Intheblack back issues from March 2008:
The power of more than one
Mar 01, 2008; ... I AM EXTREMELY THRILLED TO HAVE endorsement from the board and members for the concept of a president's charity. And I'm even more thrilled to have the opportunity to make a difference to the sufferers of motor neurone disease (MND), for which there is no known cure. For those of you who ...
The Job: Finance manager
Mar 01, 2008; ... NATHAN MORSILLO CPA IS PASSIONATE ABOUT HIS WORK WITH THE CENTRAL LAND COUNCIL Q. What does your job involve? I am finance manager for the Central Land Council (CLC). The council is an elected body of 90 Aboriginal people from the southern half of the Northern ...
In the headlines
Mar 01, 2008; ... A SELECTION OF CPA AUSTRALIA'S MEDIA MENTIONS Pre-Budget submission CPA Australia hit the ground running in the new year, presenting the new federal government with Its preBudget submission and conducting media interviews. Policy and research director Paul Drum was on Sydney ...
Owners stand alone in tax ruling
Mar 01, 2008; ... FROM MARCH 28, AMPLE EXPENSIVE horseflesh will go on sale at the Magic Millions yearlings sale on the Gold Coast. Whether prices will reach the 2007 average sale of $180,000 following a rough year for Australian horseracing remains to be seen. The effects of equine influenza were ...
Major changes in the air
Mar 01, 2008; ... CLIMATE CHANGE, THE SKILLS shortage and superannuation initiatives are high on CPA Australia's pre-Budget agenda. The organisation sees these as big economic issues facing Australia in 2008 and beyond. The federal treasurer called for public submissions on 4 December 2007 to inform ...
NEWS IN BRIEF
Mar 01, 2008; ... Divisional AGMs Some details for AGMs across divisions have changed. The New Zealand branch AGM will take place on Thursday 27 March from 5.30-7.30pm at the Staples Rodway Board Room, Level 9, Tower Centre, 45 Queens St Auckland. Guest speaker is Bill English, deputy leader of the ...
the buzz
Mar 01, 2008; ... WEB 3.0 Also known as the Semantic Web, "Web 3.0" was coined by Tim Berners-Lee, godfather of the internet. Many net pundits see it as ...
Feedback
Mar 01, 2008; ... LETTER OF THE MONTH Experience vs "how much I know" Perhaps we are all too familiar with the words "experience". In a fairly practical profession such as accounting, how much experience someone possesses is virtually what he/she is potentially worth in the job market I am ...
ECONOMIC OUTLOOK ... Low interest rates a distant memory
Mar 01, 2008; ... INFLATION IS DESTINED TO BE THE MAJOR FINANCIAL PROBLEM THAT WILL CHARACTERISE 2008, SAYS PETER PONTIKIS THE SECOND HALF OF 2007 WILL BE remembered as economically subdued, but with extremely volatile financial markets, as the credit crunch hampered the US and, to a lesser extent, world ...
Advocacy update
Mar 01, 2008; ... CPA AUSTRALIA CEO GEOFF RANKIN FCPA REPORTS ON ACTIVITIES CARRIED OUT ON BEHALF OF MEMBERS Meeting with assistant treasurer Together with president Alex Malley, I met with the assistant treasurer and minister for competition and consumer affairs, Chris Bowen MP, in Sydney in late ...
Webwatch
Mar 01, 2008; ... RICHARD BAJRASZEWSKI FROM THE CPA LIBRARY EXPLAINS HOW WEB SERVICES SOLVE GENUINE PROBLEMS Real-world web engagement Just about anyone and everyone has the opportunity to make available online their own digital content. These opportunities are often associated with online ...
Excel Yourself
Mar 01, 2008; ... NEALE BLACKWOOD SHOWS HOW TO AUTOMATE SHEET NAMING Q: Is It possible to link the sheet name to a cell's contents? I want the sheet name to be whatever I enter into cell Al. A: There is no built-in Excel function or feature to do this. You have to use an event macro. The macro ...
Calculating your business' carbon footprint
Mar 01, 2008; ... IF REGULATION DOESN'T FORCE BUSINESSES TO GET THEIR ENVIRONMENTAL HOUSE IN ORDER, THE MARKETPLACE WILL Once running an environmentally friendly business was simply a socially responsible way to behave. It was feel-good stuff that enhanced a business' reputation, warmed the hearts and ...
In a nutshell
Mar 01, 2008; ... DEATH OF THE BOOK The death of the book has often been predicted, but no event has come close to heralding an end to paper literature than Amazon's wireless reading device, the Kindle. The device makes it possible for an entire library to be carried on an object the size of a paperback ....
HK and Singapore most free economies
Mar 01, 2008; ... HONG KONG AND SINGAPORE HAVE been named the two most free economies in the world according to the 2008 Index of Economic Freedom, compiled by the Heritage Foundation and the Wall Street Journal. The index is compiled against 10 specific factors of economic freedom on a scale of zero to ...
