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Monday, 30 March 2015

Chartered Accountants ANZ and Smithink 2020 partner to support accountants of the future

Chartered Accountants Australia and New Zealand today announces it will partner with Smithink 2020 Pty Limited (Smithink) to deliver ATSA (Accountants’ Technology Showcase Australia) – Australia’s leading independent technology conference and exhibition for accountants in practice – in 2015.

Chartered Accountants ANZ and Smithink have also undertaken to work toward a broader strategic partnership to explore future opportunities to deliver leading edge business educational programmes, conferences and events for accountants in public practice.
Smithink’s founding Director, David Smith said that Smithink is pleased to be working with Chartered Accountants ANZ to further develop the ATSA event, which was attended by over 550 people in 2014 with over 45 exhibitors.

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“Chartered Accountants ANZ will strengthen our efforts by strategically boosting our marketing activities in programme development and engagement with potential exhibitors. We are certain that this will deliver the best possible education to a wider audience” Mr Smith said.
Chartered Accountants ANZ’s Head of Education Jason Dale said that working with Smithink 2020 will facilitate new opportunities to deliver education to accountants in practice, assisting them to position their business for success.
He said: “Technology is as disruptive in the accounting space as it is in other areas.  With cloud accounting, offshoring, technology development by regulators and enhanced software tools all impacting the operation of accounting businesses, we are facing a significant shift in how accountants operate. ATSA 2015 will be an invaluable event highlighting the impact that technology will have on the profession and the things that accountants need to know now to prepare them for the future”.
Media Enquiries:
Kylie Kwong, Communications Consultant
Ph: +61 2 9290 5562 or +61 404 001 629

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Institute of Chartered Accountants India

In February 2009 the Institute of Chartered Accountants India (ICAI) and CPA Australia entered into a mutual recognition agreement (MRA) to further develop the relationship between the two bodies and establish guidelines on how qualified members can gain reciprocal membership.

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This collaboration and mutual endorsement was symbolically strengthened with the re-signing of the MRA in September 2014, indicating a commitment to support and assist those ICAI members who want local recognition and representation in Australia and Asia.

Becoming a CPA gives ICAI members the opportunity to promote their technical expertise through an association that is well recognised throughout Australia and the Asian region.

Step 1: Determine eligibility

CPA Australia accepts membership applications from around the globe. If you are a full Associate member of ICAI, you are eligible to apply for CPA Australia Associate membership if you:

  • are a member of good standing and not currently subject to any disciplinary sanctions or investigations
  • did not gain entry through another mutual recognition agreement
  • have successfully completed:
  • the ICAI exams
  • the ICAI practical experience requirements

  • hold a university degree recognised by the Australian Education International – National Office of Overseas Skills Recognition as being at least equivalent to Australian bachelor degree level. This will be determined during the assessment of your application

  • have at least five years' work experience in professional accounting
Step 2: Complete application

Complete the application form (PDF) and submit it with the following:

assessment fee and membership fee
certified true copies of 100 points of identification (see application form for points values)
an original, or certified, copy of a letter of good standing from ICAI that contains:
the date you joined ICAI
the date you achieved your current member status
the date your membership fees are paid until
confirmation that you are not a member of ICAI through another MRA
certified true copies of university academic award (degree certificate) and official transcripts (marksheets) or workplace testimonials
certified true copy of an official transcript from ICAI
certified true copies of university academic awards and official transcripts or mark sheets or workplace testimonials
certified true copies of change of name documentation (if applicable)
Step 3: Submit application

Send your application with certified true copies of your documents to or mail them to:

CPA Australia
Member Services
GPO Box 2820

Alternatively, you can mail your application to your nearest CPA Australia office.

Step 4: Processing of application

Your application will take approximately 10 to 15 working days to process. If there are any queries about your application, a CPA Australia employee will contact you.

If your application is successful, an email will be sent to you informing you of your success. A welcome pack will follow by post.

If your application is unsuccessful, an email will be sent to you outlining the reasons why. We will provide advice about how you can meet CPA Australia's membership requirements.

Step 5: Advance to CPA status

Once you become an ASA member of CPA Australia you must complete the following study units within two years:

  • CPD063 – Better Practice in Governance and Accountability
  • CPA117 – Global Strategy and Leadership
An enrolment form for these study units will be sent to you when your application for membership is approved, or you can download it from this page. Upon successful completion of both courses, you will automatically advance to CPA status. You will receive a CPA certificate and will then be eligible to use the CPA designation
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Thursday, 26 March 2015

What is a Chartered Accountant?

The Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants have amalgamated to become Chartered Accountants Australia and New Zealand.
As a result, some content from the ICAA website has been relocated to our new corporate website.

Australian Chartered Accountant

Visit our new website to read about the role and benefits of a Chartered Accountant and to discover all about the new leading trans-Tasman professional body for accountants.
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Wednesday, 25 March 2015

About Chartered Accountants Australia

In the same way there are many different types of doctors and lawyers, the same is true of accountants.

