01

Apr 2021

Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305

By: Odyssey Legislation
Tags: accounting outsourced services, actuarial certificate, apes 305, Cloud computing, Disclosure

In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced Services in the provision of Professional Services to a Client, the Member shall document and communicate the details of the Outsourced Service Provider, the geographical location of …

18

Mar 2021

APES 305 Disclosure Cloud Computing

APES 305 – Australian accountants required to disclose details of cloud computing effective 1 July 2021

By: Odyssey Legislation
Tags: apes 305, Cloud computing, Disclosure, terms of engagement

APES 305 arrived with not too much fanfare in December 2020, and it hasn’t received too much news at present. In December 2020 a revised APES 305 was released with a requirement, effective 1 July 2021, to disclose material outsourcing. A Member in Public Practice shall document and communicate to the Client the Terms of Engagement. Utilising Outsourced Services or …

11

Mar 2021

APES 305 Disclosure accounting outsourcing

Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305

By: Odyssey Legislation
Tags: apes 305, australian accounting, Disclosure, Outsourcing, terms of engagement

APES 305 sets the standards in respect of Terms of Engagement for Members in Public Practice in the provision of quality and ethical Professional Services to Clients. In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced …

04

Mar 2021

Audit Independence

Is independence really so difficult? Comments on APES110 Auditor independence

By: Odyssey Legislation
Tags: accounting outsourcing, ATO, SMSF audit, SMSF Auditors independence, SMSF outsourcing

The APES 110 Code of Ethics for Professional Accountants (including Independence Standards) has been in the news more recently as the SMSF Association has sought to secure an extension for the deadline by which auditors are required to comply with the amended independence standard defined by APES 110. There has been plenty of news, social media commentary, podcasts and discussion groups …

22

Feb 2018

Offshoring - are you caught by the royalty withholding rules?

Offshoring – are you caught by the royalty withholding rules?

By: Odyssey Legislation
Tags: ATO, Offshoring, royalty withholding rules, Seat Leasing

Australian businesses looking to pay for outsource or offshore services need to be aware of the royalty withholding rules under Australia’s tax laws. For clients that are offshoring and paying a “seat lease” fee which includes rental of office equipment and software, then a payment for some of these items might arguably fall within the ambit of Royalty. As noted …

08

Feb 2018

Australia’s Controlled Foreign Companies rules tightened: Bywater Investments revisited

Australia’s Controlled Foreign Companies rules tightened: Bywater Investments revisited

By: Odyssey Legislation
Tags: controlled foreign companies, controlled foreign trusts, tax rules

There have been several interesting events in the offshore world recently. As the Panama papers and then the Paradise papers unfolded, it seems pretty obvious that hiding in low or no tax jurisdictions is becoming less cool. It’s relatively easy these days to wake up to find massive amounts of data hacked from secure systems, and not all companies responsibly …

09

Nov 2017

The perfect storm. Is your Australian tax compliance client data secure

The perfect storm. Is your Australian tax compliance client data secure?

By: Odyssey Legislation
Tags: cyber risks, Data breach, Data security

Rewinding back to earlier this year, Australia will have a mandatory data breach notification scheme in place within the year after several aborted attempts, following the passage of legislation through the senate. There has certainly been a raft of overseas data breaches, and some of them like the Equifax breach has put Australians’ sensitive financial information at risk. What is …

27

Jul 2017

Australians taking tax shortcuts overseas

Australians taking tax shortcuts overseas. Short term gain, long term pain.

By: Odyssey Legislation
Tags: law, overseas tax, Vietnam

After almost three decades overseas, we’ve seen some interesting behavior from Australians taking shortcuts overseas. Below are several of the examples, and some of the more interesting cases we’ve seen. Starting off with the interesting story of an Australian who killed a taxi driver over a $10 dispute on a taxi fare. However, let’s look at some of the issues …

04

May 2017

Australia’s new data breach notification laws. Are your suppliers ready?

By: Odyssey Legislation
Tags: cloud, Data breach, Data security, Disclosure, due diligence

With an increase in data now on the cloud, and a number of third party services providers assisting Australian accountants, it’s a good time to look at the ever changing laws on data breaches. More recently, there was the “Can you hear me” scam reaching Australia. The scammer only needs to record you saying “yes” over the phone. The intention …