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Artificial Intelligence and its impact on the Accountancy profession
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Many of us believe that Artificial intelligence can completely change how one accountant works in the future. Still, the accountant and bookkeeper remain an essential part of the accountancy profession because the Digital tool can promote efficiency but won’t replace the profession.In 2015 the UK ...
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Tax ComplianceTax Compliance determination of large corporate groups is never simple.There are inherent risks due to the business complexity & uncertainties around the law.The behaviour of large corporate groups/MNCs in recent times was seen as avoiding tax in Australia by shifting the pr ...
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Lodgment ObligationsThe head company of a consolidated group lodges a single income tax return on behalf of the group.Where a group consolidates part way through an income year, the head company lodges a single return covering both its own activities up to the date of consolidation and the gr ...
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Novated Lease
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Under a novated lease arrangement, the employer takes over all or part of the lessee's rights and obligations under the lease. This transfer of rights and obligations is agreed to in a deed of novation between the employer, the finance company, and the lessee. The lessee is usually the employee or a ...
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Thinly Capitalised EntityA thinly capitalised entity is one whose assets are funded by a high level of debt and relatively little equity.  Such an entity is said to be highly geared.  An entity’s debt–to–equity funding is sometimes expressed as a ratio.  Problems of High Ge ...
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The Research and development (R&D) tax incentive encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible R&D activities.About the ProgramThe incentive has two core components. Entities engaged in R&D may be eligible for:a 43.5% refund ...
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First principles: Bookkeeping
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There’s a great scene in “The Silence of the Lambs” where Hannibal Lecter guides young FBI agent Clarice Starling in her pursuit of a serial killer by getting her to return to “first principles,” asking, in the manner of Roman philosopher-emperor Marcus Aurelius, “What is this thing i ...
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