At the end of his year as CA ANZ’s 2024 President, Tinashe Kamangira FCA returns to Small Firm, Big Impact to reflect on his conversations with members, the challenges and opportunities facing smaller firms he met with, and what’s on the horizon for the profession in 2025. Tinashe also shares his experience of going back to school – talking to high school students about making epic things happen with a career in accounting.

Resources referred to in the episode:

• Grant Ellis FCA elected CA ANZ President for 2025
• CA ANZ’s Smaller Practices Centre
• Update your communication preferences
• Download CA ANZ’s High School Toolkit
• The new CA Pathways
• Check out the episode with the IESBA Chair: What’s next for ethics and the profession?
• Small Firm, Big Impact page on the CA ANZ website

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As a tax professional – do you know how to recognise the signs of the tax system being used for financial abuse? Experts in this area believe tax professionals are uniquely poised to recognise people experiencing intimate partner financial abuse, with the annual tax return providing a regular contact point. Associate Professor Ann Kayis-Kumar, the Founding Director of the UNSW Tax and Business Advisory Clinic, and Jasmine Opdam, Senior Policy and Advocacy Officer at Redfern Legal Centre’s Financial Abuse Service NSW join Gillian Bowen to explain financial abuse, how the tax system is abused by perpetrators and how tax professionals can start to recognise the signs.

Resources referred to in the episode:

• CA ANZ Article: ‘Financial abuse in the tax system – recognise the signs’
• Register for the Sharing Knowledge session ‘Recognising the signs of client financial abuse’
• CA ANZ submission to Australian parliamentary inquiry: Financial Services Regulatory Framework in Relation to Financial Abuse
• Contact the CA ANZ Professional Standards Team for practical guidance on the ethics and rules related to a professional issues such as financial abuse
• CA ANZ Smaller Practices Centre
• Contact the UNSW Tax and Business Advisory Clinic to get involved

For anyone personally experiencing financial abuse support is available:

In Australia refer to Yourtoolkit.com

In New Zealand refer to Good Shepherd

All CA ANZ members can access free EAP support

Financial counselling and pro bono tax services:  

• National Debt Helpline: 1800 007 007 
• Small Business Debt Helpline (national): 1800 413 828 
• National Tax Clinic Program (for tax clinics in each state) 

Financial abuse specialist legal and non-legal support:  

• Financial Abuse Service NSW at Redfern Legal Centre (New South Wales): 0481 730 344 

Family and domestic violence support services:  

• 1800 RESPECT (24-hour national helpline): 1800 737 732  
• Men's Referral Service: 1300 766 491  
• Lifeline (24-hour crisis line): 131 114  
• Relationships Australia: 1300 364 277  

Additional workplace resources:

UN Women resource (AU): Domestic and Family Violence is a Workplace Issue - The Facts

UN Women resource (AU): Workplace Action on Domestic and Family Violence – Tools and Resources

UN Women resource (AU): A Framework for Workplace Action on Domestic and Family Violence

Employment NZ resource (NZ): Rights for Employees Affected by Domestic Violence

Employment NZ resource (NZ): Managing Family Violence Leave

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A Bill has been introduced into the Australian parliament to reform the Australian anti-money laundering and counter-terrorism financing regime. This episode explains to CA ANZ members what’s in the Bill, how it may impact you, your business and your clients and when to start getting ready to comply. CA ANZ Senior Policy Advocate for Business Reform, Jill Muir joins Gillian Bowen for this practical discussion. 

Resources referred to in the episode: 

• Media statement on AML/CTF Bill 
• CA ANZ Q&A on Australia's AML/CTF regime 

• Contact the CA ANZ Business Reform team 

• AUSTRAC’s topic-based videos 

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In this episode, hear directly from two employers on why they get their employees to do the CA Program over other offerings, and how it benefits your business. You’ll hear how graduates bring immediate value and have the skills for what businesses need in the future. Erinn Stanley CA, a manager at mid-tier accounting firm William Buck, and Justin Enright CA, a managing partner at Morse Group join Gillian Bowen to explain the CA Program difference. 

