Accountants Daily Podcast Network (Momentum Media)

On this episode of Accountants Daily Insider, Tax & Super Australia's senior tax counsel, John Jeffreys, unpacks the most pressing industry concerns around the government's COVID-19 financial assistance packages.

John specifies the final enrolment date for the JobKeeper payment scheme, amendments that need to be made to the enrolment form and issues in relation to satisfying the decline in turnover test.

He also addresses confusion regarding cash-flow boosts for employers, outlines the industry response to the ATO's automatic blanket deferrals and shares his message to accountants on navigating this challenging time.

In this week’s Accountants Daily podcast, ATO Assistant Commissioner Tim Loh talks tax agents through the fine print on pandemic deductions, work-from-home claims, rentals, crypto and granny flats.

When it comes to COVID tests, the rules have changed to make them claimable for the first time.

“Taxpayers who’ve paid for a COVID 19 test for work-related purposes – such as, for example, working out whether you can attend or remain at work – can actually claim a deduction for the COVID-19 test. So that could be a PCR test or RAT (rapid antigen test),” Mr Loh says.

“There are a few conditions that you need to satisfy. You must have spent the money and not be reimbursed by the employer. The client must have used it for work-related purposes, so if the client bought the rapid antigen test to work out if they can go on a holiday to Byron Bay with their mates, that’s not going to be a deductible expense. 

“And finally, you need a record for it. So receipts are best, and also digital invoices would be a really good record to have to support your claim.”

“A question that always comes up in relation to your children is when they have to use a test to work out whether they can go [to] childcare or school. That’s not deductible, because it’s not directly related to your income.”

Accounting firms need to focus on their real expenses and review their prices or get left behind by inflation and interest rates rises, says Rebecca Mihalic, a director at eastern seaboard accounting practice BusinessDepot.

“We spend a lot of time focused on making sure our clients are still profitable and they're staying solvent – we need to have a look internally,” Ms Mihalic said on this week’s Accountants Daily podcast.

“Even if you don't bill by the hour anymore, and there's lots of us who don't, you're still probably determining whether or not you're profitable on a client by looking at an hourly rate associated with a timesheet.

“I would suggest that hand-in-hand with that you should also be looking at the actual costs that are going on in your business and whether or not those costs are being supported by your pricing.

“I could guarantee at the moment – unless you've done huge pricing reviews recently – you're probably losing out and will continue to lose out moving forward.”

On this week’s episode of Accountants Daily Insider, host Katarina Taurian is joined by the honourable Bruce Billson, former minster for small business, to talk all things financing in the SME space.

Bruce discusses the critical issues facing SMEs when trying to obtain funding, what life is really like for SMEs on a daily basis, and what needs to happen at a government level for changes to kick in. He also shares why some Australians are turning back to traditional forms of lending.

The JobKeeper program switches over on 28 September and with it a number of high-level changes that practitioners and their clients will have to wrap their heads around.

On this episode of Accountants Daily Insider, the Institute of Public Accountants general manager of technical policy Tony Greco joins host Jotham Lian to discuss the new decline in actual GST turnover test, the two-tiered payment rate, and other key details.

Tony also runs through some crucial action points for practitioners to work through with their clients over the coming days and weeks.

Ahead of the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

Joanna James is an advocate for constant reinvention and resilience, having adapted to change over her career in the finance space herself.

Having worked in the lending space for more than 20 years – including as the general manager of non-bank lender Mortgage Ezy – she now helps support women in building successful businesses through Artemis Space, a women’s community group delivered by the Finance Brokers Association of Australia.

In this episode, Annie Kane sits down with Ms James to find out:

• Why success is subjective.

• The power of visualisation, emotionalisation and manifestation.

• Why she believes the finance industry is a great industry for women.

And much more!

On the first official episode of Under the Hood, Tracey Scotchbrook from the SMSF Association joins Imogen and Lee-Ann to chat about all things currently happening in the superannuation space.

A significantly complex and technical industry, tune in to hear Tracey’s take on:

• Key attention points in the super industry this past year.
• What challenges the industry faced this year and what challenges are on the horizon for 2025.
• The future of Div 296 tax and other bills proposed by the government.
• Super issues and the impacts this may have on accountants.

Grant Quick, Senior Solutions Engineer at Intuit QuickBooks, joins host Katarina Taurian in this episode of the Accountants Daily Insider to talk all things Single Touch Payroll (STP) compliance, what it means after June 30 and what is on the horizon for FY20.

Grant reveals the key dates around STP compliance, how business will be affected, and his thoughts on how STP will streamline processes. The pair also talk about what is next from a tech prospective and why businesses need to embrace changes to become more efficient.

The SMSF sector has seen significant change in the past 5 years but, as Katarina Taurian explains, next year is set to see further major shake-ups.

In this episode of Accountants Daily Insider, Katarina is joined by Terry Braithwaite to unpack her concerns surrounding government and regulatory “tinkering” that accountants should educate themselves on and how these changes could impact them going forward.

With ASIC facing mounting pressure to produce results, Katarina shares why smaller operations may be the most at risk and what to expect for those attending the upcoming SMSF summit.

Chartered Accountants Australia and New Zealand superannuation leader Tony Negline takes a closer look at the ATO’s recent announcement on non-arm’s length income and what it means for practitioners and trustees.

Tony tells hosts Aaron Dunn and Jotham Lian how the ATO’s draft law companion ruling means that if an SMSF’s affairs are not structured correctly, then, even for a minor expenditure, all the income of the super fund — ordinary and statutory income — could face income tax at the highest marginal tax rate.

He also shares his concerns with the legislation underpinning NALI and what he is ideally hoping for ahead of the ATO’s finalised law companion ruling.

This week's episode of Accountants Daily Insider sees host Katarina Taurian joined by Scottish Pacific chief executive Peter Langham, and Cohen & Krass director Tony Cohen to discuss why the new Business Funding Guide is useful for the accounting profession.

Mr Langham explains why the Business Funding Guide was developed in conjunction with the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and why it is such an important tool amid the credit crunch.

Mr Cohen also talks on why the guide is so useful for his graduates and why the accounting education landscape has to change to accommodate the changing needs of small business clients.

Accountants are prone to a raft of common mistakes that hold them back but can be avoided with planning, says Rob Pillans, founder and principal consultant at Planet Consulting.

A former accountant himself, Mr Pillans admires the profession “but I do see some things a bit too often that I would love accountants to be doing a bit differently”, he said.

“I’ve categorised those things into three broad areas: team, clients, and systems and processes.”

He said the problems were perennial but getting the team right was always top of the list.