Behaviour issues
Mar 01, 2008; ... THE AUSTRALIAN DOLLAR EXPERIENCED ASTONISHING VOLATILITY IN 2007, AND MANY ARE EXPECTING MORE OF THE SAME IN 2008 Over the course of 2007 the Australian dollar experienced unexpected volatility not anticipated by many industry observers. It was not simply the gyrations that caught many ...
Dealing with legislative change main compliance cost
Mar 01, 2008; ... CONSTANT LEGISLATIVE CHANGE IS DEMANDING AND TIME-consuming. It is also one of the top two costs of compliance in Australia, according to an Australasian Compliance Institute (ACI) survey. The respondents, which included 70 member organisations cited staffing and procurement, and audit ...
Yoga
Mar 01, 2008; ... WANT TO CHANGE THE WORLD? YOGA TEACHES THAT YOU MUST FIRST CHANGE YOURSELF Mention the word "yoga" and you'll get a range of responses. Some people associate it with ashrams and ascetics, a discarding of the modern way of life in favour of a quest for the more spiritual. Incense and ...
Dialling up a new future
Mar 01, 2008; ... BEHIND THE SLICK EXTERIOR OF THE APPLE IPHONE IS A SHREWD BUSINESS MODEL SET TO REVOLUTIONISE THE MOBILE PHONE INDUSTRY For all of its ability to command the headlines and excite consumers, there was something vaguely nonsensical about Gerry Quach's decision to spend $610 to buy an Apple ...
The age of experience
Mar 01, 2008; ... BABY BOOMERS ARE TURNING RETIREMENT UPSIDE DOWN, WHICH IS JUST AS WELL FOR EMPLOYERS FACING A SKILLS SHORTAGE Not so long ago when workers reached retirement age most threw a party, said goodbye to the boss forever and rode off to a quiet life of golf, bowls or gardening. Recently we've ...
Dramatically changed landscape
Mar 01, 2008; ... AMENDMENTS IN SUPERANNUATION LAW MEAN SMSFS CAN NOW BUILD UP THEIR ASSETS WITH BORROWED MONEY Following recent amendments to superannuation law, self-managed superannuation funds (SMSF) are unequivocally permitted to borrow to buy investments, within strict conditions. This represents a ...
Demand for TBL reporting
Mar 01, 2008; ... FINDINGS FROM CPA AUSTRALIA'S Confidence in corporate reporting 2007 survey show strong demand for triple bottom line reporting. Respondents support laws requiring companies to prepare sustainability reports that reveal the social and environmental impacts of their activities, and for ...
Transfer pricing top tax concern
Mar 01, 2008; ... FORTY PER CENT OF RESPONDents to a global survey have identified transfer pricing as their most important tax issue. Over half have undergone a transfer pricing examination since 2003, and 87 per cent consider transfer pricing a risk issue in relation to managing financial ...
What's home and what's away?
Mar 01, 2008; ... Super: EXPATS WHO HAVE SMSFs SHOULD TAKE NOTE OF THE RECENT RESIDENCY RULES, SAYS HEATHER GRAY FOR A SUPERANNUATION FUND, becoming "unAustralian" can mean disaster. Expat fund members who don't keep track of their fund's residency status could see almost half their fund's assets lost to ...
Transformer
Mar 01, 2008; ... Neil Chatfield FCPA is a modest man. The CFO of the year (as judged by CFO magazine) considers the honour one "that is as much for Toll as it is for myself". The judging panel singled Chatfield out as a "CFO at the top of his game". That may be so, but he's much more comfortable talking about ...
China boosts tax revenue
Mar 01, 2008; ... CHINA'S TOTAL TAX REVENUE SWELLED to almost 5 trillion yuan in 2007, up 30 per cent year on year, according to State Administration of Taxation (SAT) data. Individual income tax revenue rose by almost one-third to ¥318.5bn. The administration, which is trying to strengthen its monitoring ...
A fresh look at an old process
Mar 01, 2008; ... Audit: AN AUDIT IS AN IMPORTANT COMPONENT OF BUSINESS CORPORATE GOVERNANCE, AND CAN ADD REAL VALUE TO ANY ORGANISATION, SAYS CAMERON BRADLEY AN INDEPENDENT AUDIT IS A KEY function of corporate governance. Corporate governance is the system by which organisations are directed and managed ....
Financial arrangements tax corporates
Mar 01, 2008; ... Corporate tax: A PROPOSED BILL THAT WILL MORE CLOSELY ALIGN TAX AND ACCOUNTING TREATMENTS OF GAINS AND LOSSES, BEARS CLOSER SCRUTINY, SAYS DAREN YEOH THE EXPRESSION "BUYER BEWARE" aptly applies to the proposed measures, released by the previous government, dealing with the taxation of ...
The ethics of tax
Mar 01, 2008; ... Tax: A NEW PROFESSIONAL STANDARD FOR ACCOUNTANTS PROVIDING TAXATION SERVICES IS SOON TO TAKE EFFECT, WRITES CHANNA WIJESINGHE IN OCTOBER LAST YEAR THE Accounting Professional and Ethical Standards Board (APESB) issued APES 220 Taxation Services as part of its mandate to revise and ...
