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Government Targets $50 Billion Black EconomyThe Government’s objective is to create a level playing field which enables the ... -
Black Economy Grows 100%Since 2012 Australia’s black economy has grown 100% to $50 billion per year. Thi...
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Tampon Tax Abolished on January 1, 2019Eighteen years after its introduction, the 10% tax on tampons and pads was remov...
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Accountants Fail as Business AdvisorsThe majority of business clients get no business advice from their accountant.
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Accountants Obsessed with ThemselvesWith the explosion of social media over the last decade, accountants (like a la...
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Business Profitability a Dismal 3.8%Australia’s 2.2 million businesses produce an average return on shareholders’ fu...
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5% of Tax Practitioners are Breaking the LawThe Tax Practitioners Board (TPB) 2017/18 annual report highlights that only 95%... -
Registered Tax Practitioner Numbers Surge to 77,74942,561 tax agents, 15,638 business activity statement (BAS) agents and 19,550 ta...
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Where are the Innovative Accountants?ave a read of the average accountant’s website, and the word ‘innovation’ keeps ...
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Only 1% of Accounting Practices Provide Tax Planning ServicesFor the year ended 30th June 2018, 42,561 tax agents (RTA) and 19,550 tax (finan...
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Average Accounting Firm only has $257,625 RevenueExcluding the Top 100 practices, there are another 33,770 practices producing co...
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Top 100 Accounting Firms Record $11.3 Billion RevenueThe top 100 accounting firms for 2018 billed $11.3 billion revenue. PwC was numb...
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Four Types of IntrovertsIt has been estimated that over 75% of accountants are introverts.
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Accountants Failing to Invest in ThemselvesRegistered tax agents are required to meet continuing professional education (CP...
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Role of the AccountantAccountants who are members of professional bodies are required to act in accord...
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Accountants Preparing Legal DocumentsSome accountants will do anything for their clients, even break the law. The pen...
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Life Insurance for Dead PeopleCharging life insurance to dead people – how would that work? Just ask AMP - as...
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Financial Planners – More Than a Few Bad ApplesIt’s not just a question of a few bad apples, but systemic dishonesty and endemi...
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The End of an Era for Accounting PracticesAccounting practices, as they are currently organised and operate, is coming to ...
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The Fat SmokerAs any fat smoker will tell you, their problem is not knowing what to do, their ...
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Accountants Stuck in the Inertia TrapNinety percent of Australian accounting practices are stuck in the inertia trap.
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Tax Return Review ServicesSubject to complying with the ATO amendment periods, all tax returns can be revi...
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78% of Tax Agent Prepared Returns Have ErrorsThe ATO’s ‘Individuals not in Business Tax Gap Report’ has found that 78% of tax...
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Unhappy with Your Tax Refund?Taxpayers are often unhappy with the size of their tax refund, believing it shou...
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MyTax at Tipping PointMy Tax is at tipping point and accounted for 46% of all 2018 tax returns lodged ...
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Measuring Your Web Site TrafficMeasuring website traffic is the process of analysing the users who visit your w...
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Top 10 Tax Planning Strategies for 2018Tax planning is the process used by individuals and businesses to structure thei...
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How to Build a Referral NetworkWord-of-mouth referrals are the number one method professional services firms ge...
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How Business Owners Search for Accounting ServicesAustralia has 2.2 million businesses with the average business owner being over ...
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77% Fees Growth in 2018The 4 fastest growing Success Tax Professionals practices for 2018 achieved an a...
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Top 7 Reasons Businesses FailStatistically, 30% of businesses fail in the first year, and 70% within 10 years...
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The 3 Most Famous Accountants Throughout HistoryLuca Pacioli - the ‘Father of Accounting’ Luca was the first person to pub...
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Top 10 Tax Deductible Dog BreedsDogs can be a legitimate tax deduction when used for work or business purposes.