“If you don’t have that clear vision and direction for the firm that you can articulate to the team or get them involved in building it, go back and start there. Because if you get clear about that it guides a lot of the decisions that get made about the other aspects of the business.”

Kristine Woods has spent over 33 years fighting seven chronic autoimmune diseases, had to deal with blindness in her right eye, and now has a permanent port implanted in her chest after her veins failed in 2017. Despite these challenges, she has refused to let them limit her, and has now gone on to set up her own successful bookkeeping firm, The Accounts Ladies.

In this episode of Accountants Daily Insider, Kristine tells host Jotham Lian how she balances her life as a mother, a business owner and a BAS agent, all while having to deal with different treatments and setbacks.

Kristine shares her advice on how to deal with adversity, and how she is determined to continue achieving new goals and giving back to the community.

The Inspector-General of Taxation and Taxation Ombudsman (IGTO) provides an important, free service to assist taxpayers with complaints and concerns around the ATO and the TPB.

In this episode of Accountants Daily Insider, host Jotham Lian is joined by the Inspector-General of Taxation, Karen Payne, to outline the role of her office in the broader tax system, new stats around taxation complaints over the last few months, and the process of escalating tax administration concerns.

Karen explains why she endorses the simplification of the taxation of deceased estates, the key recommendations out of the Senate Economics Legislation Committee's inquiry, and the IGTO's plans for the coming financial year.

On this week's episode of Accountants Daily Insider, host Katarina Taurian is joined by the deputy editor of SMSF Adviser Sarah Kendall to discuss the current issues and challenges the SMSF space is faced with.

Sarah and Katarina discuss the ATO's decision to look into diversification for SMSF's, the discussion around physical signatures versus electronic for documentation and the importance of broader estate planning.

With a whole range of legislative changes and so many Australians under financial stress as a result of COVID-19, this year's tax time is sure to bring its own set of challenges for practitioners.

In this week's episode of Accountants Daily Insider, host Jotham Lian is joined by the managing partner at Pitt Martin Accountants & Tax Advisers and this year's Australian Accounting Awards Accounting Consultant of the Year, Teddy Kosasih, to talk about the common issues he's witnessing with regard to tax time 2020.

Teddy explains why many people are lodging their tax early this year, outlines how practitioners can best support struggling business clients, and shares some tips on managing client expectations.

2019 has been a period of technological transformation in the accounting industry, and according to general manager at MYOB, Blake Collins, it's only going to expediate in the coming year.

Blake joins host Sarah Kendell on this episode of Accountants Daily Insider to provide insight into how accountants can optimally embed technology into their businesses; what firms can do to prepare for the transition to myGovID; and how new tech platforms will enable a simplified, more efficient way of working for accountants.

On this episode of AD Insider, Alan FitzGerald dives into the world of AI and how accounting firms can use it to transform their processes, operations, and services.

Founder of Practice Connections Advisory, FitzGerald shares his extensive experience, knowledge, and personal opinions on AI and how it can elevate the accounting industry during a time of significant change.

Touching on all aspects from benefits and challenges to risks and forecasts, FitzGerald bases his discussion on findings highlighted in the recent Changing the Game report by Intuit QuickBooks. FitzGerald says AI is the way forward for the accounting industry – tune in to this episode of AD Insider to find out why.

If you’d like to discover how Australian accounting firms are leveraging technology to stay ahead of
the competition and secure their future success, download the full report at intuit.me/accountanttech for valuable insights, practical tips, and real-life examples.

Following the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

In this episode, we chat to Suzanne Wood, state general manager residential broker Victoria/Tasmania at Westpac Group (and state chair of the Women of Westpac employee advocacy group), about how she climbed the career ladder in banking and the power of having strong female role models.

Tune in to find out:

• How she learnt the art of having difficult conversations.
• The perils of unconscious bias and how to tackle them.
• How Westpac is supporting women through the Women of Westpac employee advocacy group.

And much more!

In this episode of Accountants Daily Insider, host Katarina Taurian is joined by a colleague and editor of both Momentum Media's suite of wealth titles James Mitchell to discuss their thoughts on the federal election campaign and outcome.

James will reveal the sentiment on the ground within the financial advice community, why he believes the campaign did not convey clear messaging. He will also address how unexplained reform may have impacted the election outcome.

With the first-ever Accountants Daily Australian Accounting Awards happening as a live broadcast hosted by Vince Sorrenti on Friday, 19 June at 7pm AEST, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Paul Glossop, CEO of Standard Integrated Lending, Gold Partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

With recommendations from the Hayne royal commission and inquiry into superannuation yet to be addressed, CPA Australia's general manager of external affairs, Paul Drum, claims that members have grown quite sceptical of reviews.

Paul returns to Accountants Daily Insider with host Jotham Lian to outline some of the issues raised by members around the current reviews into retirement income and aged care, CPA's perspective on raising superannuation guarantee contributions to 12 per cent, and how practitioners should go about dealing with all of this change.

Paul also provides his take on industry anxiety around myGovID, details CPA's pre-budget submission to help those affected by bushfires and drought, and explains the implications of these businesses not having access to financial guidance on the economy at large.

The current advice framework creates significant issues for unlicensed accountants looking to provide advice on the proposed $3 million threshold, warns CA ANZ.

In this episode of the Accountants Daily podcast, Tony Negline from CA ANZ shares his thoughts on some of the recent developments happening with advice reforms and superannuation policy.

With the government looking to introduce legislation for the experienced pathway for advisers soon, Mr Negline discusses CA ANZ’s views on the measure and concerns about the absence of a sunset clause.

He also highlights the need for further reform to create a fairer regulatory environment for accountants and why the Quality of Advice Review didn’t go far enough.

He also explains why the $3 million threshold will create new difficulties for unlicensed accountants due to the way the existing framework operates and why it needs to change.

Ahead of the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

In this episode, we chat to Anjali Crossette, manager of motor operations at non-bank lender Liberty, about breaking barriers and misconceptions about car finance and why she believes the industry needs to showcase gender diversity across every rung of the career ladder.

Tune in to find out:

• Why the finance industry is an attractive industry to work in for women.

• The progress being made in gender diversity in car finance.

• How Liberty is leading the way by example.

And much more!

The SMSF Association and Rice Warner have now released comprehensive research investigating the operating costs of SMSFs and how they compare with APRA-regulated funds.

SMSF Association deputy chief executive Peter Burgess explains to hosts Aaron Dunn and Miranda Brownlee what some of the key findings of the research are and what they mean for the provision of advice on SMSFs and superannuation in general.

Aaron and Miranda also discuss some of the key developments this month, including ASIC’s consultation on the impediments facing advisers providing scaled advice and the release of the Retirement Income Review. 

