INPRACTICE
Content Summary
June 2021
- Taxation
- Data management
Dive into the ATO’s top areas of focus for 2020–21
Individuals’ work-related expenses is just one area of scrutiny. Here’s what’s in store this tax season.
- Financial planning
- Public practice
Financial services: Making sense of coming legislative changes
Here’s how Financial Services Royal Commission recommendations affect the future of professional advice.
- Taxation
- Public practice
NZ IRD targets family trusts in tax bracket overhaul
See why extra details are now needed in tax returns.
- Superannuation
- Taxation
Understanding changes to the employer super guarantee
Practitioners need to alert small business clients to the superannuation changes. Here’s how they apply.
- Ethics
- Practice management
Why ethical letters are vital in new client relationships
Due diligence is key when taking on new clients. Here’s the recommended client onboarding process.
May 2021
- Small Business
Understanding the market for small business loans in 2021
The SME appetite for credit has increased in the wake of COVID-19. Here’s what lenders want in return.
- COVID 19
- Small Business
How to build a case for a business interruption insurance claim
If you have clients with failed BI insurance claims, the best advice is to scrutinise policies and document all COVID-19 activity
April 2021
- Insolvency
Why director accountability is on the regulator radar
Here’s what your clients need to know about director resignations and anti-phoenixing laws.
- Practice management
How accounting practice teams are changing in 2021
2020 changed how many accounting practices manage staff and client contact. Here are some key takeaways.
- Public practice
- Accounting theory
Professional indemnity insurance costs set to rise
Practitioners are urged to re-examine their risk profiles in the light of increasing insurance costs.
- Audit
- Superannuation
ATO runs the ruler over SMSF audits
With a 1 July deadline, the ATO prepares to step up its scrutiny of accounting firms that prepare accounts while providing audit services to SMSF clients.
- Small Business
- COVID 19
Failed JobKeeper applicants may get second chance
The Full Federal Court has instructed the Commissioner of Taxation to exercise his powers of discretion regarding JobKeeper.
March 2021
- Financial reporting
What the end of special purpose reporting means for your clients
Which clients will be affected by the removal of the special purpose financial reporting framework?
- Practice management
5 tips to get your accounting practice ready for anything in 2021
Expect unpredictability. Here are the best ways to implement rock-solid contingency plans for your firm.
- Taxation
ATO’s data matching ramps up and focuses on SME reporting
Here’s how to ensure your clients are correctly accounting for their income and use of assets.
- Insolvency
How to help small business clients understand insolvency options
Here’s a lowdown of restructuring options for vulnerable SME clients.
- Taxation
New Zealand’s Inland Revenue targets tax compliance burden
IRD seeks input from tax practitioners and professional bodies as part of its bid to improve service.
February 2021
- Business finance
New cash flow management help for SMEs
The ATO’S Cash Flow Coaching Kit is designed to help SMEs get back on track. Here’s how it works.
- Ethics
- Technology
How new measures safeguard cloud computing data
With cloud computing and outsourcing on the rise, here’s how to ensure the security of clients’ data.
- Practice management
Major changes ahead for CPA Australia’s Quality Review Program
Our Quality Review Program has been transformed to ensure member support is at its core. Here’s what you need to know about the CPA Best Practice Program.
- Taxation
TPB review: What it means for tax practitioners
The final report of the Review of the TPB has many noteworthy recommendations but more consultation is needed on implementation.
January 2021
- Mental health
- COVID 19
Delivering mental health support to accountants and clients
Accountants and their clients don’t have to deal alone with the mental traumas many had to endure in 2020.
- Business finance
Practitioners put in the due diligence hot seat
Loosening lending rules in tough economic times may encourage creditors to further rely on “capacity to repay” certificates. Should accountants comply?
- Disaster recovery
Small Business Trends 2021
Practitioners’ efforts in 2020 helped many SME clients. Here’s a look at what 2021 forecasts.
- Accounting systems and processes
JobKeeper eligibility: case opens the door claims
If your clients were rejected for JobKeeper in 2020, an AAT decision and tax ombudsman’s report show their plight deserves a second look
December 2020
- COVID 19
- Business management
How to build a team in tricky circumstances
The near-universal acceptance of remote working has also forced new ways of team building.
