I spoke to the director of an Australian firm last week who had staff resource issues, and he’d indicated he had both bookkeepers and compliance staff in an offshore location. He’d had these staff for a couple of years and had trained them up in both SMSF and compliance (company, trust partnership, sole trader and individual returns). This firm had …
Why you may never need to lodge a tax return again
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 accountants are on notice: workers at home are to be replaced by robots
It’s hard to imagine in this never ending climate of tax changes, but there’s a clear vision that some workers are going to be replaced by automation. While frustratingly many of us spend hours on the phone clicking through the many options to get us to a real human, or struggling with the Customs lines on arrival into Australia, it …
Why a $50,000 pay rise probably won’t secure you an accounting resource
More recently there has been news articles of the high salary increases demanded and received by accountants and IT workers who are in short supply in the economy. There was an article mentioning that $50,000 was the starting point to attract a resource, but it might not be enough to seal the deal. There have been rumblings in the area …
The Australian accounting shortage is likely to last 7-10 years
Australian accounting staff shortages are likely to exist for 5 plus years, and one pundit recently suggested a shortage stretching from 7-10 years. This staff shortage requires accountants to rethink what services they should offer, and which clients they should be servicing. With an ongoing shortage of talent in this space, paying to attract employees and retain the best ones …
Are skilled workers the solution to Australia’s accounting shortage
It seems the new Australian government is refocussing on restarting the permanent skilled workers, giving them top priority. However, reading further into this, the government is going to prioritise the processing of almost 60,000 permanent visa applications lodged by skilled workers based overseas, in a bid to rapidly reduce areas of dire shortage such as health, education and aged care. …
Geographical and geopolitical risks for outsourcing Australian accounting and tax returns
Post COVID there has been significant global and economic factors contributing to upheaval of the traditional ways of doing business. COVID contributed to significant pressures on the global supply chain, for which the world has not yet recovered. There’s a shortage of everything from shipping containers to microchips. China continues to establish an increasing presence in the world stage, and …
Australian accounting firms’ new norm: remote working is in
The June 2022 Hays Salary guide recently released had some auspicious information for Australian accounting firms struggling to find employees to man the computers in the Australian accounting compliance space. The majority of employers (88%) are going to be increasing the salaries of their employees in the next review. And 77% say the skills shortage has forced them to offer …
Australian accountants: why now is the best time to put up your prices
Inflation is continuing to rise in many countries doing business with Australia, or aligned economically or geographically with Australia. In the US, inflation was recorded just shy of 10% in July 2022. And over the ditch in New Zealand, inflation rose to 7.3pc, its highest in 32 years. Australian inflation is also on the increase, with Australia’s Q1 2022 inflation …
ABS Census data: what it means for Australian accounting firm owners
The annual Australian Bureau of Statistics 2021 census data was recently released, and there are some nuggets of information for Australian accounting firm owners. Some of the stranger numbers must be attributed to Covid, and the particular states approach to lockdowns. Many city dwellers have moved to regional locations away from the cities, especially those that had tough long lockdowns. …
