With many Australian accountants being under restricted movements, the requirements for professional learning haven’t ceased. At the same time, with social distancing rules in place across much of Australia, the bottom has fallen out of physical conferences, as well as the opportunity for many suppliers to get their services or products in front of Australian accountants. Hence there is a …
Australian accountants: Are you working as best as you can in remote mode?
We’re seeing and hearing from our clients that some of them have been taken by surprise by the recent and quick move to lock down in Australia. Despite providing pretty much the same compliance services to the public, remote work for firms has been a huge range from “not a problem” to “very difficult”. For more progressive firm owners who …
Accounting Compliance firms valuation drops in the face of SME closures
I was speaking to an accountant who has a business assisting accounting firms get their practices ready for sale, usually when they are retiring. He assists both buyers and sellers. Basically the premise of valuation of an accounting firm is a multiple of the annual revenue, with individual returns having a lower multiple than other “stickier” clients. There’s a lot …
Australian SMSF auditors: including the extra Coronavirus Disease (COVID-19) Notification
With the longer term impact of COVID-19 as yet one of the unknowns, there has been recent news regarding disclosure requirements for SMSF trustees who have not yet completed their 2019 financial year accounts. We’ve seen some recommendations related to the need to disclose the pandemic as a significant event in the “Events subsequent to Balance Date”. Accountants should be …
Australian Tax Compliance offshore: Cracks in the offshore full time labour model
Australian accountants are looking to a 6-12 month business slowdown, and possibly longer, and are starting to cut fixed costs. Those fixed costs which can easily be released are the offshore full time labour force, which usually require 1-3 months notification to let the staff be returned to the offshore labour firm. Those firms will still need resources for ad-hoc …