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Top 10 Tax Deductible UtesUtes used for work or business purposes will create tax deductions such as depre...
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Phoenix Companyphoenix company is a commercial entity which emerges from a collapsed insolvent ...
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2018 Federal Budget Targets the Black EconomyThe Federal Government’s plan to target, and reduce the size of the black econom...
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Cashless SocietyA cashless society exists when financial transactions are conducted not with mon...
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The Black EconomyThe black economy is a clandestine market or transaction that involves illegalit...
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Tax Agents Terminated by the Tax Practitioners Board (TPB)The TPB takes firm action if it determines that registered practitioners have no...
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Free Tax Returns Through Tax HelpLow income earners can get their tax returns completed and lodged with the ATO f...
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$5 Billion GST Tax GapThe GST tax gap is estimated at $5 billion and is the difference between the the...
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Nurses Rated Most Trusted ProfessionOver 94% of Australians rate nurses highly for their ethics and honesty. Nurses ...
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Company Incorporation Costs SlashedDue to immense competition, online company incorporation costs have plummeted.
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Garnishee NoticesGarnishee notices are a tool used by the ATO to collect outstanding tax debts fr...
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No Escaping ATO DebtsATO tax debts, like all debts, are legally enforceable obligations. The ATO coll...
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SMSFs Grow in PopularitySelf-managed super funds (SMSF’s) continue to grow in popularity with 30,000 new...
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Self-Funded Retirees to be Taxed to DeathThe Labour Party proposes to remove franking credit refunds which will cost taxp...
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ATO Help for Drought-Affected BusinessesThe ATO has a variety of measures in place to help drought-affected taxpayers in...
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Is your Financial Planner Ethical?This is a very important question that every financial planning client would def...
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Notifiable Data Breaches SchemeEffective from 22nd February 2018, the Privacy Amendment (Notifiable Data Breach...
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Disclosure of Tax Debts to Credit Reporting BureausThe Federal Government is legislating to allow the Australian Taxation Office (A...
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How Low Can Compliance Fees Go?Compliance services are now completely commoditised. The commoditising of compli...
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Five Signs Your Tax Accountant is a TurkeyAs a taxpayer looking for a new tax accountant, you want to avoid the turkey and...
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Accountants Embracing Outsourcing OverseasOver ten years ago, forward-thinking Australian accounting practices started out...
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Two Heads are Better Than OneIt’s well known that two heads (or more) are better than one for problem-solving...
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How Long Before a Business Owner Does Not Need an Accountant at All?Rob Nixon, in his latest book ‘The Perfect Firm’, asks this question ‘How long b...
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SMART CriteriaIn the UK in 1974, passive investment income was hit with a 15% investment incom...
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Australia’s Company Tax Rate Must Fall to 20 PercentWithout a doubt, if Australia’s company tax rate stays at the current 30% rate, ...
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Shop-Front Ground Level 'Vs' First-Floor Accounting PracticesGround floor in the right area near anchor businesses is always superior. You do...
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TenderingStrategies for successful tendering Tendering is the process of choosing the be...
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Customer Segmentation in the Accounting IndustryAn accounting practice has six main customer segments.
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Competitive Advantage for Accountants that use Google's New Posts FeatureDid you know that you can now post news and events directly to your map listing ...
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Five Strategies for Effective Client CommunicationEffective client communication will retain more customers than any other method....
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The Importance of Client FeedbackClient satisfaction feedback is critical if we are to improve the weaknesses in ...
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ConsistencyThe key to exceptional business results is consistency. If you do nothing else, ...
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Client satisfactionClient satisfaction is defined as ‘the number of clients, or percentage of total...
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Five Factors Affecting Client RetentionThe five factors affecting client retention are client satisfaction, client deli...
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Client retentionClient retention is about exceeding the client’s expectations so that they becom...
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The Trouble With DebtThe three ways accountants can get in trouble with debt financing their practice...