In part two of this special episode of Accountants Daily Insider, brought to you by the Governance Institute of Australia, the general manager of policy and advocacy at the Governance Institute of Australia, Catherine Maxwell; the principal of PKF Australia, Kym Reilly; and the director of people and advisory services at EY, Mathew Ronald, once again join host Sarah Kendell to further delve into the findings of the Australian Ethics Index survey.

They will discuss how the accounting sector fares comparative to other professional associations in Australia, the role that culture plays within an organisation, and the importance of dealing with “bad apples”.

The panellists also discuss artificial intelligence within accounting, how AI will integrate with human roles, and the impact that it will have on ethics within the sector.

Lana Weldon and Doriena Parsons from Moore Australia jump onto AD Insider to discuss the current talent shortage in the accounting industry.

Sharing their passion, experience and love for the industry, the power duo touches on why the accounting industry is struggling to attract young talent, why they aren’t being retained, and what we can do to change it.

Like all industry members, Weldon and Parsons emphasise the point that accountants aren’t just “number crunchers” but creative minds that help our economy achieve anything and everything.

As a collective it is up to the accounting industry, its peak bodies and companies to portray the lifestyle, work, possibilities and opportunities available to young talent in the accounting profession.

In this episode of Accountants Daily Insider, Katarina is joined by the chief executive of the IPA Andrew Conway, fresh from his on-stage presentation surrounding client wellness in the accounting sector at the world congress of accountants.

Andrew will unpack the findings of the research conducted by the IPA which looks at depression and anxiety in business owners and how accountants can have a positive impact on those struggling under pressure.

He will discuss the work that they are completing internally to aid development of this issue within the industry, the important social role that accountants play, and what they are planning to do with these findings.

If you are struggling to cope or thinking about suicide, support is available. You don't need to face your troubles alone. Lifeline's Crisis Supporters are available to listen and keep you safe on 13 11 14.

All too often, property investors are so focused on returns that they neglect to consider the tax implications of their investments.

On this episode of Accountants Daily Insider, host Phil Tarrant is joined by the acting assistant commissioner of individuals and intermediaries at the Australian Taxation Office, Adam O'Grady.

Adam dissects statistics around the property investment space in Australia, outlines key policy changes which investors should be aware of, and breaks down the process for making changes to tax law.

Parras & Associates accountant Nick Parras and Pristine Finance broker Marinko Radomir share how working together has helped support their clients and strengthened their businesses.

In this latest episode of Accountants Daily Insider podcast, host Miranda Brownlee and Annie Kane, managing editor of The Adviser, speak to Nick and Marinko about their specialisation in high-net-worth and medical professionals and how they work together to deliver the best outcomes for these clients. 

Tune in to find out:

• How working with brokers can also benefit accounting firms.
  Tips for finding broking partnerships that are the right fit for the accounting firm.
• Shared and unique challenges in each profession.
• How they work with high-net-worth clients.

Jonathan Tefal, director and senior accountant from Senior Advisory, joins host Katarina Taurian in this episode of Accounts Daily Insider to reveal how they are tackling the evolution of technology within the accounting sector, and to reflect on recently taking out the award for Boutique Firm of the Year at the Australian Accounting Awards.

Jonathan reveals how they endeavour to continually set their firm apart from the rest, what's next for Senior Advisory, and his thoughts on creating the perfect balance between technology and human touch.

This week on Accountants Daily insider Katarina Taurian is joined by Matthew Pisarski from Intuit QuickBooks to discuss change management and why it is so important for firms to be able to adapt to new technologies.

In the accounting world technologies are forever evolving Matthew shares key themes in change management the importance of having a plan in place and how he tackles people who aren’t as receptive the new technologies as others. They also discuss what is in the pipeline for intuit and technology in the accounting space.

An outdated approach to pricing means accountants have fallen behind other professions and continue to be paid inappropriately for the work they do, according to the head of accounting at Intuit QuickBooks, Shaye Thyer.

The latest data on pay from recruiter Seek — which shows accounting salaries rising slightly ahead of the pack — was good news and overdue.

“I absolutely celebrate that accountant salaries are increasing above average,” said Ms Thyer on this week’s Accountants Daily podcast. “I think this is a correction – I think this has been coming for so many years.”

She said the problem stemmed from an overdue reliance on pricing by the hour.

“It’s so limiting — it doesn’t reflect the value of what we’re doing whatsoever. 

“I don’t know what the exact answer is, but I would love to see some more thinking around the way we structure these things because at the end of the day, we do need to pay our accountants better. And we will need to figure out a way to make that work commercially.”

The ATO has released its tax gap estimates for all 15 income and transactional-based taxes for the first time ever, believing $31.2 billion went missing in 2017-18.

Tax & Super Australia tax counsel John Jeffreys joins host Jotham Lian to unpack the different tax gaps, including the small business tax gap, which remains the largest gap by dollar value and percentage figure.

John also dissects the ATO’s sample of agent-prepared returns requiring more adjustments than self-prepared returns and gives his take on how to reduce the tax gap.

The government’s proposal to introduce a three-year audit cycle for some SMSFs has received extensive criticism from key professional bodies within the accounting industry, with many unable to see any benefit to the proposal and instead identifying potential for a growth in compliance breaches.

On this episode of Accountants Daily Insider, host Katarina Taurian is joined by executive general manager of technical services at ASF Audits, Shelley Banton, who will discuss her thoughts on the proposed changes, and the likelihood of the policy going ahead.

They will discuss the issues that will arise as a result of the changes, how it could lead to privacy risks for SMSF clients, and if there is any evidence that the proposal will actually help the integrity of the accounting sector.

With the Accountants Daily 30 Under 30 Awards being delivered as a live broadcast on Thursday, 3 December at 7:30pm AEDT, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Jane Betschel, head of marketing and digital sales at MYOB, principal partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

On this episode of Accountants Daily Insider, host Sarah Kendell sits down with the executive manager of SMSF technical and private wealth at SuperConcepts, Graeme Colley, to discuss recent regulatory developments in the SMSF space and the subsequent impact on industry professionals.

Mr Colley shares his views on whether claims made by ASIC in their fact sheet on SMSFs are exaggerated or misleading, runs through the standard costs for servicing different types of funds, and explains the difficulties in comparing performance figures when considering SMSFs versus APRA funds.

He also outlines SuperConcepts' involvement in the consultation process with the ATO and the new non-arm’s length income (NALI) laws, suggests how the regulations can be amended to provide a more practical solution for accountants, and responds to the contentious topic of the ATO's campaign around investment strategy.

The start date for Single Touch Payroll Phase 2 is fast approaching, but with everything going on around us at the moment, the ATO has decided to provide a short blanket deferral for all employers.