Around the world there are over 2.5 million qualified accountants including chartered, certified, management, practicing, professional, and technicians among others. Each have completed various professional accountancy qualifications, and have different knowledge, skills and experience to suit their specific field. 

Being a member of Chartered Accountants Australia and New Zealand sets you up to thrive in business and the world. 

Chartered Accountants Australia and New Zealand brings together 100,000 highly trained professionals. It is a trading name for the Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants. 

Chartered Accountants Australia
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Tuesday, 10 March 2015

Why You Need a Chartered Accountant Before You Set Up Your Business

Four Reasons Why You Need a Chartered Accountant On Board Before You Set Up Your Business

When you are setting up in business you may assume that you don’t need to involve an accountant until its time to prepare a set of accounts and file a tax return. This underestimates the added value of having a knowledgeable professional on your side from the start.
An accountant will ensure that you register for taxes on time and that you tick all the right boxes when it comes to tax compliance. However, the "Chartered" qualification, whether it is "ACA" or "FCA", is a business qualification and a qualified Chartered accountant will be able to assist you in many different areas besides taxation.
Here are four key reasons why it makes good business sense to engage a Chartered accountant before you set up your business.

Business plan

When you start a business it’s tempting to focus on promoting and selling your product or services right away.
This is understandable, but don’t rush in without a clear business plan. Go over every aspect of your proposed activities as carefully as possible before you start trading. You may already have put an outline plan together, but have you accurately factored in all the costs associated with your business?
A chartered accountant can provide more than just a second opinion and will have an excellent understanding not only of what costs you’re likely to incur, but of how to finance the business as well as providing tips and advice on what you may offset against tax.
An accurate business plan backed up with efficient tax planning will provide a firm platform on which to launch a business and ensure that there are no unforeseen costs lurking around the corner.
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What trading structure?

The next step is to think about what form your business should take - a sole trader or a limited company, a partnership or a limited liability partnership?
Making the wrong decision about a trading structure at the start could have dramatic implications for you. Not only can it affect how you hold property and contracts, but it will also affect the rate of tax you pay and availability of different tax relief.
A Chartered accountant can talk through these options with you and advise on what’s right for your specific situation.

Systems, software and accounting

Not everyone’s idea of dynamic business practice, but putting the appropriate management information, accounting and bookkeeping systems in place before you start trading will help you run your business as efficiently as possible.
A Chartered accountant will know which systems will benefit you the most, so ensuring you have all the information you need to make your business profitable. Installing good systems from the outset will save you time and money sooner than you think.

Financial advice

Almost all young businesses need to borrow money at some point, either at launch or when they’re looking to expand. With the present economic climate, borrowing from banks may not be possible.
A Chartered accountant will be able to suggest a number of alternative options, from venture capital to a range of central and even local government grants. All borrowing options have their positives and negatives, and being able to draw on your accountant’s expertise will help you decide on the most appropriate financing for you.
Using a qualified chartered accountant to help you plan and set up your business isn’t an excessive luxury, it’s a sensible investment that will reap dividends for years to come.

The information contained in this article is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. The author and the publisher disclaim all responsibility for any loss arising from any action taken or not taken by anyone using the information in this document


Friday, 6 March 2015

Share price surge prompts fresh warning to new investors

A SURGING Australian sharemarket has been feeling the love, but people are being warned against rushing into the buying spree now.
Share prices have been boosted by falling interest rates and local and overseas investors seeking generous dividends paid by Aussie companies, which has prompted concerns they may be due for a fall soon.
There was a slight sell-off this week but the All Ordinaries index — which measures the value of our 500 biggest companies — has still climbed 14 per cent since December to close to 5900 points.
Among the big companies to bounce strongly, BHP Billiton is up 19 per cent, Westpac up 20 per cent and AMP up 23 per cent.
Catapult Wealth director Tony Catt said he was a fan of billionaire investor Warren Buffett’s famous quote “be fearful when others are greedy and greedy when others are fearful”.
“It’s a great quote and I have used it a number of times with my clients,” he said.
“Everyone’s in a hurry to get the returns, and the fear of missing out is starting to kick in at the moment. The emotional behaviour is worrying.”
Mr Catt said most advisers felt that now was not the best time to pile into shares, and a better strategy might be to spread your investing over several months.
“The future is murky at the moment. It’s unpredictable, so tread carefully.”
Quay Equities managing director David Reynolds said that late last year some share analysts made an “optimistic call” and tipped 6000 points for the All Ordinaries by the end of 2015.
“We have just done it in three months,” he said.
“I’m not saying stock prices are going to crash, but it is more than fully valued.”
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Mr Reynolds said new share investors should understand how diversification would help them ride out the market’s ups and downs. “Don’t put all your eggs one basket, and don’t allocate all your funds upfront,” he said.
“Contribute over time, on a monthly or quarterly basis — the compound return you will get is better than trying to time the market. Take a sensible approach and get advice.”
Macquarie Private Wealth division director Kieran Purcell said his firm was still positive about shares, but most of the big gains had already occurred and investors should not expect this pace of growth to continue.
“I would say it’s still a good time to put some money into the market, but I would hold some funds back as I would suspect there will be some pullbacks over the year, which might provide some good buying opportunities,” he said.
“We caution that stocks are looking fully priced.”

