INPRACTICE
Content Summary
June 2022
- Taxation
ATO cracks down on crypto assets this tax time
Clients need to understand their CGT obligations for buying, selling, and even donating crypto assets
article- Practice management
How the accounting profession can succeed at succession planning
Beat the demographic ‘bulge’ and start planning. Here’s what your plan should include.
article- Business management
Shareholder agreement key to avoiding family business disputes
Here’s why accountants are in a good position to help protect clients from drawn-out disputes
article- Superannuation
Superannuation Guarantee increase poses new risks
Employers and those on the payroll need to be across what the hike in SG payments may mean for them.
article- Taxation
Will digital tax pave the way for automation?
Here’s how a paradigm shift in tax administration might affect tax advisers
article
May 2022
- Taxation
ATO ramps up tax debt retrieval
Recalcitrant taxpayers need to come clean on their tax liabilities before it’s too late
article- Practice management
Calling on early-career, progressive public practitioners
Be nominated or self-nominate for an award recognising innovation and a progressive mindset
article- Practice management
Cybercriminals target accounting firms
Data breaches are becoming more sophisticated. Here’s how to amplify your firm's cyber security
article- Taxation
How to deal with unwelcome Division 7A tax breaches
Have you inherited a client that has past Division 7A surprises? Here’s how to handle it
article- Practice management
New CPA Australia Quality Review Program is rolled out
Here’s why the quality review process has been completely overhauled
article- Taxation
New Zealand entrepreneurs face ‘distortionary’ tax rules
Proposed tax measures will impose high compliance says a CPA Australia submission
article
April 2022
- Taxation
Family trust distributions – what accountants need to consider
An ATO guidance package clarifies client trust dealings
article- Taxation
FBT deadline looms
Are your clients offering increased job perks? Here are the key issues to be aware of at FBT time
article- Practice management
Think outside the square on the accounting skills shortage
Here’s how some New Zealand and Australian public practitioners deal with the scarcity of staff
article- Practice management
Why NZ businesses need to invest in small business technology
Urgent need for investment in digital technology and cyber security
article
March 2022
- Accounting systems and processes
E-invoicing shrugs off a slow start to gain steady traction
Despite its cost-saving potential, only a few private businesses have opted to adopt electronic invoicing.
article- Budget
Federal Budget 2022-2023: CPA Australia urges targeted support for small businesses
Along with targeted Covid-19 support, there’s a case for helping SMEs access business advice.
article- Taxation
Pressure points simmer in the ATO lodgment system
Hard-pressed tax practitioners have called on the ATO to exercise more understanding and flexibility.
article- Practice management
Too many accounting jobs, too few staff: why staff retention is key
Smaller practices on both sides of ‘The Ditch’ are dealing with a perfect storm of staff shortages.
article
February 2022
- Taxation
ATO tightens the screws on international tax
Do you have clients with thorny repatriation tax problems? Here’s how one practitioner handled it.
article- Practice management
CPA Australia’s Best Practice Program kicks off
New practitioner support program moves out of the beta phase with a host of innovative offerings
article- Public practice
How CDR rules affect you and your clients
Trusted advisers are front and centre when dealing with financial providers on behalf of clients
article- Taxation
New ATO PCG mitigates risk for professional firms
ATO steps up efforts to address high-risk profit allocation with its Practical Compliance Guideline
article- Public practice
- Taxation law
New Zealand economy 2022: trends, policies, legislation
Climate change, COVID and rising interest rates are likely to dominate the New Year economic outlook
article
December 2021
- Public practice
- Taxation
Can accountants advise on state taxes?
When your clients need help with state taxes it might be best to call a lawyer.
article- Corporation law
- Public practice
Director identification number is now a legal requirement
Why now is the perfect time to update company director clients on their new obligations.
article- Public practice
- Financial reporting
Exemptions for insolvent businesses advocated
The Financial Markets Conduct Act 2013 requirement for insolvent companies to report is unduly onerous.
article- Public practice
Public practitioner profile: 6 questions with Gareth Yaxley CPA
Meet the founder of a Gisborne CPA firm that focuses on business health for SMEs.
article
November 2021
- Public practice
Public practitioner profile: 6 questions with Ann-Maree Ozanne CPA
We quiz a Christchurch-based practitioner who, after the 2011 earthquake, found her firm ready for a pandemic.
article- Public practice
- Current issues
Can New Zealand employers mandate staff vaccination?