Resources referred to the in episode:

• CA Program information for employers 
• CA Program information for employees 

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Chartered Accountants Australia and New Zealand (CA ANZ) is the professional body for chartered accountants and one part of its role is to investigate complaints against members. This episode of Small Firm, Big Impact takes a closer look at the conduct process, how the disciplinary bodies within CA ANZ work and what members should do if a complaint is made against them. Australian Conduct Leader Kate Dixon and New Zealand Conduct Leader Rebecca Stickney join host Gillian Bowen to explain.  

Resources referred to in the episode: 

• The complaints page on the CA ANZ website
• CA Advisory Group
• CA Advisory Group Small Firm, Big Impact episode 
• Decisions Register 

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How do you make the big decision to go out on your own, to run an accounting business? To help members decide if it’s the right move for them, Chartered Accountants Australia and New Zealand and ACCA have developed new resources that highlight the pros and cons. Just like the discussion in this episode – the resources will definitely get your brain going. Two experienced members who contributed to ‘Look before you leap’ – Amanda Gascoigne FCA and Heather Smith FCA/FCCA join Gillian for this lively chat about working for yourself. 

Resources referred to the episode: 

• Look before you leap
• Smaller Practices Centre
• How to find balance in your firm (Amanda’s previous Small Firm, Big Impact episode)
• Small Firm, Big Impact page 

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The Federal Budget has been handed down, so what’s the impact for Chartered Accountants? There is little in the way of substantive tax reform but there are announcements regarding ATO funding and powers, payday super and the instant asset write-off that members will need to be across for their clients. CA ANZ Senior Tax Advocate Susan Franks and CA ANZ Superannuation and Financial Services Leader Tony Negline were in the Budget lock-up in Canberra on Tuesday (14/05/2024) and have discussed some of what’s been revealed with Gillian Bowen.

Check out all of the CA ANZ Federal Budget analysis

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Chartered Accountants Australia and New Zealand (CA ANZ) has hosted a delegation from the International Ethics Standards Board for Accountants (IESBA) for important discussions regarding ethical issues associated with rapidly evolving sustainability standards, firm culture and governance, and ethical considerations in tax planning and related services.

The IESBA is the global standard setter for ethics in the accounting profession and sets the Code of Ethics for Professional Accountants (including Independence Standards) (the IESBA Code). Our local codes are based off the international code.

Chair of the IESBA, Gabriela Figueiredo Dias sat down with Small Firm, Big Impact to explain why she’s in Australia, IESBA’s focus areas over the next four years and how it’ll impact you. Gabriela outlines what firms and professional accountants should be focused on in the ethics space.

Resources referred to in the episode:

• The IESBA Strategy and Work Plan

• • Check out the consultation here, (submission 31 is from CA ANZ)

• See what newsletters you’ve subscribed to by logging into My CA
• Useful ethics resources on the CA ANZ website

(This podcast episode was recorded on 8th May, 2024.)

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Do any of your business clients owe money to the Australian Tax Office? There is more than $50B of collectable tax debt to collect. 65% relates to small business so the answer is likely YES. There’s a major change coming on interest deductibility which CA ANZ members need to know about. From July 1, 2025, the general interest charge and the shortfall interest charge will become non-deductible, increasing the cost of tax debt. It means businesses will have a strong incentive to obtain finance from banks instead of sitting on tax debt and they’ll be looking to accountants for help. Senior Tax Advocate Susan Franks CA joins host Gillian Bowen to go through what’s changing, what accountants can do to help their clients and where to find resources.

Register for the Director Penalty Notices Webinar in June – link coming soon!

Read more in Susan’s article

Register for ONLINE EVENT – Australian Federal Budget 2024

Check out the Small Firm, Big Impact podcast page

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Want to save 30 minutes a day, and your team too, right now using GenAI? The next 26 minutes is so action-packed with straightforward, real-world practical tips, you’ll be questioning why you haven’t been using artificial intelligence this way already to improve efficiency and productivity at work. Chartered Accountant, and GenAI expert, Kayur Patel CA returns for Part 2 of this two-part special on artificial intelligence and everyday accounting. He and host Gillian Bowen dive into GenAI use-cases (text, data and bespoke) available to accountants today, particularly those in small and medium-sized practices. Get ready to take notes! 