Risk and renew
Mar 01, 2008; ... Treasury: THERE IS NO DOUBT THE ROLE OF COPORATE TREASURY IS CHANGING, AND THERE IS STRONG DEMAND FOR CHOICE OF CORPORATE TREASURY SYSTEMS. SUSAN CAMPBELL AND JAN BARNED EXPLAIN WHY THE ROLE OF CORPORATE TREASURY is changing in the face of volatile financial markets, increased compliance ...
Departure issues
Mar 01, 2008; ... Taxing Times: ROBERT RICHARDS EXPLAINS WHY USING TRICKS INSTEAD OF THE LAW WON'T WASH WITH THE TAX OFFICE; AND LOOKS AT A CASE OF ASSESSED DEBT THE AUSTRALIAN TAX OFFICE HAS the power to prevent people leaving Australia if it thinks they owe tax. It does this by issuing a "departure ...
Sons of a gun
Mar 01, 2008; ... Insolvency: THE OUTCOME OF THE SONS OF GWALIA CASE IS GOOD NEWS FOR SHAREHOLDERS, BUT IT CAN CAUSE UNCERTAINTY IN INSOLVENCY ADMINISTRATION, WRITES JOHN PURCELL The facts of the case SONS OF GWALIA WAS A PUBLICLY listed gold mining company to which external administrators were ...
Charitable distributions
Mar 01, 2008; ... Knowledge Bank: A CHARITY WORKER WONDERS ABOUT A CHANGE IN ACCOUNTING TREATMENT FOR ENTITIES Q: I work for a charity holding inventories held for distribution. As a consequence of the amendments mandated by Amending Standard AASB 2007-5 Amendments to Australian Accounting Standard ...
When a debt should be paid
Mar 01, 2008; ... THE THEORY IS THAT IF THE TAX Office assesses you It can collect the tax unless you can show that the assessment was improper. Regarding income tax this is because section 204 of the Income Tax Assessment Act 1936 says (broadly speaking) that tax becomes due and payable 21 days after the ...
Syndicate needs disclosure
Mar 01, 2008; ... Ethical Dilemma: A FORMER PARTNER WONDERS WHETHER IT IS APPROPRIATE TO APPROACH FORMER CLIENTS TO BECOME POTENTIAL INVESTORS Dilemma: You have been a partner in an accounting firm for over 10 years and have recently retired and handed over your clients to a new partner. You have, ...
The Battle for Bennelong
Mar 01, 2008; ... The Battle for Bennekmg By Margot Seville Melbourne University Press, $24.95 This is one of the more interesting sub-stories from the 2007 election, relating how John Howard lost his seat to newcomer Maxine McKew. Seville makes no secret of her friendship with McKew, and large parts of ...
The future of professional ethics
Mar 01, 2008; ... Ethics: CPAs SHOULD TAKE NOTE OF NEW PROFESSIONAL STANDARDS AND AN EXPOSURE DRAFT ON BUSINESS VALUATION, SAYS CHANNA WIJESINGHE IN DECEMBER 2007, THE ACCOUNTING Professional and Ethical Standards Board (APESB) issued three standards as part of its mandate to revise and reissue ...
Global Risk: Business Success in Turbulent Times
Mar 01, 2008; ... Global Risk: Business Success in Turbulent Times By Sean Cleary and Thierry Malleret Palgrave, $49.95 In a globalised economy, risk management has become a necessity - but that hasn't made it any easier. Cleary and Malleret, with a wealth of academic and consulting experience between ...
A disease that knows no boundaries
Mar 01, 2008; ... WORK, REST AND PLAY MOTOR NEURONE DISEASE ROBS SUFFERERS OF SO MUCH, BUT COMMUNITY AND FAMILY SUPPORT CAN MAKE A WORLD OF DIFFERENCE, WRITES TONI JORDAN In 1995, Phil Brady, a member of CPA Australia, was a busy Sydney accountant, living in the suburbs and working in the city. He ...
Asia Future Shock: Business Crisis and Opportunity in the Coming Years
Mar 01, 2008; ... Asia Future Shock: Business Crisis and Opportunity in the Coming Years By Michael Backman Palgrave, $49.95 We ain't seen nothing yet RADICAL RETHINKING ON ASIA HAS SOME WAY TO GO YET, WRITES DEREK PARKER For those who can remember when Asian countries were either ...
Save a tree
Mar 01, 2008; ... CHARLES WRIGHT CAN SEE THE BIG UPSIDE OF THE BEST E-BOOK ON THE MARKET It's not an insignificant investment, and let's face it, people have been bad-mouthing electronic books since they made their debut, but think of it in purely environmental terms: all those trees that would have had ...
An Australian secret service?
Mar 01, 2008; ... THE TAX OFFICE HAS NEW SYDNEY offices; not advertised but in downtown Goulburn St far removed from city practitioners, Is this evidence of the Tax Office's real attitude towards taxpayers? Not that one would know it. It appears that the Tax Office sees itself as an Australian secret ...