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Accountant faces court over lodging false documents

22 September 2014 investment schemes outside the legal requirements”. In June ASIC accepted an enforceable undertaking from the former Banksia lead auditor Warren John Sinnott, suspending him until 2019. Discussing Mr Sinnott’s case, ASIC commissioner John Price said it...

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

Australia to adopt the CRS in 2017

16 September 2014 chaos, with incorrect information being disseminated. Alternatively, early adoption without appropriate systems would lead to information collected and exchanged, but left sitting in the proverbial waiting room without the ability to link it to taxpayer...

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

Lloyd Morgan says accountants must do more

16 September 2014 areas that could do with a makeover, and do it, or contribute your time and ideas. Think website, presentation documents, lead generation lists, or industry intelligence. Organise a 10-minute chat with your boss once a month to outline your ideas. Be...

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

ATO details SMSF monitoring strategy

09 September 2014 industry more generally and providing assistance where required." Each auditor contravention report received by the ATO will lead to the SMSF being risk rated on the basis of the information in the report and other information, with funds receiving a...

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

Opportunity for accountants in mortgages

04 September 2014 Business that the close, trusted relationship consumers already enjoy with their accountant or financial planner will lead to these professions playing a more prominent role in the future of mortgage distribution. “I believe the new era is going to be...

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

PwC to tackle 'problems worth solving' in western Sydney

04 September 2014 investors and customers from government and business to ensure the solutions are commercially viable. Trent Lund, PwC lead partner, Innovation and Ventures, said there's no shortage of ideas, people or organisations that want to solve the issues...

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

KPMG expands into Greater Western Sydney

01 September 2014 KPMG has recruited a former Deloitte Private senior partner to lead a new office in western Sydney. Announced last week, KPMG will open a new practice in Parramatta relocating around 30 partners and staff for the opening. The office will be led by...

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

Deloitte warns on potential staffing crisis

26 August 2014 Organisations need to prepare for a striking shift in employee expectations to avoid potential retention and leadership crises, according to Deloitte. The top four firm recently conducted the Deloitte Global Human Capital Trends 2014, a survey of over...

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

Chan & Naylor warns FoFA will be lose-lose

25 August 2014 put advisers back in the firing line. If FoFA passes to law in its current iteration then Mr Hasib believes that this will lead to a number of perturbing outcomes including increased red tape, further consumer confusion and, as the cost of doing...

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

CAANZ, IPA warn firms on succession

21 August 2014 the Institute of Public Accountants (IPA) have both warned accountants to act now on succession planning. Rob Ward, head of leadership and advocacy, CAANZ, said all firms need to decide well in advance who will succeed the current partners and plan for...

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

PwC appoints two leading lawyers

18 August 2014 year. Mr Blue was the managing partner responsible for the firm's Corporate M&A and Tax practices and has held various other leadership and governance positions including managing partner, international and was a member of the firm's board. Luke Sayers,...

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

Firm fined over misleading statements

14 August 2014 An accounting practice has paid an infringement notice penalty after making potentially misleading statements about the cost of setting up a self-managed superannuation fund. The firm, Your Super Accountant, was fined $2,040 after making...

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

When selling an accounting practice ...

14 August 2014 from the practice has not reached the previous levels represented by the seller. There are a number of issues that regularly lead the buyer to refuse to pay the retention sum when the time comes. They are generally packaged up under the claim that the...

• Type: Article
• Author: Peter Townsend
• Category: Business

Deloitte acquires boutique firm

01 August 2014 Deloitte Private has today announced the acquisition of a leading Western Australia-based tax and advisory firm. KD Johns and Co will join Deloitte’s Perth office effective 1 October 2014. The firm provides tax and advisory services to many of Western...

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

Deloitte announces another big name recruit

31 July 2014 Deloitte Australia has announced the appointment of a globally recognised crisis management expert to lead its Australian Crisis Management business. Graeme Newton, formerly the chief executive of the world-renowned Queensland Reconstruction Authority,...

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

CPA slams idea of apolitical tax commission

31 July 2014 to be fought on the issue. “Tax reform will only happen if it’s led by the Commonwealth. The Commonwealth must take the lead on it and we expect that they will,” he said. To implement reform successfully, the government will have to sell a whole...

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

FSI report identifies potential 'tax issues'

15 July 2014 otherwise would if GST was applied to these services," the report stated. Conversely, the report indicated the GST may also lead to less businesses consuming advice. "Because the GST is embedded in prices charged to businesses but not charged...

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

KPMG announces new partners

08 July 2014 director joins the firm’s Direct Investments team to support the momentum in M&A activity; and a new partner will also lead KPMG’s Pursuits team, with the incumbent partner promoted to a global position. Twenty-four percent of KPMG’s new partners are...

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

ICAA and NZ chartered accountants join forces

03 July 2014 has been the new organisation being the most relevant service to our members, particularly with the focus on education and leadership and advocacy,” added Mr White. “The new body will directly benefit members through the robust, responsive and relevant...

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

Warning on international information exchange

30 June 2014 to work, such as birth dates and places of all individuals • The lack of any materiality criteria in the CRS, which could lead to significant compliance costs where revenue loss is not material • The concerns of confidentiality of taxpayer information –...

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