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Funding Established & Expanding PracticesEstablished practices have less funding needs than new practices as they are wel...
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Funding New Accounting PracticesAccounting practices, like all businesses, require funding to start, operate, an...
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Service GuaranteeThe benefits of your practice providing a service guarantee to clients are as fo...
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Introducing New Services to Existing ClientsThis strategy is about creating new services that you can provide to your existi...
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Selling Existing Services to Existing ClientsThe first step to providing more existing services to existing clients is to ide...
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The Effect of a Good Office on ProductivityProductivity studies show that the most significant factor in determining an emp...
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Value Adding Software ToolsValue adding software tools include modules on budgeting, scenario planning, bus...
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Software Tools for AccountantsNew software programmes and apps are being released daily that promise to revolu...
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Strategic pricingA good pricing strategy is one which is a good balance between the price floor a...
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Outsourcing Compliance ServicesApproximately 4% of accounting practices outsource overseas at least part of the...
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Benchmarking Accounting PracticesBenchmarking involves comparing your accounting practice processes and performan...
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Accounting Practices KPI’sAn accounting practice’s key performance indicators (KPIs) are the set of quanti...
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Managing the Practices DebtorsThe objective of debtor management is to minimise the time between issuing an in...
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Working Capital ManagementWorking capital management involves ensuring a practice has positive working cap...
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Practice Sin 7 - Poor Time ManagementPrincipals often spend too much time on activities that have no value. The Paret...
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Practice Sin 6 - Dreadful delegationDelegation is one of the practice principal’s most important management skills a...
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Practice Sin 5 – Confusing Activity with ProductivityAccountants can fall into the trap of constantly trying to satisfy their client ...
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Practice Sin 4 – Failing to ChangeAs the business environment changes, practice owners must change. To not do so i...
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Practice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a BusinessWithout the discipline and focus on managing the business for maximum profit, st...
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Practice Sin 2 – Underinvesting in Personal Professional Development & TrainingThe professional development underinvestment occurs in the areas that are most i...
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Abolition of Tax Deductions in the 2017 Federal Budget?The Federal Government is once again looking at the abolition of work related ta...
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Sturgeon’s Law - 90% of AccountantsIf we believe Sturgeon’s Law is true, then it goes without saying that 90% of ac...
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Sturgeon’s 10% of PracticesIf a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of...
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Practice Sin 1 – Failing to Reinvest in the PracticeThe number 1 sin for an accounting practice is failing to reinvest in the practi...
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Importance of Strategic PlanningA business strategic plan details the methods by which a business sets out to ac...
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Tax Considerations with Investing in PropertyBuyers get a building inspection and a pest inspection report prior to buying th...
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SMSF Advice OptionsAt June 2015 the ATO advised that there were 556,998 self-managed super funds in...
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Focus Strategies for the Accounting IndustryTwo focus strategies for the accounting industry include narrow service line and...
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Accounting Practices Stuck in the MiddleThe worst strategic error is to be stuck in the middle, or to try simultaneously...
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A Purple Cow PracticeTo make a Purple Cow practice is extremely difficult and probably only one in a ...
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The Cost Leadership Model is not ProfitableThe cost leadership model is not a profitable for accounting practices as practi...
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Differentiating Your Accounting PracticeDifferentiation is the process of distinguishing a product or service from other...
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Cost Leadership StrategyAn overall cost leadership strategy involves providing products or services at a...
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Cons with Establishing a Financial Planning DivisionThe problems practices encounter once they have established their own financial ...
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Strategies for Providing Value Added ServicesValue adding services are an opportunity for accountants to make their work more...
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Pros of Establishing a Financial Planning DivisionThe removal of the accountants’ exemption on the 1st July 2016 in relation to SM...
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Pros and Cons of Establishing a Finance Broking DivisionThe pros and cons of practices providing finance broking services are similiar t...
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Time ManagementTime management is the act or process of planning and exercising conscious contr...
