ATO’s one chance rule positive for small business

IPA chief executive Andrew Conway said the proposal is clear sign that the ATO recognises that in the past, it may have been too heavy handed on taxpayers trying to do the right thing, by not taking into account individual circumstances.“In real life, mistakes can be...

Audit regulation requiring overhaul, says big four firm

EY wealth and asset management leader Antoinette Elias says the auditing standard and the regulators are struggling to keep pace with the changes happening in the audit space.Ms Elias said regulators need to consult with the industry about how processes are being...

SME confidence in NSW Victoria sees spike

Moula chief executive Aris Allegos said data collected from surveys across 22,000 businesses has revealed that SME confidence has increased the most in NSW and Victoria, while confidence has seen a sharp fall in Western Australia and South Australia. “We’ve seen that...

Lawyer flags SOA issues for licensed accountants

Jaime Lumsden Kelly, a solicitor from The Fold Legal told Public Accountant that rather than just handing their clients a statement of advice, accountants should be walking them through the document to ensure they actually understand it.“The SOA needs to be compliant....

Accounting firms recognising need for robust systems

A survey conducted by accounting software firm BlackLine revealed that 63 per cent of Australian respondents regarded systems as the most vital factor for economic growth.Of those surveyed, 57 per cent also said having a senior team possessing a sound understanding of...