CPA Australia is working with a New Zealand law firm on the thorny issue of mandatory COVID-19 vaccinations.
article- Public practice
- Current issues
Can you mandate staff vaccinations?
CPA Australia is developing employee vaccination guidance, suitable for both practices and their clients.
article- Business finance
Don’t be left in the dark on merchant services providers
Be cautious helping clients with payment gateways. It could constitute financial product advice.
article- Audit
- Superannuation
Fee threshold on SMSF audits stokes industry angst
Many are vexed by proposed fee-related provisions aimed at reinforcing auditor independence.
article- Taxation
- Public practice
New Zealand Government pushes ahead on housing tax policy
Complicating tax legislation for investors is not the right way to curb upward pressure on house prices.
article
October 2021
- Public practice
Public Practitioner Profile: 6 questions with Angus Ogilvie FCPA
In the first in a series of mini profiles of New Zealand-based practitioners, we quiz an Aucklander.
article- Mental health
- Public practice
Counting on U provides mental health support in tough times
Here’s how practitioners can help clients struggling due to lockdowns.
article- Technology
- Public practice
Do you have the right advisory tools?
You may already have the software you need to build your advisory business. Here’s how to find out.
article- Governance and risk
- Public practice
New move to permanent virtual AGMs
Government initiatives towards technology neutrality laws continue. Here’s how AGMs could operate in the future.
article- Superannuation
- Public practice
Time to get set for superannuation stapling
Employers will soon need to comply with a new super stapling regime. It’s not without pitfalls.
article
September 2021
- Technology
- Public practice
6 tips for using electronic signatures
E-signatures can be used to witness some documents. Here’s what the law says.
article- Superannuation
- Public practice
ATO’s non-arm’s length income ruling causes SMSF uproar
The ATO’s controversial ruling could have significant ramifications for super funds.
article- Practice management
- Public practice
Succession planning key to sudden firm exits
Only 42 per cent of public practitioners have a succession plan. Here’s why you need to think ahead.
article- Practice management
- Public practice
Understanding how to price advisory services
Three CPAs with buoyant advisory businesses reveal their pricing methodologies.
article
August 2021
- Taxation
ATO steps up efforts to reclaim debt
If your clients have ATO debts, or have failed to lodge returns, it has a simple message – “get in touch”.
article- Audit
- Insolvency
Auditing standards failure leads to criminal conviction of auditors
Failure to apply auditing standards has led a Sydney audit firm into hot water.
article- Ethics
- Professional standards
Financial and investment advice: What not to say to your clients
As these legal cases show, investment and financial advice are just some of the areas that can trip practitioners up.
article- Not for profit
- Financial reporting
ACNC review: NFPs outside the charity space can learn from these mistakes
Related party disclosures are the most common errors in financial statements, says charity regulator.
article- Taxation
- Public practice
NZ Government urged not to rush housing crisis tax policy
Efforts to help with housing affordability are laudable, but these tax initiatives may not be the answer.
article- Public practice
Vale Murray William Wyatt FCPA
A strong advocate for public practitioners and the accounting profession has sadly passed away.
article- Public practice
What financial advice can New Zealand practitioners offer clients?
Financial advisers are subject to a code of professional conduct. What exemptions apply for accountants?
article
July 2021
- Public practice
- Practice management
Australian Accounting Awards announced
Which CPAs were recognised as the best in 2021?
article- Audit
- Public practice
Companies find temporary relief due to auditor shortages
COVID-19 has stopped auditors coming into New Zealand. Now the regulator is offering some respite
article- Practice management
- Public practice
- Technology
How to protect your practice and clients from cyber attacks
Accountants are a prime gateway for cybercriminal activity. Here’s how to repel hackers
article- Taxation
- Public practice
- Practice management
Reasonable care key for practitioners at 2021 tax time
Here are the major changes this tax season and why reasonable care is recommended
article- Public practice
- Business law
Wage theft bill heralds underpayment scrutiny
Some states are ramping up wage theft legislation. Here’s what clients need to know about the penalties
article
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.
article- 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.
article- Taxation
- Public practice
NZ IRD targets family trusts in tax bracket overhaul
See why extra details are now needed in tax returns.
