Our CEO was visiting a client in Canberra the other day, and discussion invariably ended up mentioning the aggressive pursuit by offshore labour providers in the Philippines. The question then had to be asked: why are some firms considering the Philippines labour hire solutions, while other firms are knocking them back and working with Outsourcing offerings. The response was: Offshoring …
The top 5 Benefits of Outsourcing your Australian Accounting, Taxation and Bookkeeping Compliance to an Experienced Offshore provider
Outsourcing is not new. It derives from the economic principle of comparative advantage. CPA Australia released several great checklists back in October 2016, with lead author by Odyssey’s David Carter. The checklists in these series allow Australian accountants looking to use or provide outsourced services to cover many of the important aspects of outsourcing. This week we look at the …
Why you need to talk to an expert when it comes to outsourcing
In this time of “fake news”, we’re seeing it blatantly obvious that there are a lot of mis truths in the world today, and the world of Australian tax and accounting compliance outsourcing isn’t any different. We’ve seen some of the accounting industry self appointed “leaders” tinkering in social media giving their opinion on outsourcing, and we’ve seen some self …
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 …
Offshoring versus Outsourcing? Why the confusion remains
Our CEO was visiting a client in Canberra the other day, and discussion invariably ended up mentioning the aggressive pursuit by offshore labour providers in the Philippines. The question then had to be asked: why are some firms considering the Philippines labour hire solutions, while other firms are knocking them back and working with Outsourcing offerings. The response was: Offshoring …
TPB rattles Outsourcing and Offshoring Users. Draft practice note released
A few days ago the Tax Practitioners Board (TPB) released draft Practice Note TPB(PN) D38/2017 to provide practical guidance and assistance to registered tax practitioners in understanding their obligations under the Code of Professional Conduct in relation to the use of outsourcing and offshoring. It should be noted that this is a draft practice note, and submissions and comments are invited …
How Australian accounting firm owners can semi-retire with lower risk…
I received a message from an Australian accountant the other day. The message went something like this: Hi David, Just some feedback from my Partner in business (an old school hardworking now moving to retiring not the easiest lady to impress). You made it easy the questions that came back were of calibre and clearly indicated that you had certainly …
Australian Accountants have big problems: Disruption hits hard in professional services.
We live in interesting times, but there is no denying disruption over the past 20 years since the internet and email burst onto the scene. Uber, Airbnb and Xero have been around for over a decade, and yet at the same time we still have rampant use of desktop bookkeeping and accounting software here in Australia. A little over a …
Australian Tax Workers: Is the next wage push just around the corner?
Recently Morgan McKinley released their 2017 Accounting & finance Salary guides. Focusing on the compliance salaries in Accounting & Finance Salaries in Commerce & Industry the more interesting numbers come from the “Tax Accounting” side with newly qualified accountants being paid $70,000 to $90,000; Senior accountants being paid $90,000 to $120,000; Managers $100,000 to $150,000; Senior Managers $140,000 to $180,000; and Directors/Heads from …
Are we irrevocably losing Compliance skills in Australia?…
I had a chat with a firm the other day that was resisting outsourcing and going to keep hiring local staff, on the pretext that managers of the future had always come from within the ranks. Late last year we blogged about the possible trend to bring the jobs back home as a result of changes in the Australian political climate. …