In this episode of Accountants Daily Insider, we partner with Intuit QuickBooks to hear from Lielette Calleja, who sits on the ATO’ STP Phase 2 advisory board, to hear about this latest concession and what it means for practitioners and their clients.

Lielette, the chief accounting technician at the Association of Accounting Technicians and a director and founder of her firm All That Counts, also explains what the expanded reporting requirements of STP Phase 2 will look like, and why the government is asking for this data.

She also shares some key points to help advisers prepare themselves and their clients for the change ahead.

In this exclusive interview with shadow financial services minister and shadow assistant treasurer, Stephen Jones MP, join Momentum Media’s editor of mortgages Annie Kane as she speaks to the member for Whitlam about the valuable role that financial advisers and brokers play in supporting Australian borrowers and what the Australian Labor Party would offer the financial services, credit and superannuation space should it win the federal election.

Tune in to find out:

• Why he thinks the FASEA education changes have been a debacle 
• The reason he changed from going direct to using a mortgage broker
• What he thinks financial and credit advisers need to be focusing on moving forward

And much more!

In the final episode of Accountants Daily Insider for 2018, host Katarina Taurian is joined by Terry Braithwaite to reflect upon the top 5 themes which resonated with the Accountants Daily audience across 2018.

They will discuss the huge growth and engagement of the brand, reveal how you can have your say on what they are covering, and give some insight into what can be expected from Accountants Daily heading into 2019.

With the Accountants Daily 30 Under 30 Awards being delivered as a live broadcast on Thursday, 3 December at 7:30pm AEDT, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Ingrid Cronin-Knight, head of accountant management and acquisition at MYOB, principal partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

It's an “amazing time” to start an accounting firm and inspirational role models – here and overseas – are showing what is possible, according to Damien Greathead, marketing leader for accounting and advisory at Intuit.

Speaking on the latest Accountants Daily podcast, Mr Greathead said successful start-ups were moving away from the traditional approach of hanging up a shingle and waiting for custom.

“Rather than just relying on whoever comes through the door,” he said, “have clear intentions about the services you will offer.

“You really see a different practitioner out in the workplace, and they're approaching their business model very differently. 

“It's very much built with intention in terms of the types of services they offer, the types of clients that they're working with.”

Michael Fingland explains the vital role that stress testing can play for businesses in an economy "teetering on the edge of recession".

In this latest episode, Vantage Performance chief executive Michael Fingland gives a rundown on the concept of stress testing and how businesses can utilise this strategy to prepare for further headwinds in the year ahead.

Fingland explains that with consumer spending pulling back and the economy softening, businesses should be analysing what outcomes might arise with a dip in cash flow, a drop in revenue or with other, more specific, challenges.

Businesses can then put in a place a “rapid-fire turnaround plan” that can be implemented if any of these scenarios happen, he says.

He also provides his predictions on business conditions for the remainder of 2024 and what the main challenges will be. 

On this Christmas special of UTH, host Imogen is joined by CA ANZ president Tinashe Kamangira, who shares details about his achievements during his presidential term.

When asked how he found himself as the CA ANZ president for 2024, Kamangira’s answer was “a lot of luck.”

Tune in to this bonus 2024 episode to hear about:

• Kamangira’s final outlook for the year as president on a personal and on a broader industry level.
• What Kamangira’s term as CA ANZ president was like, including the highlights.
• His achievements and passions.
• Kamangira’s approach to educating and connecting with high school and university students.
• How to support and bolster smaller accounting practices and sole practitioners.
• The horizon for the accounting industry in 2025.

Tax Practitioners Board member Debra Anderson joins host Jotham Lian in this first episode for 2021 to take a closer look at the year that’s been and what’s in store for the next 12 months.

Debra speaks candidly about the toll of a whirlwind 2020, how she’s been stretched ethically and morally in dealing with her clients, and why she thinks accounting practitioners will continue to be kept busy throughout the new year.

She also touches on some key changes that have been proposed by the independent review of the TPB and how they might affect practitioners in the coming months.

Public practitioner of the year Teddy Kosasih partner at Pitt Martin, joins host Katarina Taurian on this week’s episode of Accountants Daily Insider to talk about what made him take the public practice path. 

Teddy reflects on taking out the practitioner of the year award at the Australian accounting awards, his thoughts on what makes a good practitioner, how he hires for public practice, the skill sets he looks for to be able to tap into different markets, and how he started his own practice. 

A 90-degree turn from healthcare to financial health turned out to be a winning move for Isagani Manaois of TaxSmart Cafe, who was named Property Specialist Accountant of the Year at the recent Australian Accounting Awards.

“When I moved to Australia I started studying accounting because of the flexibility,” he said, after the 24-hour shift work of nursing had taken its toll.

It was a double win for TaxSmart Cafe and for Filipino migrants, with colleague Joynivee Chua winning the award for Accounting Support Staff of the Year.

Like Mr Manaois, Ms Chua studied to help her move but she began with a degree in computer science before making the switch.

“It took a while, but I finally got an opportunity to start studying accounting,” she said, after her software nous helped TaxSmart Cafe embrace a whole range of financial software. “I finished cert four in accounting and bookkeeping and now I’m continuing an accounting degree.”

With the first-ever Accountants Daily Australian Accounting Awards happening as a live broadcast hosted by Vince Sorrenti on Friday, 19 June at 7pm AEST, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Terry Rodoni from at Cerebiz, Platinum Partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

In this episode of Accountants Daily Insider, Greg Hayes, the chairman of both Knowledge Shop and Hayes Knight joins host Katarina Taurian, to share his thoughts surrounding education within the accounting sector.

Backed by more than 30 years of experience within the accounting industry, Greg will discuss how technology has impacted change for those new to the business, and share his expectations for new graduates within the sector.

With pending education changes on the horizon for those offering financial advice, Greg will address why he sees this as an opportunity to better the industry and shares if he has seen an uptake for education by professionals as a result

The ATO has claimed a 12 per cent increase in tax returns lodged in the first two weeks of July compared with the same time last year, but practitioners aren't convinced they are seeing the same spike in their business this tax time.

H&R Block director of tax communications Mark Chapman joins host Jotham Lian in this episode of Accountants Daily Insider to discuss the ATO's recent decision to stop breaking down the lodgement split between tax agents and myTax, and what he hopes for the future of myTax to provide a level playing field with agents.

Mark reflects on how tax time 2020 has been so far, the changes he's noticed in his clients' claims, and his words of advice to other practitioners dealing with tax time this year.

