27

Aug 2020

The-SMSF-auditor-is-tougher-this-year.

The SMSF auditor is tougher this year. Sorry, not sorry

By: Odyssey Outsourcing, Uncategorised
Tags: ATO, low cost, Outsourcing Best practice, Quality work, SMSF, SMSF auditors

We recently noticed a complaint from one of our accounting firm clients, that the SMSF auditors we were using (we switched to a panel of SMSF auditors) were making things difficult by asking for signed documents from the trustees, pieces of information to prove ownership and valuation, and generally just making the SMSF audit process a lot more difficult, in …

23

Jul 2020

who-is-responsible-for-the-retention-of-documents-for-past-tax-returns.jpg

Selling your accounting firm: who is responsible for the retention of documents for past tax returns

By: Odyssey Outsourcing
Tags: ATO, outsourcing provider, record retention, Tax Agent, tax returns

In this highly evolving and moveable world, we’ve seen recently several issues related to record retention involving tax agents who have moved to other software providers, moved from desktop to cloud, or sold their practices but then needed access to the data. Instances where tax agents needed access to the data included one accountants who had accepted the client after …

16

May 2019

workpapers-australian-accountants-dirty-little-secret

Workpapers: Australian accountants dirty little secret

By: Odyssey General
Tags: ATO, future of compliance, working papers

This week seemed to be a meeting of a number of issues that led us to consider the future of Australian taxation compliance. We believe that Odyssey completing some 50,000 jobs annually for some 500 Australian accounting firms gives us the opportunity to have higher level visibility than most firms. This week started with receiving a garbage set of prior …

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 …

04

Feb 2016

Cloud-based accounting and productivity tools for practitioners and taxpayers

By: Odyssey In the Press
Tags: ATO, Cloud Accounting, Cloud software, SBR

Modern cloud based accounting software and productivity tools are having far reaching and prompt impact on the way Australian businesses process their business transactions. In this article, Sophie Hossack highlights changes from the last 15 years (pre GST) through to cloud accounting software available today, together with the massive impact this is having on not only the way accountants and …