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  1. Short Term Loans - Exits 101

    or for loan continuity on revised terms should be explored. Formal default and legal proceedings really should be a lender’s last resort. A case study Quantum Credit had set a 6 month loan for $1.5m on a commercial mortgage in WA and the exit was to be...

  2. ATO warns on poor asset records causing SMSF breaches

    personal debts because they were not recorded correctly. Speaking at the SMSF Association’s national conference in Adelaide last week, ATO assistant commissioner Kasey Macfarlane said it is important fund assets are clearly distinguished as such, and...

    • Type: Article
    • Author: Miranda Brownlee
    • Category: Super
  3. Hayes Knight network disbands

    citing a fractured business model and a misalignment of strategy. According to Mr Hayes, agreements were finalised last week, with the Sydney office continuing to operate under the Hayes Knight brand, and the Adelaide, Brisbane and Melbourne offices all...

  4. AAT unveils 29 further appointments

    Appeals Tribunal, including two new deputy presidents. Attorney-General George Brandis QC announced the 29 appointments last week, following nine appointments that were made last month. Professor Bernard McCabe and James Walsh have both been appointed...

  5. CPA reveals details around licensing offer

    a game changer for financial advice in this country." The announcement was met with both criticism and support. Also in June last year, former FPA chair John Hewson told AccountantsDaily sister publication ifa that the new entrant was taking advantage...

    • Type: Article
    • Author: Linda Santacruz
    • Category: Regulation
  6. Xero announces change to leadership team

    Currently based in New Zealand, Mr Norton will return to his home in Seattle. Mr Norton joined Xero from Microsoft last year. Xero CEO Rod Drury thanked Mr Norton for his efforts at the software provider. “We are sincerely grateful to Angus for his...

    • Type: Article
    • Author: Staff Reporter
    • Category: Business
  7. Litigation likely with new LRBA structures

    non-commercial terms, with any mistakes likely to lead to significant expense and potential legal action. The ATO confirmed last year it expects trustees to have borrowing arrangements on commercial terms by 30 June this year, and released guidance last...

    • Type: Article
    • Author: Miranda Brownlee
    • Category: Business
  8. NAB makes LRBA play

    said the bank is looking to more actively promote the product in the marketplace. "This product has played a role for the last four years within our business. But as the landscape is shifting […] we’re having more conversations about this product than...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Business
  9. SME lending reaches record high

    report by the Australian Bankers’ Association (ABA), banks approved approximately $88 billion in new small business loans last year, up from $77 billion two years ago. The report found almost nine in every 10 small businesses said they do not see access...

    • Type: Article
    • Author: Emma Ryan
    • Category: Business
  10. Australia a hotspot for economic crime, warns PwC

    to a recent PwC survey. The study revealed 52 per cent of Australian organisations experienced economic crime in the last 24 months compared with the global average of 36 per cent. According to the Australian edition of PwC's 2016 Global Economic Crime...

    • Type: Article
    • Author: Staff Reporter
    • Category: Tax
  11. Grant Thornton nabs new partner from PwC

    looking forward to being part of our clients’ growth journey." My Savage is the firm's eighth lateral partner hire in the last 12 months with the firm clearly attempting to broaden its skill set through experienced hires. Grant Thornton has also...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business
  12. Businesses, accountants urged to get prepared

    in the previous year. Oneflare CEO Adam Dong said that a staggering number of people and businesses are leaving it until the last minute to get financial guidance for tax time. "Although many businesses work with bookkeepers or accountants on a monthly...

    • Type: Article
    • Author: Staff Reporter
    • Category: Tax
  13. Two jailed for serious tax fraud offences

    successful investigations under the Serious Financial Crime Taskforce (SFCT). Former financial adviser Jeffrey Conklin was last week convicted in the Sydney District Court for tax fraud offences totalling more than $700,000. He was sentenced to five...

    • Type: Article
    • Author: Staff Reporter
    • Category: Tax
  14. Submissions now open for Australian Accounting Awards 2016

    Awards, partnered by Reckon, have been developed to recognise excellence right across the accounting sector. The response to last year’s event was "staggering", according to AccountantsDaily publisher Terry Braithwaite. AccountantsDaily received a...

    • Type: Article
    • Author: Reporter
    • Category: Business
  15. Pitcher Partners eyes further global growth

    said. "We recently did a survey of M&A work, and I think about 40 per cent of all M&A work in the Australian middle market last year involved overseas players, so you’ve got to be a participant. You’ve got to build a capability and you’ve got to...

  16. Industry award provides kick-start for new firms

    recognition to help businesses attract quality staff and clients. The recipient of the New Firm of the Year award in last year’s Australian Accounting Awards, Sovereign Private, said it has given the business further validation among its client base....

    • Type: Article
    • Author: Reporter
    • Category: Business
  17. Over 500 limited licence applications still in limbo

    have now been granted, many of which are draft licences, ASIC commissioner Greg Tanzer told the CPA National SMSF Conference last week. “A significant number, nearly 284, have been withdrawn and returned to applicants, because they were incomplete,...

  18. Eight tips to improve a business sale

    for their business exit until it is actually time to exit, which is far too late. Leaving succession planning to the last minute means the business is at risk of slumping growth, unhappy and confused employees, and clients and customers who are caught...

  19. New guidance looms for fixed entitlements

    is fixed, which can have a significant impact on tax outcomes for clients. Practical Compliance Guideline 2016/D16, released last week, outlines the factors that the commissioner will consider when deciding whether to exercise the discretion to treat an...

    • Type: Article
    • Author: Reporter
    • Category: Tax
  20. They said accountants had no future, and they were wrong

    less suited to the ATO’s do-it-yourself system. The final percentage for agents may yet be broadly in the same ballpark as last year. Many people – myself included – worried that myTax could turn into the Uber of the tax world, the digital disrupter...