Tax Office testing of “Effective Tax Borne” methodology

Tax Office testing of “Effective Tax Borne” methodology

The ATO has developed an Effective Tax Borne (ETB) methodology and has started a pilot with businesses to test and determine its viability. The methodology provides a standardised approach to identifying an economic group’s worldwide profit from Australian linked business activities, and the Australian and offshore tax paid on that profit. The ATO said it was encouraging broader […] … Read More

ASIC publicises more restatement for financial accounting errors

ASIC publicises more restatement for financial accounting errors

Five minutes of your time is all it should take to get a message contained within a series of recent ASIC media releases. If you are a preparer, auditor or person responsible for approving financial statements, you can benefit from understanding the common themes that emerge. They tell a story about the reasons for, and […] … Read More

Winding-up SMSFs and LRBA trusts

Winding-up SMSFs and LRBA trusts

Professional liquidators face additional challenges when winding up a corporate trustee of a self-managed superannuation fund (SMSF). While a liquidator has the power to administer a trust and is entitled to be indemnified out of the trust assets, an SMSF trustee company (in liquidation) becomes a “disqualified person” upon the commencement of its winding up. […] … Read More

Identifying your accounting clients’ pain points

Identifying your accounting clients’ pain points

For plenty of small businesses, seeing an accountant is viewed as a cumbersome and complicated task. However, accountants are in a prime position to help clients improve their financial situation. It all boils down to identifying their pain points and working with them to overcome any issues. Be proactive Even the most profitable and efficient […] … Read More

Self-managed super funds investing in overseas property – in-house asset trap

Self-managed super funds investing in overseas property – in-house asset trap

As we head into another holiday season, people often start thinking about buying property in holiday locations. However, these people are often exposed to aggressive marketing suggesting that they could use the “lazy” money in their self-managed superannuation fund (SMSF) to finance such property investments. Unfortunately, such marketing tactics are usually aimed at generating sales […] … Read More

10 ways to provide exceptional customer service for your accounting clients

10 ways to provide exceptional customer service for your accounting clients

In the process of building a tax or accounting practice, it can be easy to lose sight of the customers who help you grow. Here are 10 ways to attract new customers and keep your existing ones happy. 1. Create a service charter This should lay out both big-picture goals (e.g. “We aim to maximise […] … Read More