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How Should I Structure My New BusinessWhen clients come in to see me about starting a new business they have many diff...
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Defining Value Added ServicesValue added services are a large category of services which meet one test – they...
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Growth Pathways for Compliance Based PracticesDraw a line in the sand and commit to having 10% of the practice’s annual revenu...
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Attractions of Providing Value Added ServicesValue added services are attractive to accounting practice principals.
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The Science of SubstantiationI am often asked by clients to perform financial miracles with their expense ded...
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The Importance of Marketing for BusinessesMarketing is of vital importance to any business.
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Benefits of Negative GearingAll good investment decisions need to factor in the applicable tax consequences ...
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3 Tips for Accountants in 20173 tips that will help make you a better accountant in 2017.
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Luca Pacioli the ‘Father of Accounting’Luca Pacioli was the first person to publish detailed material on the double-ent...
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Digital Disruption in Compliance PracticesTechnology and digital disruption affecting many industries is starting to impac...
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Checklists Save Lives and MoneyA checklist will eliminate errors, enhance the efficacy of the task and de-risk ...
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70% of myGov Users Are Making MistakesMany individuals do not have the necessary knowledge to prepare their tax return...
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Uber: A Threat and a Lucrative OpportunityUber can be a tremendous opportunity, with the benefits of it derived by those w...
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Religious Organisations and TaxThough most organisations pay tax on their taxable income, religious institution...
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70% of Accounting Practices Have No StrategyAccording to Michael Porter the worst strategic error is to be stuck in the midd...
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Identifying Business OpportunitiesOperating a small business is one of the most rewarding yet challenging experien...
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Accounting Industry Performance 2015/2016For 2015/16 the total Australian accounting industry revenue only grew 3.2% or $...
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Under-35s Are Shunning AccountantsA recent survey has shown that for under 35’s – 50% prepare their tax return the...
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State of the Australian Accounting ProfessionSurvey results of key performance indicators in Australian accounting firms over...
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Client Reviews Are Essential to a Successful Marketing StrategyClient reviews affect the trust your customers have for your brand, as well as t...
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The Benefits of a Six Hour Work DayIn 1817 Robert Owen formulated the goal of the eight-hour day and coined the slo...
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Sharpen The SawSharpen the Saw is Habit no 7 from Steven Covey’s best-selling book, The Seven H...
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Business Lessons Learned at the Business Advisory Day 2016Most small business owners do not know accountants offer something beyond the ta...
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A Good Office is an Accountant's Best InvestmentGood offices have the following five characteristics: Easily to find Clie...
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What I Want from My Tax Accountant as a Small Business OwnerI run a digital marketing business, Pixelpi. As a small business owner, I don’t ...
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Commoditisation of Professional ServicesThe effects of digital disruption are seen and felt everywhere and have indeed, ...
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Salary Sacrifice, Super and TaxIf you are in a high tax bracket this option could be an attractive option to bo...
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The Importance of Consulting an Accountant before Buying a BusinessI believe that if you don’t consult an accountant before starting or buying a bu...
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Four Ways Accountants Are Destroying Their PracticesAccountants, like all business owners, can become complacent and run down and de...
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Corporate ImmortalityAs corporate immortality is impossible, instead companies need to focus on five ...
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Five Strategies to Grow a Compliance PracticeCompliance based accounting practices that want to grow their practice revenue a...
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Digital Disruption Affecting Compliance AccountingUnfortunately for compliance based practices, the technology and digital disrupt...
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Why Have Compliance Services Been So Profitable?Compliance services have traditionally, and currently still, account for between...
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Why Every Accountant Should Be Using Cloud AccountingEvery accounting practice should be using cloud accounting for their practice fo...
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Tax Implications of Australian Tax Resident vs Foreign ResidentRegardless of which visa you may have entered Australia; whether temporary or pe...
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7 Predictors of Business SuccessOn average, 44 small businesses are closing their doors each day according to th...
