The new APES 305 on Terms of Engagement became effective 1 July 2021, as per this link è https://apesb.org.au/standards-guidance/terms-of-engagement/ The most challenging new requirement (where Outsourced Services will be utilised) is that the Member must document and communicate to the Client: the details of the Outsourced Service provider, the geographic location of where Outsourced Services will be performed and the …
Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305
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 …
APES 305 – Australian accountants required to disclose details of cloud computing effective 1 July 2021
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 …
Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305
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 …
Is independence really so difficult? Comments on APES110 Auditor independence
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 …
Offshoring – are you caught by the royalty withholding rules?
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 …
Australia’s Controlled Foreign Companies rules tightened: Bywater Investments revisited
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 …
The perfect storm. Is your Australian tax compliance client data secure?
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 …
Australians taking tax shortcuts overseas. Short term gain, long term pain.
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 …
Australia’s new data breach notification laws. Are your suppliers ready?
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 …
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