Financial Services Archive

Technology and the Future of Audits

The emergence of new audit technology has had an enormous impact on the audit profession. Machine-learning based tools can rapidly analyse hundreds of documents and identify key areas of...

They’re Reliable, They’re High Margin!

They’re reliable, they’re high margin, they usually pay on time and, they always need your advice.

I’m talking about your medium-sized business clients.

For many accountants, these are the 20% of...

Some movement on Div 7A … at last!

On 22 October 2018, the Treasury released a consultation paper titled Targeted amendments to the Division 7A integrity rules. The paper sets out the Government’s proposed implementation of...

3 Ways The Digital Economy Will Affect The Way You Work

As more transactions take place entirely online, how can you make sure your firm is staying up to date?

Accounting technology has come a long way over the last 10...

SMSF and Litigation – Who’s to blame if something goes wrong?

Unfortunately, many things can go wrong with an SMSF and if something does go wrong where does the liability lie? Who might be pulled in to a lawsuit?

If the...

Certainty at last for Base rate entities … or not?

Background

After a long period of uncertainty, and in the midst of the recent Liberal Party leadership spill, the Senate on 23 August 2018 unexpectedly passed without amendment the

SMSF Industry Summary Report – Proposed 3 Year SMSF Audit Cycle

Saul SMSF recently conducted a survey to understand the impact of the Federal Government’s proposed three-yearly audit cycle for SMSFs.

260 survey respondents answered 30 questions and submitted over 1,700...

The Value of Internal Audits

It’s quite evident that clients often don’t see real value in audit services. They’re often regarded as a necessary cost without much real value. Auditors often struggle to communicate...

So, you’ve been targeted by the ATO for a tax audit

Can you – or your clients – afford to be audited? We find out why it pays to be prepared.

It’s the letter or phone call you may not want...

Crowd Sourced Funding Amendments Create Opportunities for Accountants!

If you want your accountancy firm to “stay ahead of the game” and offer a wide range of solutions for your clients – The Australian government has delivered a...

Tax Fundamentals: What advice can I rely on?

In 2015, the Government released its tax White paper titled ‘Re:think Tax discussion paper’. As part of the discussion on complexity, the paper noted:

In the 1950s...

What’s your opinion on a 3 year SMSF audit cycle?

The 2018 Federal Budget proposed the SMSF audit cycle be extended to 3 years for funds with good compliance history, starting from 1 July 2019. Treasury has asked for...

Class – Impact of Super Reforms shows tectonic shift in assets, with taxable SMSF assets almost doubling to $422bn

Wednesday, 1 August 2018 

The latest Class SMSF Benchmark Report has exposed the real impact of Super Reforms on pension assets, with the dual forces of TRIS change and introduction...

How GST applies to Vouchers

This article looks at how GST applies to vouchers, and highlights that not all vouchers are treated the same way under the GST provisions. In particular, it looks at...

Unenacted tax measures at 30 June 2018: bills wrap-up

In wrapping up the Autumn session of Parliamentary sittings, the Senate adjourned at 8.17 pm on Thursday 28 June 2018 until Monday 13 August 2018. At the close of...

Why Does Accounting Software Make Life Harder?

Accounting in the main is simple arithmetic, add a little here, take a little there, balance to zero, and you’re done. If only it were that simple in practice...

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