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Wednesday, 4 March 2015

Analysis: Short-sellers deliver epitaph for Bernie Brookes' time at Myer

Myer's customers love a good sale, but not quite as much as Myer's investors who, for the past few years, have profited handsomely from betting on the shopping emporium's declining stock price.
With news of longstanding boss Bernie Brookes' departure this morning, they cleaned up again as Myer shares nosedived, retreating a further 12 per cent to $1.61.5.

Along with Brookes, chief financial officer Mark Ashby is also departing for an unspecified role offshore, a development that clearly spooked the market.
For the past few years, Myer has earned itself the unenviable distinction of being the most heavily "shorted" stock on the Australian Securities Exchange.
Short-selling is a high risk trading strategy employed by investors who believe a company's share price will fall.
It involves selling shares they do not own and hopefully profiting by buying in at a cheaper price down the track.
As of last Friday, more than 18.5 per cent of Myer's outstanding capital was short-sold.
While it has hardly been a ringing endorsement of Brookes' management, the burst of selling that greeted his departure this morning indicates investors hold little hope that his successor will deliver the goods.
Myer has been mired in controversy ever since it relisted on the bourse on Melbourne Cup day 2009.
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The shares, sold to punters in the float at $4.10 a piece, shed as much as 10 per cent on day one and have never been within daylight in the intervening years.
It is hardly fair to pin the blame entirely on Brookes, however.

Myer 'cut to the bone' during Brookes reign

The Myer float was overhyped - where model Jennifer Hawkins' vital statistics were far more prominent than earnings projections - during a brief burst of post financial crisis stock market optimism.
The former owner, US private equity group TPG, scarpered within hours of the listing, funnelling the $1.9 billion proceeds of the sale through a series of tax havens in the Caribbean and Europe.
Brookes cut Myer to the bone during its time in private equity ownership.
He sold off a huge part of the inventory, streamlined the supply chain, offloaded the real estate and controversially cut floor staff numbers.
It was a strategy that delivered fabulous profits to TPG and the private investors - which included the Myer family and himself - but left the retailer ill-prepared for the firestorm that was to engulf Australian retail.
The financial crisis devastated sales volumes as Australians eschewed credit and suddenly transformed themselves into savers.
That coincided with the rise of online distributors operating out of cheap warehouses offshore rather than high cost high street CBD shopping centres.
Just to add some fire to that lethal combination, the Australian dollar surged to record levels as the mining boom took hold, and Europe and the US engaged in an extended currency war.
Myer and its arch rival David Jones were blind-sided by the developments, and each struggled to belatedly hatch plans to cope with the new threat.
By late 2013, however, with Brookes signalling his departure, Myer believed the only option was to attempt a merger with David Jones where a vicious war between management and the board was being played out in public.
Brookes managed to renegotiate a new contract for himself, to lead the combined entity, that was far more generous than his previous package.
Base salary rose to $2 million from $1.8 million, with the potential to earn a further $3 million in bonuses.
But it all came to nought, at least for Myer shareholders.
South African-based Woolworths rode in with a far more generous offer, trumping Myer and leaving Brookes firmly in control.
After nine years at the helm, chairman Paul McClintock delivered the expected praise for the outgoing chief executive.
But he made no secret of emphasising the challenges now facing the company, that "to thrive in a modern retail environment, Myer must adapt more quickly and be closer to its customers".

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Tuesday, 3 March 2015

Company Operating Profits Slip In December Quarter.

COMPANY gross operating profits fell in the December quarter, against analysts’ expectations of a slight lift, official data shows.
According to the Australian Bureau of Statistics, company profits dropped 0.2 per cent in the quarter, seasonally adjusted, compared with a 0.5 per cent increase in the September quarter.
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Economists surveyed by Bloomberg were expecting a rise of 0.5 per cent.
In the year to December, company profits were 5.9 per cent lower, the ABS said.
The business indicator’s release contributes to analyst forecasts for gross domestic product.
Official GDP figures are due to be released by the ABS on Wednesday.
Estimated business inventories, in seasonally-adjusted chain volume terms, slipped 0.8 per cent in the December quarter.
The estimate of income from sales by manufacturers in the December quarter, in seasonally-adjusted chain volume measures, was flat, while the same measure for wholesalers was up slightly, increasing 0.3 per cent.
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