Ledger Lines

Welcome!

Hi There,

I hope you had a great weekend!

There are a few updates for the week as well as some reminders.

We have our first employee!

It is a pleasure to welcome Czarina to the team. Czarina and I worked together at our previous role and she comes with a wealth of knowledge.

Czarina will be focussing on the first review of all your returns. She will check that you have completed the workpapers and have all supporting documentation in place. Please ensure that you add Czarina as the manager/primary reviewer in the workpapers from now on.

You can read more about Czarina above (I didn't know how to get the image in the body of the email - I'm an accountant not a designer 😂)

You can contact Czarina on the new email address, wegotyou@theaccountingacademy.com.au.

Knowledgebase

I have created a knowledge base so you can find the answers to your questions. I am still building it out, so it is pretty bare right now, but I will continue adding to it. If there are any topics you would like, let me know and I can add it.

You can access the knowledgebase here.

Courses

You will have received an invite to the individual tax return course via loom. This is the first draft, so your feedback would be great so I can continue to improve it.

I am working on the company tax return course for Xero and will follow up with Individual and companies for LodgeIt before coming back to do trusts for both software's.

Once I have done the basic courses, I will do deep dives into each section, for example the business schedule and rental schedule for ITR's.

You can find the ITR course here.

You can provide feedback here.

Supervisory Arrangements, Supervision and Control

You probably hear me, and the TPB, talking lot about supervision and control. It is one of the key requirements for Tax and BAS agents.

This is the reason I ask for all the supporting documentation, from engagement letters, workpapers and invoices and receipts.

I realise that we have to keep clients happy, but there are also consequences should the TPB determine that there is a lack of supervision and control.

A person that applied for their tax agent licence last year was rejected even though he had plenty of experience. The reason it was rejected is because there were a number of mistakes on returns lodged by the supervising tax agent, resulting in significant tax shortfalls. The TPB and the AAT determined that there was a lack of supervision and control, therefore rejected the application.

Obviously we do not want this to happen to you. The reason we are working together is to help you get your Tax or BAS agent licence. It's our best interest to make sure that what we are lodging is correct.

It's very much on all of use to be ensuring that we have all the documentation in place and that we are lodging all returns correctly.

If you are uncertain, please reach out to me. I'm here to help.

You can view the article about the tax agent that was denied their registration here.

Reminders from Last Week

Medical levy exemption: we need the certificate before lodging. I realise that clients are pushing to get returns lodge, so please get proof they have lodged and have them approve us to lodge before they have received it and the risks.
Letter of engagement: ensure we have letters of engagement signed off before we add the client to the portal.
Breach reporting and whistleblowing: there is a lot coming out around this. I recommend you watch the tpb webinar recordings. You can access them here.
Personal tax obligations: ensure your own obligations are correct and up to date.

As always, if you have any questions, please reach out. I look forward to hearing your feedback!

Have a great week!

Cheers,

Daniel