Resources referred to in the episode: 

• GenAI for SMPs (Part 1) - focused on the big picture of GenAI: What is it, the current state of play, the impact on workplaces and what’s around the corner? 
• CA Library Artificial Intelligence general reading list 
• CA Library articles/resources involving AI and accountancy: 

• • AI and the transformation of the CFO role (Isaac Heller, Strategic Finance, January 2024) 
  • Generative AI in accounting applications (Kelly Richmond Pope et al, Strategic Finance, November 2023) 
  • Writing advanced Excel macros with GPT-4 (Fidel Dhana, Journal of Accountancy, November 2023) 
  • Six principles for the effective use of artificial intelligence large language models (Daniel Street et al, CPA Journal, Nov/Dec 2023) 
  • Accounting in the age of generative AI (Tala Khalifeh, Strategic Finance, October 2023) 
  • Innovative processes in finance and accounting (AI and automation) (Vineet Jain, Strategic Finance, October 2023) 
  • Generative AI and risks to CPA firms (Sarah Beckett Ference, Journal of Accountancy, October 2023) 
  • The future of accounting: how artificial intelligence is revolutionizing the field (ACCA & Learn Signal, 31 October 2023) 
  • Ethical principles apply to AI (Accounting) (Daniel Butcher, Strategic Finance, August 2023) 
  • Using ChatGPT with Excel (Kelly L. Williams, Journal of Accountancy, April 2023) 
  • The future of finance with ChatGPT and Power BI: transform your trading, investing, and financial reporting with ChatGPT and Power BI (James Bryant & Aloke Mukherjee, Packt Publishing, 2023. eBook) 

Small Firm, Big Impact podcast page

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It’s time to check-in on the fast-moving world of artificial intelligence (AI) and learn how it’s impacting workplaces in 2024. Kayur Patel is a Chartered Accountant, and lecturer at the University of Auckland, who specialises in Generative AI. It’s his job to explain the state of play and to help educate accountants and their clients on how GenAI works, what it means for their businesses and why GenAI has a role in the future.

This discussion takes place over two episodes. Part 1 sets the scene while part 2 focuses on accounting-specific use cases for small and medium-sized practices.

Resources referred to in Part 1:

• CA Library Artificial Intelligence general reading list
  • CA Library articles/resources involving AI and accountancy:
    • AI and the transformation of the CFO role (Isaac Heller, Strategic Finance, January 2024)
    • Generative AI in accounting applications (Kelly Richmond Pope et al, Strategic Finance, November 2023)
    • Writing advanced Excel macros with GPT-4 (Fidel Dhana, Journal of Accountancy, November 2023)
    • Six principles for the effective use of artificial intelligence large language models (Daniel Street et al, CPA Journal, Nov/Dec 2023)
    • Accounting in the age of generative AI (Tala Khalifeh, Strategic Finance, October 2023)
    • Innovative processes in finance and accounting (AI and automation) (Vineet Jain, Strategic Finance, October 2023)
    • Generative AI and risks to CPA firms (Sarah Beckett Ference, Journal of Accountancy, October 2023)
    • The future of accounting: how artificial intelligence is revolutionizing the field (ACCA & Learn Signal, 31 October 2023)
    • Ethical principles apply to AI (Accounting) (Daniel Butcher, Strategic Finance, August 2023)
    • Using ChatGPT with Excel (Kelly L. Williams, Journal of Accountancy, April 2023)
    • The future of finance with ChatGPT and Power BI: transform your trading, investing, and financial reporting with ChatGPT and Power BI (James Bryant & Aloke Mukherjee, Packt Publishing, 2023. eBook)
• Small Firm, Big Impact episode from Season 3: Accounting and generative A.I.

See omnystudio.com/listener for privacy information.