#Online Virtual CFO Services in Australia

[bespex]

All about Best Online Bookkeeping Services in Australia

Online Virtual CFO Services in Australia- Are you a business owner and would you like to know how your money is being spent? Are you looking for an Australian virtual book-keeping service that allows you to easily store your financial information and run reports? If so, we can help.

Online Virtual CFO Services in Australia provides a wide range of services to their clients. It provides the best accounting and finance services in the industry. This helps you reduce your operational costs and streamline your business run with financial metrics like profit margin, expense management, cash flow management etc. 

Online virtual CFO services in Australia are an ideal choice for everyone looking for an efficient and professional accounting. The service provides a range of accounting software, so you can easily and quickly create the right financial reports every day.

What Does Best Online Bookkeeping Services in Australia Do?

Virtual CFO services are Modern accounting software that helps in creating and managing financial reports for your business. This kind of software assists you to keep track of all transactions, transactions undergone and it also provides with access to your financial data from anywhere and anytime. In addition, you can use these services from anywhere using Internet or wireless laptop.

We are your one-stop shop for accounting and finance services. Let us help you reduce your operational costs and streamline your business run with financial metrics like profit margin, expense management, cash flow management etc. 

Concerns about how much a business is earning, where all of their cash is going and whether or not they have enough money for the next pay period can be overwhelming. Virtual CFO Services in Australia have seen an influx of small businesses who offer outsourcing services. This allows these clients to focus on what's important: running their business without having to be present on a daily basis. Online Virtual CFO Services in Australia is a comprehensive, comprehensive guide to all of you that are interested in the Australian labor market. 

Online Virtual CFO Services helps you keep your business running smoothly, cost-effectively and turn a profit.

[elijahsher]

SAKs Financial Services is one of the fastest-growing accounting firms. They provide solutions like Australian financial planning, Financial planning services Australia, accounting and bookkeeping services, best financial advisors, bookkeeping and accounting services, bookkeeping services for small business, accounting services for small business, bookkeeping accounting services, online bookkeeping services, business accounting, accounting services, and virtual CFO services.

[robertrileyweb-blog]

We are accounting experts and provide you quality outsourcing services in Australia. For more info http://www.activeoutsourcing.com.au/

[vincentvelour]

BEPS Pillar Two reflects radically changing world of corporate taxation

BEPS Pillar Two reflects radically changing world of corporate taxation

1/8/2020

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        By Tom Lickess, Head of International Tax Advisory

In 2013, the Organisation for Economic Co-operation and Development and G20 countries jointly developed an action plan to address base erosion and profit shifting by multinational enterprises. Essentially, base erosion and profit shifting, or BEPS, occurs when multinationals exploit tax legislative gaps between countries to reduce or eliminate the taxation of profits.

As part of their plan, the OECD and G20 finalized 15 BEPS Actions in late 2015. The actions are intended to “equip governments with domestic and international rules and instruments to address tax avoidance, ensuring that profits are taxed where economic activities generating the profits are performed and where value is created.”

Since the release of the BEPS Actions, the pace of change as regards tax rules worldwide has been dizzying. In the last five years, over 135 countries — known as the OECD/G20 Inclusive Framework — have worked together to implement BEPS recommendations. According to the OECD website: more than 250 tax regimes that facilitated base erosion and profit shifting have been changed or eliminated; more than 85 countries have signed the multilateral BEPs convention (which closes tax loopholes in thousands of tax treaties); and more than 2,000 bilateral relationships for country-by-country exchanges are now in place.

The bottom line is that corporate groups with international supply chains and operations are increasingly facing myriad new and changing domestic and international tax rules. The most significant changes include recent and ongoing proposals to fundamentally reshape the taxation of the digital economy. It’s critical for multinationals to understand that these proposals will go way beyond the tech sector and affect virtually all multinational businesses.

As we enter a new decade, and more and more countries implement BEPS recommendations, the global tax landscape will continue to change. In this period of uncertainty, the boards, CFOs and indeed all corporate stakeholders of multinationals must prioritize achieving tax compliance while remaining tax efficient.

Some new and upcoming country-specific rules on digital taxation

While the OECD’s BEPS recommendations have provided the catalyst for many countries to revisit their own tax rules, not all OECD guidelines are adopted consistently across all jurisdictions. Many countries have continued to act unilaterally to protect their tax bases and make changes to account for the evolving global, digitalised economy. Here’s a list of examples of some unique, country-specific tax rules that primarily address digital commerce:

The U.S. base erosion and anti-abuse tax (BEAT). This new minimum corporate income tax was introduced under the Tax Cuts and Jobs Act (TCJA) of 2017. It looks to curtail large multinationals with a U.S. presence from shifting profits to lower tax jurisdictions.

Australia's diverted profits tax (Australia DPT). Widely referred to as the “Google tax,” Australia’s DPT has been in effect since 2017 and looks to prevent multinationals from shifting profits made in Australia to other jurisdictions to avoid paying tax. It imposes a 40 percent tax rate on diverted profits.

The UK's diverted profits tax (UK DPT). Introduced in 2015 and amended in 2018, the UK’s DPT — like Australia’s — targets large groups (typically multinational enterprises) that shift profits outside the UK. The specifics of the two DPTs, however — including rates and penalties — are distinct.

France's digital services tax (France DST). France unilaterally implemented its DST last July, retroactive to 1 January 2019. It imposes a 3 percent tax on revenue generated from digital services, and applies to companies with annual revenues of more than 750 million euros worldwide and more than 25 million euros in France.