- Business finance
- Business advisory
Financial advice: giving clients what they need
Professional advisers could offer a host of advice to consumers and small businesses if the Australian Government and regulators listen to the needs of clients, CPA Australia research has found.
- Business advisory
Why business advisory is a key future service offering
2020 changed the way many practitioners service clients, with business advisory central to the new mix.
- Business law
- Business finance
How will a two-tiered insolvency regime work?
Practitioners play an important role, whether it’s upskilling or guiding clients to the right solutions.
- Business advisory
Lessons from 2020 for accountants and SME clients
Out of adversity comes knowledge. What has been learnt during this tumultuous year?
November 2020
- Business management
Accountants as executor: Will I or won't I?
PII usually covers accountants working in an official capacity, but not if they accept a private executorship. Think hard before accepting what may be a challenging and time-consuming role.
- COVID 19
- Business management
Top tech tools for a flexible workforce
As accounting firms rely on employees to work remotely, are they giving them the tools to work well?
- COVID 19
Healing the cracks in your workplace culture
Practitioners report low staff morale and a decline in productivity. Here’s how to turn it around.
- Small Business
- Business advisory
Casual leave entitlement ruling could hit SME cash flows
Federal Court decision sets precedent for casual employee work entitlements. Here’s how to help clients.
- Taxation
- Public practice
ATO payment plans come with strings attached
The ATO is likely to be sympathetic but will need convincing documentation to justify decision-making.
- Economy
- COVID 19
Tax compliance issues a priority for ATO and TPB
Tax practitioners are at the frontline of the response to business lockdown, report tax regulators.
October 2020
- COVID 19
- Personal and career development
CPA Australia peer-to-peer platform launches
Staying connected with colleagues is vital. A new platform makes keeping in touch much easier.
- Accounting systems and processes
- COVID 19
Mental health: supporting SME clients
Accountants are not mental health professionals but there are some ways you can support your clients.
- COVID 19
“One extreme to the other”: how accountants and their clients are faring
Practitioners and their clients share how they’ve navigated the ups and downs of a tumultuous year.
- COVID 19
- Disaster recovery
What’s new in Jobkeeper 2.0?
The extension is welcome news but there’s effort involved in navigating the two-tier payment system.
- Insolvency
- Small Business
Government throws small business an insolvency lifeline
Australia has scrapped one-size-fits-all insolvency. What does this offer to small businesses in trouble?
September 2020
- Business finance
ASIC announces ‘no action’ on right-of-use lease assets
The regulator’s temporary move is good news for AFS licensees
- Business finance
SMEs urgently seek cash flow advice
INPRACTICE talks to two practitioners about how they are advising clients in financial difficulty.
- Business finance
- Economy
Business valuations in tough economic times
For many cash-strapped SMEs, a valuation will be a prelude to post-COVID-19 survival measures.
- Digital transformation
Connect with clients using good website design
Learn how your accounting practice can enhance its website to enable better client engagement.
- COVID 19
ATO scrutinises superannuation early access
Taxpayers are discovering that dipping into their super early is not without risk.
- Business finance
- COVID 19
Grants and help for Victorian businesses
Learn about the types of help available and if you are eligible.
August 2020
- Business finance
- COVID 19
Navigating recession and recovery
INPRACTICE checks in with two practitioners to see how they and their clients are going about business.
- Taxation law
- COVID 19
ATO taskforce ups the ante on illegal phoenixing
During economic turmoil, illegal phoenix schemes pop up. The Phoenix Taskforce’s role is to unearth them.
- COVID 19
- Business finance
Navigating NZs business support packages
Fiscal year-end, lockdown and a raft of COVID-19 support packages is just the tip of the iceberg
- Careers
- COVID 19
Job Prospects for Young Accountants
30-something New Zealand-based practitioners talk careers, working from home and what the future holds.
- Practice management
- COVID 19
Accountants' insurance premiums on the rise
As economic downturn creates a rise in PI claims, practitioners need mitigation plans. Here are a few.
- Practice management
- Public practice
What makes an award-winning accountant?
