INPRACTICEINDUSTRY NEWS | TECHNICAL UPDATES | KEY DATES

INPRACTICE is a monthly resource for public practitioners providing industry news, technical updates and important dates. View all articles in the current edition below. This new-look online version of INPRACTICE was launched in August; you can still access a library of past INPRACTICE articles on intheblack.com.

OCTOBER

How to reduce the impact of regulatory burden
A new report reveals that changes to the accountants’ regulatory regime would help consumers and business. Find out how regulatory burden can be reduced.

“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 SMSF diversification. Find out why you shouldn't be panicking. 

Divorce and business ownership: What happens when spouses split?
Here are some things accountants, as advisors, should keep in mind with divorce and business ownership cases.

Capital distributions from foreign trusts: How do I prove they aren’t taxable?
An Australian tax resident who receives a distribution of capital from a foreign trust must include the amount of the capital distribution in their assessable income. Learn about the exclusions in section 99B of the Income Tax Assessment Act 1936 and how to manage them.

New how-to guides for landing small business loans
Help your small business clients navigate the minefield of obtaining loans with these two new initiatives.

Lost in the cloud: What you need to know about changing IT systems
A cautionary tale for any business owner contemplating a move to the cloud.

What the new tax whistleblower laws mean for disclosure
New tax whistleblower laws came into effect on 1 July. Here’s what you need to know about disclosure.

7 mistakes that lead to staff underpayments
Nearly every week, news breaks of yet another employer in Australia underpaying employees. The penalties are high and the public shaming bad for business. Learn how employers can ensure they comply with the law.

SEPTEMBER

New research reveals high cost of regulatory burden for public practitioners
It’s no secret that regulatory complexity is placing a hefty burden on public practitioners, but new research reveals the costs can be in the tens of thousands of dollars a year, with flow-on effects for clients and the public.

How to make your practice more attractive to job seekers
How can a small or medium-sized business be seen as a good workplace and stand out to job seekers? First, create an environment where people want to work. 

Read this before you offer an accounting internship
An accounting internship can provide a wonderful opportunity for on-the-job training, but employers need to understand their responsibilities to interns. Here are six tips to avoid the accounting internship trap.

Client engagement letters: Your questions answered
Engagement letters are a basic building block of the practitioner-client relationship and a key requirement of CPA Australia’s quality review process. Here’s what you need to know.

Best accounting practice management tips
Impress clients and enhance your business with these tips from leading CPA Australia public practitioners.

New push to stamp out illegal phoenix activity in Australia
Accountants are at the frontline as the government introduces tough new laws to stamp out illegal phoenix activity.

How to manage audit risk and improve your processes at the same time
New guidance reveals that investigating the root cause of audit anomalies is more straightforward than you think.

Selling your business: 5 common dangers to avoid
Is a client considering selling their business? These are the risks they need to consider.

AUGUST

8 things to do during an ATO outage
Outages: No one likes them, but they happen. Here are some useful tips from practitioners who’ve found productive ways to use their time during an ATO systems outage.

Improving the audit process
Australia’s auditors are under pressure but there is an opportunity for small and medium-sized practices to influence auditing standards for the better.

6 tips for tax agents
Tax professional? Here are six timely tips to help agents do their jobs.

Accounting internships: What you need to know
An accounting internship can provide a wonderful opportunity for on-the-job training, but employers need to understand their responsibilities to interns. Here are some of the challenges.

Warn your clients: 7 mistakes that lead to employee underpayments
Inadequate training for payroll managers is often the reason behind underpayment errors. Here are seven of the most common mistakes to avoid.

Dealing with vulnerable clients suffering from financial abuse
Accountants are in a unique place to guard against elder financial abuse and other threats to the financial interests of their clients. Here are some of the signs.

New tax rules for government tender bids
Businesses tendering for Australian Commonwealth Government contracts valued more than A$4 million now need to provide a statement proving they have a satisfactory tax record. Here are some of the key points.

Franchising under scrutiny: What practitioners need to consider
Australia’s franchising industry is in the spotlight following a March 2019 parliamentary inquiry report that called for a total overhaul of the sector and the code of conduct under which it operates. Here are some key considerations if you have franchising clients.