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21 Feb, 20

Further changes expected in accounting in 2020

Source – accountantsdaily The changes in the last decade are set to continue and there are still many unknowns, said Lielette Calleja, the founder and director of All That Counts, in her analysis of the year to come. She predicts that accountants will have more data available to them than ever before, which by default […]

14 Jan, 20

IFRS: new challenges, new opportunities for accountants

Source – INTHEBLACK Financial statements need the input of more stakeholders than accountants, and accountants, too, need to think more broadly – their skill set is becoming more valuable as the need for better communication and broader valuation expertise becomes a normal part of the job. Accounting standards are designed to make the principles and […]

14 Jan, 20

AI to birth new era of accounting, not eradicate it

Source – Accountants Daily AI will not eradicate the accounting profession; instead, the ease of access to sophisticated infrastructure is forecast to give rise to new client-orientated businesses and trust-based relationships, said Institute of Public Accountants chief executive Andrew Conway, on the sidelines of the national congress held in Adelaide in November. “What their [large […]

05 Dec, 19

Are skills and workplace experience more valuable than a college degree?

The debate of education vs workplace experience is in full swing because nowadays, employers are looking for skills, traits, and personality for future leaders. According to the latest report, it is found that around 2,552 workers in Australia (70%) say that work experience is beneficial to advance their career in the future. In another report […]

05 Dec, 19

Professionals call for revamp of the accounting education system to attract the young crowd

Accounting professionals, accounts institutes, colleges, universities, and consultants are demanding new standards and education in the accounting sector so that more and more young group gets attracted towards them. According to the accounting education department of Australia’s consultant Heath Smith and pre-eminent product ‘Hype girl’, something is missing in the fundamentals of accounting. Firstly, when […]

10 Sep, 19

Remote area tax concessions and payments should be overhauled

The Productivity Commission has called for significant reforms to the tax concessions and payments for residents and businesses in remote Australia as they are “outdated, inequitable and poorly designed”. Its draft report assessed the zone tax offset (ZTO), the remote area allowance (RAA) and the fringe benefits tax (FBT) remote area concessions. The Commission recommended the abolition […]

31 Aug, 19

Vacant land expenses no longer deductible in “build-to-rent” investments

Starting from 1 July 2019, individuals who hold vacant land may not be entitled to claim those costs as an allowable deduction. Prior to this, claiming tax deductions for holding vacant land was available in certain circumstances. An example of this may have been during the construction phase of a development when no income was […]

04 Jul, 19

Top choices you can make as a new CPA

It is very hard to cross the line for CPA because most of the students who opt the stream of commerce, always look for CA or CPA. So, you should be very joyful and optimistic for your CPA designation. But now it is also very important to identify what sort of choices you want to […]

17 Jun, 19

Changes to payment summaries , income statements are here

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either: An income statement – if your employer reports […]

17 Jun, 19

Superannuation guarantee contributions not payable for additional hours or public holidays

The Full Federal Court has held that superannuation guarantee contributions were not payable by an employer in respect of the “additional hours” and “public holidays” components of employees’ salaries since these components did not form part of “ordinary time earnings”. In doing so, it allowed the employer’s appeal against the primary judge’s decision reported at [2018] […]