See what all five of these Australian Accounting Award-winning practitioners share.
- Business management
SME grants for solving environmental issues
The Australian Government is turning to small businesses to help with environmental innovation.
July 2020
- Business advisory
- COVID 19
How accountants can help with clients' exit strategies
Australia’s return to normalcy makes for an ideal segue into delicate wind-up discussions with clients.
- Insolvency
- COVID 19
Help for NZ businesses facing insolvency – with strings
Despite efforts of the New Zealand government to help struggling companies, there is no “get out of jail free” card
- COVID 19
- Taxation
Tax time in a post-COVID world
Three practitioners reveal how they interacted with clients during tax time.
- Disaster recovery
Bushfire recovery: a hard and slow rise from the ashes
Public practitioners share how their clients are coping after bushfires and COVID-19.
- Audit
Restructured code of ethics clarifies SMSF audit independence issues
Public practitioners with SMSF clients will need to review engagements where the firm conducts the accounting and audit. Here are some of the new requirements coming out of changes to the restructured code
- Business advisory
- COVID 19
Emerging from lockdown: recovery, and then business renewal
CPAs in New Zealand reveal how they and their clients are rebuilding their businesses.
- Business management
- COVID 19
The key to managing remote work staff and clients? Be prepared
Two public practitioners share their views on how to manage the team and clients when times are tough.
June 2020
- COVID 19
More businesses rely on accountants to salvage their future
Here’s how two prominent CPAs dealt with the challenges of COVID-19.
- COVID 19
- Business finance
Understanding rent relief for commercial and retail leases
Can the legislation for rent relief under commercial and retail leases affected by COVID-19 deliver the right balance between landlords and tenants? Here's what we know so far.
- COVID 19
Sounds of silence: Australia's live entertainment sector struggles
There are growing calls for more help to rescue what was once a thriving industry
- Insolvency
New Zealand insolvency law: the times they are a changin’
A new licensed insolvency practitioner regime could see CPA Australia members play more active roles
- Business finance
- COVID 19
SMEs relationship building with banks
Here are some strategies for SMEs to engage more effectively with banks and lending institutions.
May 2020
- Mental health
- COVID 19
How accountants can care for themselves when caring for clients
CPA Australia has teamed with two pre-eminent mental health services to offer much-needed support
- COVID 19
- Audit
The challenges of trust account audits during lockdown
Help is at hand for trust account audits and examinations during lockdown.
- Practice management
Quality reviews: Don’t fear them, embrace them
For some practitioners, the prospect of a formal quality review can seem intimidating, but in reality, the process is specifically designed to improve the health of a practice and to better protect clients.
April 2020
- COVID 19
- Business finance
Understanding rent relief for commercial and retail leases
Can the legislation for rent relief under commercial and retail leases affected by COVID-19 deliver the right balance between landlords and tenants? Here's what we know so far.
- COVID 19
- Practice management
Navigating government support for New Zealand SMEs
CPAs share what the government’s relief package for business offers clients and how they’re responding
- COVID 19
- Accounting systems and processes
Staying close to clients while social distancing
While we maintain our social distance, clients need to know their practitioner is right by them.
- COVID 19
- Business advisory
Supporting clients through COVID-19
Learn how to take care when guiding businesses through challenging circumstances.
- COVID 19
- Economy
How accountants are coping with lockdown and economic slowdown
Finding a bright side in the current economy may not be easy but there just might be some upsides.
March 2020
- Audit
Are you ready to fly solo?
The benefits of having your own practice can outweigh the sometimes long hours and responsibilities.
- Taxation law
ATO modifies its stance on access to deceased's taxes
The ATO amends a change it initiated about disclosing a deceased person’s pre-death tax affairs.
- Practice management
New Zealand determined to stamp out rogue insolvency practitioners
New Zealand has taken considered but far-reaching legislative action to eradicate the problem.
- Financial reporting
CPA Australia consults on aged care abuse inquiry
CPA Australia throws its weight behind finding solutions to Australia’s troubled aged care sector.
- Audit
Audit guide sets context for inquiry
Auditors are under the microscope, but is a wholesale overhaul of the profession necessary?