Ahead of the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

In this episode, host Maja Garaca Djurdjevic is joined by Olympian and financial adviser at HLB Mann Judd, Sarah Carli, to discuss how she made her way from the track to financial advice.

Ms Carli, who competed in the 400-metre hurdles at the Tokyo Olympics in 2020, reveals the valuable skills she has learned as an adviser that have positively impacted her athletic career, as well as how she balances being a professional athlete with working full time.

Tune in to find out:

• The importance of a supportive work environment.
• How she balances her professional and athletic commitments.
• How there are more transferable skills between athletics and advice than many might expect.

And much more!

With the first-ever Accountants Daily Australian Accounting Awards happening as a live broadcast hosted by Vince Sorrenti on Friday, 19 June at 7pm AEST, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Malika Siyali, market development and agile lead at Thomson Reuters, Gold Partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

SMSF auditors and accountants have been hit by the “perfect storm” with changes in ATO requirements, new legislation, fee pressures etc, driving significant sector change.

In this special episode of the Accountants Daily Insider, Aquila Super partner and SMSF expert for litigious matters, Chris Levy unpacks some of the main developments and what they mean for the industry, both now and in the future.

As one of Australia’s largest and most experienced SMSF specialists, Aquila Super has become the preferred outsourced SMSF provider for hundreds of accounting practices nationwide.

Here, Chris provides a comprehensive, on-the-ground look at how changes to SMSF audit independence and the steady increase in litigation risk will impact the industry moving forward. He also provides insight on the ATO’s increased presence as a regulator for SMSFs, the impact of COVID-19, and the general pressures currently placed on the SMSF and accounting sectors.

On this week's episode of Accountants Daily Insider, we take a closer look at the Institute of Public Accountants and the Association of Accounting Technicians and their plans for members this year.

Host Maja Garaca Djurdjevic is joined by IPA chief executive Andrew Conway and All That Counts founder and director Lielette Calleja, who has recently joined the AAT as its chief accounting technician.

Andrew and Lielette talk about the packed agenda that both the IPA and AAT have ahead for their members this year. They also discuss their thoughts on the variety of lockdown approaches by the state and territory governments through the COVID-19 pandemic, what might be on the cards for the 2021-22 federal budget, as well as when the IPA will resume running in-person events.

The ATO is gunning for the wrong target in its s100A approach because the authors of the law never intended it to apply to families, says Tim Munro, CEO of Change Accountants and Change GPS.

Mr Munro spent three weeks trawling through Hansard from 1978–79 to examine the origins of the trust distribution law.

“I disagree with the approach the ATO have taken with the application of section 100A,” Mr Munro said on this week’s Accountants Daily podcast.

“It was introduced to stop someone, say a property developer, who made $10 million in profits, finding someone else not in the family with a loss company or trust and saying, ‘Can I put my profits through your losses? I’ll give you $1 million and I’ll keep $9 million’.”

“That is your classic reimbursement agreement. I can filter my profits through, take it out tax free, I reimburse you $1 million bucks, and we’re both better off.

“That’s why this was put into place.”

With the Accountants Daily Australian Accounting Awards 2020 set to occur as a live broadcast event Friday June 19, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode Accountants Daily editor Jotham Lian, is joined by platinum partner of the awards Brendan Wright, CEO of FAST, and two finalists who share how they are feeling having gained recognition as part of the upcoming awards.

The economic impacts of COVID-19 mean that many accountants have become unemployed or inundated with new work, both of which can put an immense strain on one's mental health.

Renowned wellness expert Graeme Cowan joins host Jotham Lian on this episode of Accountants Daily Insider to share his personal experience with mental illness, how he became involved in creating R U OK?, and his most trusted resources for COVID-19 information.

Graeme provides some practical tips for accountants in navigating their own difficult circumstances as well as the emotional distress of their clients, and outlines his technique for effectively working from home.

In this episode of Accountants Daily Insider, finalist in the Thought Leader of the Year category at the recent Australian Accounting Awards, Edward Chan, joins host Katarina Taurian to discuss his career in accounting and reveal how he ended up running an accounting firm "almost by accident".

Edward will discuss how setting up an accounting firm in a time when computers were just making their way into the industry differs from setting one up in the current technology climate, share his thoughts on what makes a strong leader, and how he is giving back to the sector through means of mentoring and coaching.

CPA head of public practice Keddie Waller joins us on this week's episode of Accountants Daily Insider, speaking with host Sarah Kendell on the rising costs and regulatory burden for accountants providing holistic advice.

Ms Kendell talks about the complex regulatory regime that currently exists, why the accountants' exemption is not the answer, and some recommendations to ease the burden on accountants.

With one-third of Australians involved in a passion project and one in ten successfully running that passion as a side hustle the start-up space in Australia has seen a boom in recent years.

In this episode of Accountants Daily Insider, host Katarina Taurian is joined by My Accounts' Noel Tiufino to discuss how, with so many new start-ups emerging, many fail to consider the issue of compliance.

Noel will unpack where he sees clients go wrong when creating a start-up, the importance of building a business plan and a budget which have synergies between them and how he has seen the start-up space change during his 11 years in the industry.

In this episode of Accountants Daily Insider, Katarina is joined by colleague James Mitchell, the editor of the wealth titles within Momentum Media and previously editor of their mortgages suite of titles, to discuss the impact that the royal commission has had on the financial sector.

James will discuss the impact of the negative publicity on the banks, how he feels it will shape the future of the banking industry going forward and why those with a referral-based business plan are benefiting in the current market.

On this episode of Accountants Daily Insider, host Sarah Kendell and Gary Weisz, director of strategic accounts and alliances for accountants at Sage, discuss how the implementation of customisable software can assist firms in bettering relationships with new and existing clients and improve efficiency, communication and collaboration.

Mr Weisz also recommends ways that accounting firms can overcome resistance to technology, stemming both from clients and from within their businesses.

Employing nearly half of all Australians, small businesses are absolutely vital for the nation's economy. Alex Brgudac has been on the ground supporting this sector through the rollercoaster ride that is COVID-19 in his role as the head of partnerships at online lender Prospa.

Alex joins host Maja Garaca Djurdjevic in this episode of Accountants Daily Insider to talk about Prospa's transition to remote working conditions, the sentiment among his SME clients throughout the crisis, and the effectiveness of the government's support schemes thus far.

He also explains how businesses have been pushed to positively adapt, what he expects to happen in the SME sector over the next few months, and shares some words of advice to small businesses that are struggling at the moment.

Amid the ever-changing landscape of a global pandemic, it's a critical time for accountants to reach out to clients who need support and keep them informed.

On this episode of Accountants Daily Insider, host Jotham Lian is joined by Michael Croker, tax leader for Australia at Chartered Accountants Australia and New Zealand, to delve into the government's economic stimulus package and the ATO's response to the coronavirus crisis.

