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 […]
Why do accountants need professional indemnity? Being detail-oriented and meticulous is key for any accountant. After all, your job is to be across the small print of documents, crunch endless numbers – and help clients reduce their financial risk. That said, mistakes happen, and accountants are equally at risk of getting into legal hot water […]
Maybe you’ve had that sinking feeling before. It’s the feeling that says, “This client is not happy, and a complaint is coming.” Mistakes happen, even to detail-oriented people like accountants. If you provide inaccurate or incomplete advice, your client might hold you liable for their losses even if it was a genuine mistake. In essence, […]
According to the Attorney General, nearly one million people were exposed to a breach of their private information in 2016, quite a startling statistic given the increasing amount of personal data being housed online. To combat some of this activity there has been a major overhaul of the current Privacy Act 1988 that will come […]
Whether you are an established company or an emerging start-up, having a strong presence in your local community strength for your business. In a globalised world, it’s important not to overlook your own backyard. Here are our six local Marketing tips to accelerate Business in your area! 1. SEO, Social Media and Ad words Our first local […]