

Tax scam reaps hundreds of thousands

20 January 2016 Police have issued a public scam warning following several reports of fraud during the last month, with scammers obtaining more than $100,000 in one single instance. ACT police are investigating a number of incidents in which Canberrans have been...

• Type: Article
• Author: Mitchell Turner
• Category: Tax

Government urged to step up involvement in Alt-Fi

21 March 2016 involvement in the online alternative finance sector to boost trust in the emerging lending segment. A KPMG report released last week showed Australia’s alternative finance (Alt-Fi) sector is strong, but “that more work” needs to be done to further...

• Type: Article
• Author: Staff Reporter
• Category: Tax

Accountants warned of ASIC shadow shopping

27 April 2016 being warned that the likelihood of them being targeted under the AFSL regime for compliance is even “more intense”. Late last week, ASIC deputy chair Peter Kell said the regulator plans to undertake a series of expanded and additional projects directed...

• Type: Article
• Author: Katarina Taurian
• Category: Super