Michael explains how the package will deliver support for business investments and provide businesses with cash-flow assistance, and outlines the additional state measures that are set to take some pressure off tax requirements.

The government this week announced a second economic stimulus package worth $66.1 billion to help support Australians through the financial crisis brought on by COVID-19.

Tax leader for Australia at Chartered Accountants Australia and New Zealand Michael Croker returns to Accountants Daily Insider with host Jotham Lian to break down the new regulations targeted towards SMEs.

Michael provides his insights into the technicalities around calculating tax-free cash payments, the insolvency relief measures for company directors, and the somewhat controversial temporary early release of superannuation.

Accountants and their clients will have some unique strategy dilemmas to consider in the lead up to 30 June this year.

In this episode, we share a conversation with one of our sister brands, The SMSF Adviser Show. Tim Miller,  SMSF technical and education manager at Smarter SMSF and Smarter SMSF chief executive Aaron Dunn share a range of tips, traps and strategies SMSF professionals can look to employ with their clients in the lead up to 30 June.

Mr Miller highlights some of the key contribution strategies to think about and why increasing mortgage repayments may drive an uptick in downsizer contributions, particularly in the 55 to 65 age group.

He also discusses some of the dilemmas faced by SMSF professionals and their clients in relation to pensions with the general transfer balance cap set to index to $1.9 million on 1 July.

Ex-accountant-turned-mindset coach and psychotherapist Danii Nastov shares the importance of overcoming overwhelm in the accounting industry.

Like any professional career, there is a certain expectation to be consistently “firing on all cylinders” when in reality, this is neither achievable nor sustainable.

Nastov provides insight into her career as an accountant, the overwhelm, stress, and burnout she constantly experienced and how she eventually managed to pull herself out of this cycle.

Nastov touches on where this “hustle culture” and expectation comes from, as well as how to recognise and deal with it while maintaining a strong and consistent work ethic.

In this episode of Accountants Daily Insider, Professor Robert Deutsch, senior tax counsel at The Tax Institute, delves into key tax issues that accountants should be paying close attention to over the next year.

Robert joins host Jotham Lian to share his insights into the international activities that are likely to trigger repercussions in the Australian tax sector, the problems currently occurring in the fringe benefits tax space, and the implications of legislation regarding the denial of CGT main residence exemption for foreign residents.

Robert also forecasts his predictions for this year's federal budget, recommends how to improve the relationship between practitioners and the Australian Taxation Office, and provides details about The Tax Institute's national convention, The Tax Summit 2020.

On this episode of Accountants Daily Insider, George Morice outlines the key issues that accounting firms and their small business clients will be facing in 2020.

The accounting director of Prime Partners joins host Sarah Kendell to shed some light on how accountants can support their struggling business-owner clients, the importance of technology in increasing productivity, and why his firm is providing complementary strategic resources for SMEs seeking growth.

George also explains how firms can future-proof their businesses, why adding value and bettering client relationships is the most critical aspect of a successful practice, and how accountants can play a role in helping their rural clients rebuild in the aftermath of Australia's bushfire crisis.

The ATO’s position on non-arm’s length expenditure incurred under a non-arm’s length arrangement has now been finalised, but its interpretation has drawn concerns from all corners of the industry.

On this episode of Accountants Daily Insider, DBA Lawyers director Daniel Butler joins host Jotham Lian and Aaron Dunn to take a closer look at the ATO’s recently released LCR 2021/2.

Daniel considers the expectation gap between the ATO and the industry, key concerns that have arisen, and what the future might look.

On this episode of AD Insider, host Imogen Wilson is joined by Hall Chadwick partner Kathleen Vouris and Crouch Amirbeaggi managing partner Shabnam Amirbeaggi to chat all things insolvency and a lack of female representation.

In Australia, women make up only 10 per cent of insolvency practitioners, revealing a huge gap that yearns to be filled.

Amirbeaggi, the first registered female liquidator in the country, shares her journey from the beginning to the present and how she has continued to enjoy the highs and lows of the industry.

Vouris, working alongside her father who has been in the insolvency game for 50 years, reflects on how her career has shaped her perspectives and how she has always felt supported by those around her.

Amirbeaggi and Vouris also share insight into how the industry brought them together to form a friendship and support system of their own.

In this week’s episode of Accountants Daily Insider, Xero’s chief product officer Anna Curzon joins host Jotham Lian to explore the impact of COVID-19 on their accounting and bookkeeping community.

Anna also runs through the latest findings of Xero’s small business insights special report and walks through what Xero is doing this year in place of its annual Xerocon.

AI has taken the rough edges off cyber scams and removed the easy “tells” in fake messages such as typos or grammatical errors, says one digital security specialist.

“Now they just have ChatGPT correct the text – they just say ‘write this email as an Australian business person,” said Niek Dekker of Eftsure on the latest Accountants Daily podcast. “That was done the moment it came out.”

He said AI had also made some countries that were difficult to hack, such as Japan, more vulnerable.

“They were always a bit out of target because not everybody knows the business culture or the language. Since generative AI has come, they see an increase in scams.”

He said Australia had become a favourite target for hackers because we were wealthy and trusting.

“That makes us prime targets for these criminals.”

With the first-ever Accountants Daily Australian Accounting live broadcast Awards 2020, hosted by Vince Sorrenti on Friday June 19 7pm AEST, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode, Accountants Daily editor Jotham Lian is joined by Luis Sanchez, general manager of Receipt Bank, Gold Partner of the awards, and two finalists who share how they are feeling about having gained recognition as part of the upcoming awards.

Labor’s first budget stuck to its election campaign script but offered only glimpses of a holistic vision and no surprises, says CPA Australia senior policy manager Gavan Ord. 

Speaking on the latest Accountants Daily podcast, Mr Ord said it was a “cautious budget that suits the tough economic environment” with glimpses of future ambition in the areas of housing, manufacturing, and climate change. 

“The Treasury made it clear this budget was about just delivering on its election promises. This was really just a reprioritising of government spending towards its election commitments.

“So it wasn’t a traditional budget, there weren’t really any surprises.”

With the first-ever Accountants Daily Australian Accounting live broadcast Awards 2020, hosted by Vince Sorrenti on Friday June 19 7pm AEST, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode Accountants Daily editor Jotham Lian is joined by Andrew Conway, CEO of the Institute of Public Accountants, Gold Partner of the awards, and two finalists who share how they are feeling having gained recognition as part of the upcoming awards.

The ATO’s debt book has swollen to $34 billion, with COVID-19 exacerbating an issue that has been growing over the years. But who is contributing to this growth, and is the ATO being used as an unofficial bank?