February 2020
- Accounting systems and processes
- Technology
How to create shortcuts in your accounting practice using technology
Embedding accounting practice technology systems can grow your business and improve customer satisfaction
- Professional standards
Professional Standards Scheme offers benefits to CPAs and clients
Abiding by and promoting CPA Australia’s new Professional Standards Scheme not only strengthens your relations with clients, it’s also a vital risk management tool.
- Education
New Public Practice Program launched
The program has been developed with insights from CPA Australia public practitioners.
January 2020
- Business law
- Company law
Take the superannuation guarantee contributions test
In light of more onerous penalties for non-compliance, it pays for all employers to be reminded of their super guarantee (SG) contributions obligations. Think you’re up to speed with the most recent changes and when they come into effect? Take the following quiz to find out. Answers at the end.
- Economy
Is it time to bring contractors in from the cold?
It’s assumed that employees possess a greater sense of commitment and loyalty but is this the case?
- Business finance
The perils of giving credit assessments to banks
Practitioners asked by lenders to provide written assurances about whether their clients have the financial capacity to service loans are placing themselves at serious risk, CPA Australia warns.
December 2019
- Accounting systems and processes
- Digital transformation
Technology for accountants: practices focus on the future
Three public practitioners talk about planning, using accounting technology and how clients will benefit.
- Business management
Encouraging verbal communication in the office
Leading by example is the best way to encourage younger staff to pick up the phone.
- Business law
- Business advisory
Labour hire licensing scheme: what you need to know
The new scheme comes with stiff penalties for businesses dealing with unlicensed suppliers.
November 2019
- Mental health
Clients under pressure: how to help their mental wellbeing
A new resource for business advisers helps guide talks with clients about their mental wellbeing.
- Audit
- Education
Your practical guide to behaviours that improve audit quality
A new guide aims to address shortcomings in audit quality
- Professional standards
- Continuing Professional Development CPD
FASEA: Key financial adviser requirements
Financial advisers face new education and ethical requirements. Here’s what they are.
October 2019
- Public practice
How to reduce the impact of regulatory burden
Changes to accountants’ regulatory regime would help consumers and business, a new report reveals.
- Education
- Superannuation
Don't panic! ATO letter rattles SMSF trustees
The message from the profession is a very loud and clear “Stay calm!” for CPAs and their clients who have received a stern letter from the ATO about self-managed superannuation fund (SMSF) diversification.
- Business advisory
Divorce and business ownership: what happens when spouses split?
Here are some things accountants, as advisers, should keep in mind with divorce and business ownership.
- Business finance
New how-to guides for landing small business loans
Many SMEs face a credit crunch, but two initiatives aim to help them and their financial advisers.
- Accounting systems and processes
- Digital transformation
Lost in the cloud: what you need to know about changing IT systems
An accounting firm offers a cautionary tale for business owners contemplating moves to the cloud.
September 2019
- Practice management
- Research and initiatives
High cost of regulatory burden
Regulatory complexity places a burden on public practitioners, with flow-on to clients and the public.
- Public practice
- Taxation
Client engagement letters: your questions answered
See why engagement letters are key requirements of CPA Australia’s quality review process.
- Taxation
- Practice management
New push to stamp out illegal phoenix activity in Australia
Accountants are at the forefront as the government cracks down on illegal phoenix activity
- Audit
- Accounting systems and processes
How to manage audit risk and improve your processes
Investigating the root cause of audit anomalies can be handled with a step-by-step approach.
August 2019
- Ethics
Accounting internships: what you need to know
Accounting internships can provide wonderful on-the-job training, but employers must understand the responsibilities.
- Financial management
Dealing with vulnerable clients suffering from financial abuse
Accountants are uniquely placed to guard against elder financial abuse. Here are some of the signs.
- Taxation
- Business advisory
New tax rules for government tender bids
Businesses tendering for Australian Government contracts valued more than $4 million now need to provide a statement proving they have a satisfactory tax record. It also applies to subcontractors tendering for even part of a contract.
- Business management
Franchising under scrutiny
Due diligence is essential. Before a client buys into a franchise model, advisers play a key role.