Over time as the way we do business has changed, so has the space in which people work. Where the typing pool may have once been a thriving hub of productivity, today the work of tens, even hundreds can be performed by one person with access to the right software and equipment. As work becomes…

The Australian industrial relations system is complex with layers of regulations that apply differently depending on the business. The first step is always to check whether the workplace or employee in question is covered by the national system (Fair Work Act) or state system. The Fair Work website provides a list of covered workplaces for…

That was the heading of a story on National Nine News last Friday. The story describes how an employer, a fast food operator, underpaid two workers and failed to provide them with the required meal and rest breaks. Underpayment and worker exploitation has featured heavily in the news in recent months, tarnishing the names and…

On occasions accountants may be asked to give, in effect, a credit report on a client to a supplier of the client. Providing Reports to Third Parties The claims committee is aware of a situation where an accountant, after obtaining authority from the client, stated too positively that the client would be effecting payment for…

From time to time accountants are asked to value shares in private companies. Explain the Methodology When undertaking this task the accountants should always explain in their report the methodology that has been adopted and any assumptions that have been made. It is worth pointing out that much depends on the circumstances of the buyer,…

It has come to the attention of the Claims committee that there are a number of issues that are affected by the continually changing income tax legislation that warrant obtaining expert opinion in particular specialised areas. Due to the changing income tax legislation, and the introduction of new legislation, it is extremely difficult for practitioners…

The Abacus Claims Committee has become aware of the following situations: Arranging Loan Finance Accountants can find themselves in difficulty if they are arranging loan finance from one client to another of the accountant’s clients. Apart from possible professional indemnity claim implications, there is the question of whether such activity by the accountant forms part…

It is a fact of life that many business partnerships fail. Some interesting statistics: In the USA between 2007 and 2010 the small business failure rate rose by 40%. Businesses with multiple owners are more likely to survive than sole proprietorships, although 72 % of small businesses are sole proprietorships. Business LegalMore than 50% of…

Cloud computing is an important technology and has been rapidly adopted by major corporations, governments and others right around the world, and for good reason. But like all technologies of this nature users need to be careful when utilising them. A Cost Saver Cloud computing involves storing data on remote servers that are operated by…

All insurance policies contain some exclusions, including professional indemnity policies. Unlike the Abacus policy arranged with Lloyds of London, some Professional Indemnity policies contain exclusions which do not provide optimal cover for the insured. Below are examples of some of those exclusions which are not part of the Abacus policy: Intellectual Property Damages resulting from…