In this episode of Accountants Daily Insider, the Inspector-General of Taxation, Karen Payne, joins host Jotham Lian to discuss her agency’s latest report on undisputed tax debts in Australia.

Karen reveals which industry accounts for the highest levels of debt, the breakdown of taxpayer groups responsible for the growing debt, and how a majority of collectable debts are owed by just a minority.

Follow along with the conversation by accessing the IGTO’s summary slides.

You can also access the full final report here.

In this episode- brought to you by Accountants Daily sister title, Smart Property Investment Chief Economist from AMP Capital, Dr Shane Oliver joins host James Mitchell to discuss the recent rate cuts and the Australian share market.

Dr Oliver discusses the current economic situation in Australia, the rate cutting cycle and the impact on the housing market. He also shares what impact the rate cuts will have on the share market and his main predictions for the Sydney and Melbourne markets.

As Australia’s borders continue to reopen, so do a number of tax implications.

In this episode of Accountants Daily Insider, Daniel Sparks, partner at Pitcher Partners Sydney joins host Emma Ryan to discuss what Australians need to be wary of when returning home from overseas.

Daniel provides a comprehensive checklist of factors they should consider prior to making the move, and gives an overview of common tax traps many Australians overseas find themselves in.

He also shares how he thinks practitioners are placed to help people navigate the implications, and what the 2022 calendar year will hold for employees and employers alike.

There are so many amazingly successful women in the finance industry, but only a small number have a strong brand and online presence in this traditionally male-dominated industry. 
 
As we celebrate International Women’s Day, we want to help more women raise their profile and showcase the incredible professionals in this space.
 
In this episode, partnered by Mortgage Choice (part of the REA Group), we’re picking the brain of its executive manager, corporate communications, events & franchise marketing, Sally Chadwick, to find out:

• How to build a brand presence. 
• The benefits of having a strong brand presence.
• Top tips to help you get started today.

And much more!

In this week’s Accountants Daily podcast, ATO acting assistant commissioner Chris Ryan rejects claims the draft ruling on section 100A reflects overreach or heavy-handedness.

“Although many in the community are suggesting that our view of the law and our compliance approach is a matter of overreach, we don’t believe that’s the case. We’ve come to our position having carefully considered our view of the law, which is consistent with the limited judicial guidance available out there, as well as how we’ve applied the law in a number of compliance cases over several years,” Mr Ryan says.

“What we do know is that many trusts won’t be affected particularly where the beneficiary knows they’re presently entitled, and they receive or enjoy the benefit of their entitlement.

“While the ATO and practitioners also may not agree on how 100A applies, that of itself does not mean that our view of the law is overreach. Where there’s a disagreement as to the operation of law, that should be and can be resolved in a respectful manner.

“I also respectfully challenge the assertion that the ATO’s approach has been heavy-handed. Our approach has been quite the opposite. We’ve reiterated today and previously, that we will stand by the 2014 guidance for distributions made up 30 June 2022.”

Too many practices are “suffocating in their own workflow”, says the head of accounting at Intuit QuickBooks, Shaye Thyer, but too many keep doing things the hard way.

Speaking on the latest Accountants Daily podcast, Ms Thyer said a recent Intuit QuickBooks roadshow had revealed the surprising extent to which practices tolerated unnecessary burdens, such as re-keying data, simply from inertia.

“I still wonder what’s in the way because I know that’s not just reserved to our customers that we work with this. Accounting firms all over the country use a variety of tools – it’s not because they only use one platform, they use different platforms – so they’re aware of lots of options that could help them.”

Artificial intelligence will never usurp accountants, although firms that fail to embrace the technology have the most to fear, according to the marketing leader for accounting and advisory at Intuit QuickBooks, Damien Greathead.

“I don’t think it’s going to replace accountants,” Mr Greathead said on the latest Accountants Daily podcast.

“I think it’s going to replace those accounting firms, bookkeeping firms, that don’t embrace it, that don’t recognise that artificial intelligence can do certain tasks very efficiently and very effectively.”

Firms that adopted the technology would have more time to spend on client
relationships because “accountants are in the people business”.

“They’re in the business of helping their clients remain compliant, giving their
clients peace of mind, helping them be successful in either their business or
personal wealth.

“I don’t think that will ever go away, that relationship.”

The below-expectation June CPI figure of 6.1 per cent does nothing to defuse concerns over rising fuel, materials and labour prices hitting our most vulnerable industries, says the manager of SMEs, insolvency and public practice at CPA Australia, Kristen Beadle.

Speaking on this week’s Accountants Daily podcast, Ms Beadle said for many businesses the pandemic relief measures had just postponed the inevitable and today’s unfavourable economic conditions meant there would be business casualties.

“There’s a lot of stress among our members. This isn’t just food and construction – it’s across the board. There’s a lot of concern around long-term viability,” she said.

The SMSF Association and CA ANZ highlight some of the grey areas and potential policy positions that could be taken with the proposed threshold.

SMSF Association head of policy and advocacy, Tracey Scotchbrook, and superannuation and financial services leader at Chartered Accountants Australia, Tony Negline, share their latest insights about the proposed $3 million threshold for members with large balances.

Tracey discusses why an alternative model might result in fairer outcomes for members and also outlines some of the aspects yet to be addressed with the design of the policy so far.

Tony talks about the reaction from the accounting profession so far and also the risk of the calculation methodology being adopted for other types of entities.

Both guests also provide tips on how to approach the discussions about the measure with their SMSF clients.

Small business objections to ATO decisions leaped during the pandemic and a “significant number and proportion” were disallowed, says the Inspector-General of Taxation and Taxation Ombudsman (IGOT), Karen Payne.

Speaking on the latest Accountants Daily podcast, Ms Payne said a report by the IGOT on the tax objection system, released today, shows pandemic support programs prompted the rise, with small business and their agents struggling to keep up with the changes.

“If you think about the nature of COVID stimulus measures, they’re new areas of law,” Ms Payne said. “The practitioner in particular has an obligation or an expectation that they will get themselves up to speed with those new areas of law. 

“The small business is then increasingly reliant on the practitioner to advise them on what are their rights and their entitlements. And so that’s coming through in the data.

“And I’m sure for practitioners who are listening to this, it’s no surprise. Everybody was flat out trying to keep up with the reforms and to help the clients and small businesses in particular to keep ahead of it.”

After years of delays, the tax office has finally begun its rollout of new online services for tax and BAS agents.

Assistant commissioner at the ATO, Andrew Watson, gives exclusive insight to Accountants Daily Insider about the current, planned and proposed features for the online services platform.

