Recently the Australian tax office postured that eventually there would be no need to lodge tax returns, as the ATO moves to a system of automatic data exchange which will end the annual lodgement requirements. Before we throw this thought as impossible, it’s worth considering Australia’s tax system versus other tax systems. In some other countries, the employer is responsible …
Australian jobs being rationalised by the big corporates: Is this Market efficiency in action?
A lot of airlines can’t be really said to be in the airline business at the moment, and they are certainly rationalising their workforce to get through these troubled times. Recently one of the major Australian airlines made the news as they axed another 2,400 jobs by outsourcing all of its ground handling work at Australian airports. The airline in …
Roadmap for end of compliance: First the BAS, then SMSF, then the remaining tax returns
Bookkeeping BAS’s fully automated A couple of years ago we forecast that bookkeepers and other BAS related compliance areas would be impacted by the automation in bookkeeping, and that in our opinion there would shortly be a BAS button that the SME owner could press to lodge the BAS, thereby removing this valuable revenue stream for bookkeepers/accountants. At the same …
Selling your accounting firm: who is responsible for the retention of documents for past 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 …
Offshore administration gaining momentum
Darin Tyson-Chan interviewed David Carter, CEO of Odyssey Resources, for SMSF Magazine. The practice of using overseasbased organisations to perform the administrative and compliance functions of SMSFs is increasing, according to a senior executive of a firm operating in the space. “We’ve seen quite a proliferation of companies offering these services in the last six to 12 months, so people …
Tax returns go offshore
“In the two weeks spanning Christmas and New Year’s Day, while HAS Business Solutions ’ accountants vacated Alice Springs and headed for the coast, an army of Vietnamese bean counters kept the firm’s till ticking over.” In this article, Agnes King discussed the benefits of outsourcing and offshoring basic accounting services for Australian accounting firms. HAS Business Solutions has been …
Interview with David Carter, CEO Odyssey Resources
An interview with David Carter, CEO Odyssey Resources. In this interview David discusses doing business in Vietnam, selecting Vietnam as a choice of country, experiences of working in Vietnam, Vietnam accounting and tax regulations, issues new companies face operating in Vietnam, new investors in Vietnam, and changes to tax, accounting and other legislation. Background: Odyssey Resources offer professional Accounting & …