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Nine Predictors of a Bad EmployeeGood employees are the backbone of any business and are a critical factor in a b...
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Lawyers, Guns and Money“I was gambling in Havana I took a little risk. Send lawyers, guns and money. Da...
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Can Your Business Benefit from the Pareto PrincipleThe Pareto Principle (also known as the 80–20 rule) states that, for many events...
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What Directors Need to Know about the Director Penalty RegimeNew directors of a company need to be aware that under the director penalty regi...
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Is Your Business Accountant Still Working as a GraduateToo many experienced accountants are still working like graduates.
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The Code of Professional Conduct (Code)The Code of Professional Conduct (Code) regulates the personal and professional ...
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Business Lessons from United NationsThree lessons from the United Nations that can be adapted and applied to busines...
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Accountants in BankruptcyAccountants have the same business failure rates as small businesses in general.
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Taxing Like the Swiss - Lessons for AustraliaHere are two lessons Switzerland can teach Australia about taxing.
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Tax Havens – Turning Tasmania into Another ZugTasmania could reinvent itself into Zug by introducing a flat company tax rate o...
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Five Questions to Ask Your AccountantDo not accept that your accountant is acting in your best interest and providing...
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Business Lessons From ParisParis is actually a very successful big business and can teach us two business l...
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Hadel Mikho | The Special Skills Women Bring to BusinessMy advice for any woman wanting to start her own accounting practice is to follo...
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Tax Incentives for Early Stage InvestorsThe tax incentives will encourage early stage investment in innovative start-ups...
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Tax Practitioners Board Strikes Down Tax AgentsTax Practitioners Board (TPB) has cancelled the tax agent registration of over t...
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Zero to $50,000 Fees in Five MonthsI have now broken the $50,000 fees barrier in only five months.
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The Power of the Strategic PlanDeveloping the strategic plan is the most critical thing a business owner can do...
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The Death of Work Related Tax DeductionsFrom an economic efficiency or productivity point of view reducing tax rates and...
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Lessons Learnt Starting a Business in AustraliaI have gone from no clients to 3000 in 13 years. I have learnt these 8 lessons a...
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Five Practice Growth StandardsAccounting practices, like all businesses, need to continually grow total fees e...
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Is Bitcoin Right for Your BusinessShould you be accepting payment of Bitcoin for your goods or services?
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8 Reasons to Choose an Appropriate Business StructureOne of the most important choices you make when starting a new business, is the ...
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An Overview of the Australian Tax ProfessionThe accounting and tax market in Australia is massive with over 17 billion of re...
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How Often Should You Stay in Touch with Your Clients?All accountants should be in contact with their clients a minimum of 12 times pe...
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Tax Practice vs BAS Practice vs Bookkeeping PracticeGenerally tax practices have much higher levels of fee income and owner profits ...
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Four Pathways to Your Own Accounting PracticeEssentially to own and operate your own accounting practice requires two things;...
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Accounting Practice Acquisitions | Purchasing Clients to Speed GrowthIt is possible to expand business rapidly if you have extra funds or can borrow/...
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The ATO Director Penalty RegimeUnder the ATO Director Penalty Regime, directors have a legal responsibility to ...
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Six Types of Accounting PracticesThe accounting and tax market in Australia is comprised of over 32,920 accountin...
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MyTax | an Opportunity and Threat to the Tax ProfessionThe ATO have advised that up to the 8th September 2015 1,822,000 tax returns wer...
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Accountants vs Financial PlannersIs your Most Trusted Advisor your Accountant or your Financial Planner?
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Critical Factors That Affect a Partner's Accounting Practice ProfitThe five most critical factors affecting a partner’s accounting practice profit....
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We Built the Lego London BridgeOver the weekend, we built the Lego version of the London Bridge! It was a long ...
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Registered Tax Agents, Public Accountants & Business Advisors