Mr Watson also talks big picture - the ATO is charging towards a digital-only environment, which has a significantly knock-on impact to both tax and BAS agents and their end clients.

Ahead of the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

Tanya Sale co-founded mortgage aggregation group outsource Financial with Andrea Tassis 13 years ago, with Tanya now one of the very few female CEOs in the mortgage industry.

In this episode, Annie Kane sits down with Ms Sale to find out:

• How a piggy bank triggered her love of finance
• Why she started her own aggregation business
• Why she believes support is critical to succeed as a female business leader

And much more!

Following the Women in Finance Summit and Awards 2023, we’re catching up with some of the leading women in the financial services space.

In this episode, we chat to Rebecca Warren, executive general manager of small-business banking at CommBank, about how she navigated a historically male-dominated industry over her 20-year career and why she believes inclusion and diversity are not just morally imperative, but key to achieving superior business results.

Tune in to find out:

• Why she loves commercial finance.
• The secret power of ‘quiet achievers’.
• How CommBank is creating a more inclusive and supportive work culture.

And much more!

While the goal of tightening regulation in the tax practitioner space is to ultimately increase the quality of the profession, the burden can sometimes be difficult and even unnecessary for certain practitioners to commit to.

On this episode of Accountants Daily Insider, host Jotham Lian is joined by the general manager of external affairs at CPA Australia, Paul Drum, to share his opinion on the TPB's proposal of significantly increasing CPE requirements for all tax practitioners.

Paul also details CPA's pre-budget submission relating to reducing the regulatory burden faced by accountants, outlines other short-term recommendations intended to stimulate the economy, and explains how the voucher proposal for small businesses to engage a professional adviser came about.

A new report by CPA Australia has found that the economy could be better off by $630 billion if properly implemented professional advice was available to all Australians.

In this episode of Accountants Daily Insider, CPA Australia head of public practice and SME Keddie Waller joins host Jotham Lian to explore the new Value of Advice report and why we need to rethink the way professional advice is regulated and move towards a client-centric model.

Keddie looks at the benefits of obtaining advice, what’s holding back consumers and businesses from accessing such advice, and why we need a more accessible and affordable advice framework.

A turbulent year has seen the profession grow closer than ever, with accountants and bookkeepers tipped to continue to tap on collaborative opportunities over the next 12 months.

All That Counts founder and director Lielette Calleja joins host Jotham Lian in this episode of Accountants Daily Insider to talk about why the profession should continue to build on professional relationships developed through the pandemic and lean on their networks.

Lielette also chats about her recent appointment as Chief Accounting Technician at the Association of Accounting Technicians, and what she thinks practitioners will need to upskill on over the coming year.

About 50,000 business owners a year are simply handing back the keys and walking away, says the chief executive of insolvency body ARITA, due to a “dysfunctional” wind-up system.

John Winter of the Australian Restructuring, Insolvency and Turnaround Association said the issue was starting to appear on government radar because the numbers involved were four to five times higher than formal insolvencies.

“We think that there is a wholesale failure within the Australian insolvency regime,” Mr Winter said, speaking on the latest Accountants Daily podcast.

“Over many years it's become far too complex.”

“Typically, a business which is solvent and is being closed down should go through a members voluntary liquidation. If it’s insolvent, it's got to go through insolvency processes, but 40,000 to 50,000 businesses a year are not doing any of that.”

The halfway mark of the government's COVID-19 stimulus measures is approaching and the conversation is beginning to shift towards how businesses can best position themselves to recover from the current crisis.

In this episode of Accountants Daily Insider, host Jotham Lian is joined by the managing director of businessDEPOT, John Knight, to talk about how his firm's virtual Rebound event came about and the key themes that have been discussed in these webinars.

John reveals the number one priority for businesses to be working on right now, discusses how the potential changes to the JobKeeper program will affect small businesses, and shares his advice to fellow colleagues in the industry as we head into tax time 2020.

On this week's episode of Accountants Daily Insider, Inspector-General of Taxation and Taxation Ombudsman Karen Payne joins host Sarah Kendell to talk all things about her agency and unpack the IGT's corporate plan for the next four years.

Ms Payne explains how her office can assist tax practitioners and clients with various issues, shares what compliant trends she is noticing at the moment, and explores some possible reviews in the pipeline.

Interest rates will remain at today’s “elevated” levels and the only way from here is up, says the senior manager of business and investment at CPA Australia, Gavan Ord.

Speaking on the latest Accountants Daily podcast, he said the low rate levels of a year ago, before the run of RBA rises, were unlikely to return.

“We will have elevated interest rates for quite some time — above the average of the last 10 years but more consistent with the average of the prior 10 years,” he said.

“If you listen to some economists, interest rates are actually coming back to where they normally sit. We’ve actually had a very long period of ultra-low interest rates from the Global Financial Crisis. 

“Will we go back to 0.1 per cent? If we did we’d be in some sort of economic crisis.”

RBA governor Philip Lowe said it would take more than two years to return inflation to the target band and Mr Ord said more increases were on the cards.

“If you’re doing your planning, expect maybe a couple more rate rises before they reach the peak. When will they start to reduce rates? We just don’t know,” Mr Ord said.

In this episode of Accountants Daily Insider, Katarina is joined by the president of the IPA Damien Moore, who will discuss the journey of transitioning his accounting practice into a larger organisation as part of a merger.

Damien will explain his reasoning behind the decision, the non- negotiable factors that he stood by throughout the process, and how he was able to make the transition as smooth as possible for his existing clients.

Damien will also share how he first entered the accounting field, the implications that technology is having on the industry and share his thoughts surrounding the topic of mental health as a responsibility for those working within the sector.

In this week’s episode of Accountants Daily Insider, Class senior analyst Angelique Faes takes a closer look at trust administration and why it’s ripe for disruption.

Angelique talks about the popularity of trusts, common pain points in trust administration, and how Class is looking to change things.

She also covers some recent acquisitions at the company and what it means for the future of Class.

According to Hot Toast founder and director Sarah Lawrance, CFO services are an essential offering of any forward-thinking firm.

In this episode of Accountants Daily Insider, she joins host Sarah Kendell to discuss why accounting practices should incorporate CFO services, suggest ways of implementing them into an established firm, and detail how her company prices these capabilities.

With the Accountants Daily Australian Accounting Awards 2020 set to occur as a live broadcast event Friday June 19, we are bringing you a series of podcasts showcasing the finalists across a multitude of categories.

In this episode Accountants Daily editor Jotham Lian, is joined by platinum partner of the awards Brendan Wright, CEO of FAST, and two finalists who share how they are feeling having gained recognition as part of the upcoming awards.