Accountants in public practice now need to shift the focus toward clients. How can clients live with inflation? Most practicing accountants were not around in the 1980s so have little experience with high inflation. Businesses need to monitor their costs and then adjust their prices accordingly. Let competitors have reduced profits and even go broke. […]
Are you serious? Yes, but you were probably born after these dates. In 1979 John Howard when he was Federal Treasurer was reclaiming the tax mess made by the Chief Justice of the High Court, Sir Garfield Barwick. Barwick took a literal interpretation of the tax law and thus allowed all sorts of tax schemes […]
We are sad to announce the passing of Bill Charlton, the founding Chairman of Abacus Australia Ltd. Bill died on Monday 31st January 2022 peacefully in his sleep after struggling for well over a month. We will post a full eulogy in the future. From the Current Board Peter Sutton, Lewis Tyson, and Peter Vickers
Every company director will be required to have a unique director number that they will need to link to the companies of which they are directors. The nut that the regulators are trying to crack with this sledgehammer is that a few directors of the 2.2 million companies in Australia are still becoming directors when […]
Both state and federal governments think that they can exploit foreigners by imposing extra taxes including stamp duty and land tax. There is a danger in this for public accountants. The NSW Office of State Revenue wrote to any trust that owned residential property at midnight 31 December 2020, stating that if the trust deed […]
Social engineering is one of the most significant security threats facing businesses today, and unfortunately it’s becoming more common and sophisticated. This means businesses need to be savvy in how they identify social engineering and embed organisation-wide processes to prevent it. Basically, social engineering is like a modern-day con artist. Cybercriminals use deception to manipulate […]
According to the ACCC, in 2018 Australian businesses reported over 5800 scams and a staggering $7.2 million in losses. This is largely a result of the $3.8 million lost to high-level ‘business email compromise’ scams. While smaller businesses account for more than 75% of reports to the ACCC, this type of scam targets businesses of […]
The recent Australian case of Cam & Bear Pty Ltd v McGoldrick, which deemed a self-managed superannuation fund (SMSF) Auditor responsible for losses incurred by a SMSF has sent a clear message to Auditors: that they need to be held to a high standard. Here are the key facts about the case and how it […]
If you’re in the business of giving out financial advice, you may have heard about the reforms introduced by the Professional Standards Act from 1 January 2019. Here’s how the new standards and educational requirements may affect you and your business. What are the new professional standards? As of 1 January 2019, the Financial Advisor […]
There’s a wealth of information on the ASIC website about the process to resign as a financial auditor of a company but here are the key points you need to be across. Information about auditors of a public company limited by guarantee There are 3 types of public companies limited by guarantee, with different reporting […]