article- 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.
article- 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.
article
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.
article- 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
article
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.
article- 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.
article- 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.
article- 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.
article- 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.
article
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?
article- 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.
article- 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.
article- Insolvency
How to help small business clients understand insolvency options
Here’s a lowdown of restructuring options for vulnerable SME clients.
article- 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.
article
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.
article- 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.
article- 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.
article- 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.
article
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.
article- 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?
article- Disaster recovery
Small Business Trends 2021
Practitioners’ efforts in 2020 helped many SME clients. Here’s a look at what 2021 forecasts.
article- Accounting systems and processes
JobKeeper eligibility: test case opens the door to 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
article
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.
article- 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.
article- 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.
article- 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.
article- Business advisory
Lessons from 2020 for accountants and SME clients
Out of adversity comes knowledge. What has been learnt during this tumultuous year?
article
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.
article- 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?
article- 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.
article- 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.
article- 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.
article- 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.
article
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.
article- 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.
article- 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.
article- 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.
article- 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?
article
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
article- Business finance
SMEs urgently seek cash flow advice
INPRACTICE talks to two practitioners about how they are advising clients in financial difficulty.
article- 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.
article- Digital transformation
Connect with clients using good website design
Learn how your accounting practice can enhance its website to enable better client engagement.
article- COVID 19
ATO scrutinises superannuation early access
Taxpayers are discovering that dipping into their super early is not without risk.
article- Business finance
- COVID 19
Grants and help for Victorian businesses
Learn about the types of help available and if you are eligible.
article
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.
article- 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.
article- 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
article- Careers
- COVID 19
Job Prospects for Young Accountants
30-something New Zealand-based practitioners talk careers, working from home and what the future holds.
article- 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.
article- Practice management
- Public practice
What makes an award-winning accountant?
See what all five of these Australian Accounting Award-winning practitioners share.
article- Business management
SME grants for solving environmental issues
The Australian Government is turning to small businesses to help with environmental innovation.
article
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.
article- 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
article- COVID 19
- Taxation
Tax time in a post-COVID world
Three practitioners reveal how they interacted with clients during tax time.
article- 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.
article- 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
article- 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.
article- 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.
article
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.
article- 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.
article- 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
article- 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
article- Business finance
- COVID 19
SMEs relationship building with banks
Here are some strategies for SMEs to engage more effectively with banks and lending institutions.
article
May 2020
- Mental health
- COVID 19
How accountants can care for themselves when caring for clients
CPA Australia has teamed up with two pre-eminent mental health services to offer much-needed support
article- COVID 19
- Audit
The challenges of trust account audits during lockdown
Help is at hand for trust account audits and examinations during lockdown.
article
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.
article- 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
article- 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.
article- COVID 19
- Business advisory
Supporting clients through COVID-19
Learn how to take care when guiding businesses through challenging circumstances.
article- 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.
article
March 2020
- Career skills
Are you ready to fly solo?
The benefits of having your own practice can outweigh the sometimes long hours and responsibilities.
article- 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.
article- 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.
article- 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.
article- Audit
Audit guide sets context for inquiry
Auditors are under the microscope, but is a wholesale overhaul of the profession necessary?
article
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
article- 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.
article- Education
New Public Practice Program launched
The program has been developed with insights from CPA Australia public practitioners.
article
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.
article- 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?
article- 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.
article
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.
article- Business management
Encouraging verbal communication in the office
Leading by example is the best way to encourage younger staff to pick up the phone.
article- 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.
article
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.
article- Audit
- Education
Your practical guide to behaviours that improve audit quality
A new guide aims to address shortcomings in audit quality
article- Professional standards
- Continuing Professional Development CPD
FASEA: Key financial adviser requirements
Financial advisers face new education and ethical requirements. Here’s what they are.
article
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.
article- 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.
article- 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.
article- 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.
article- 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.
article
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.
article- Public practice
- Taxation
Client engagement letters: your questions answered
See why engagement letters are key requirements of CPA Australia’s quality review process.
article- 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
article- 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.
article
August 2019
- Ethics
Accounting internships: what you need to know
Internships can provide wonderful on-the-job training but employers must understand the risks
article- 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.
article- 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.
article- Business management
Franchising under scrutiny
Due diligence is essential. Before a client buys into a franchise model, advisers play a key role.
article