The UK's digital services tax (UK DST). The UK’s DST will go into effect in April 2020. It will impose “a new 2 percent tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users.”

All of the above tax rules look to combat base erosion and profit shifting. It’s critical to understand, however, that they are being implemented at different times, with different levels of application, by different countries.

BEPS Pillar Two: The "GloBE" proposal

Many tax authorities, experts and even business leaders have recognized that our current patchwork system of country-specific tax laws that allows for base erosion and profit shifting in a global, digital economy is not sustainable. In language outlining the policy objective of its new digital services tax, UK tax authorities speak to the need for a unified approach, acknowledging that the UK’s DST is a stopgap measure: “The [UK] government still believes the most sustainable long-term solution to the tax challenges arising from digitalisation is reform of the international corporate tax rules and strongly supports G7, G20 and OECD discussions on the different proposals for reform. The government is committed to dis-applying the digital services tax once an appropriate international solution is in place.”

The OECD’s ongoing BEPS work informs and reflects this widely accepted belief. As we discussed in a previous post, the OECD’s current work plan on the taxation of the digital economy is divided into two pillars:

Pillar One. This examines the allocation of taxation rights and profit allocation between countries, and the associated tax nexus.

Pillar Two. This is referred to as the Global Anti-Base Erosion Proposal, or “GloBE.” It proposes to provide countries with a right to “tax back” when other countries have not imposed a minimum level of tax or not exercised their taxation rights.

In November 2019, the OECD issued a public consultation document on Pillar Two. As the OECD recognizes, notwithstanding its wider BEPS recommendations, the GloBE proposal “seeks to comprehensively address remaining BEPS challenges by ensuring that the profits of internationally operating businesses are subject to a minimum rate of tax.” The consultation document emphasizes that the GloBE proposal, like Pillar One, addresses challenges posed by the digital economy, but “goes even further and addresses these challenges more broadly.”

The GloBE proposal consists of four rules:

An income inclusion rule. This effectively taxes the income of a foreign branch or controlled entity if that income was not subject to a minimum rate of tax.

An undertaxed payments rule. This denies a tax deduction (or imposition of a de facto sourced-based withholding tax) for a payment to a related party if the associated income was not subject to a minimum rate of tax.

A switch-over rule. This would be introduced to treaties that would permit a residence jurisdiction to switch from a tax exemption to a tax credit method, when profits attributable to a permanent establishment are not subject to a minimum rate of tax.

A subect-to-tax rule. This would complement the undertaxed payments rule by subjecting a payment to source-based taxation and adjusting eligibility for treaty benefits on certain items of income when the income is not subject to a minimum rate of tax.

As the consultation document points out, Pillar Two “represents a substantial change to the international tax architecture.” Indeed, while there is consensus that the international tax framework needs to be updated to address current economic realities like the digital economy, getting countries to give up any element of their sovereign right to levy tax (which also serves as a driver of inward investment) remains problematic. For example, the European Union’s Common Consolidated Corporate Tax Base (CCCTB) — originally proposed in 2011 and revised and re-proposed in 2016 — calls for a single set of rules governing how EU corporations calculate and apportion tax across the EU. Yet it has encountered resistance, especially from smaller EU member states that may lose tax revenues if the proposal is put into practice.

The task of implementing the GloBE proposal is even more daunting than implementing the CCCTB, since the GloBE proposal engages all 36 OECD members, the G20 and 70 percent of the remaining countries around the world. And, of course, Pillar Two is only a part of a much broader rewrite of the international tax “rulebook.” As this collective effort is evolving, individual countries continuously shore up their own tax bases on a unilateral basis, while others continue to use “race-to-the-bottom” tax measures to attract inward investment.

Corporate taxation is, in short, undergoing profound changes. More than ever, multinational enterprises must monitor and remain abreast of country-specific tax changes and new tax requirements. They should also regularly review their corporate legal structures and internal and third-party supply chains against these implemented and proposed unilateral and global tax law revisions.

Finally, this process should not be seen as negative. Rather, multinationals should be mindful of the potential for operational efficiencies and tax opportunities (or tax-leakage reduction) that may be identified when performing these reviews. Even if tax savings aren’t immediately forthcoming, the reviews will at the least provide the boards, C-suites and stakeholders of multinationals with a higher level of tax assurance. This will in turn drive up the value of the multinational group by lowering tax-related risk, one of the main business expenditure outflows.

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[click2watch]

A Crypto-Friendly Puerto Rico Bank Is Crowdfunding on Circle’s SeedInvest

A new financial institution is preparing to open its doors for crypto startups in the U.S., and raising capital in an unorthodox manner.

Founded by two Russians and an American with finance backgrounds, Arival Bank (with one “r”) is waiting for an International Financial Entity (IFE) license from regulators in Puerto Rico before it can launch.

In the meantime, San Juan-based Arival is about to kick off an equity crowdfunding campaign on two platforms: SeedInvest, recently acquired by crypto exchange Circle, and Crowdcube in the U.K. The campaign is scheduled to start in early June with a goal to raise $3 million (all in fiat), SeedInvest associate Samuel Lawson told CoinDesk.

Explaining why Arival is raising money this way, CFO Jeremy Berger said:

“It’s important for us to get the public involved, not just as investors but supporters of our vision. We need their feedback to drive the way we flesh out our tech, for example. It builds a real word of mouth presence and we hope it’ll bring significant impact on customer acquisition.”

Arival plans to approach traditional VC investors for an eventual Series A round, Berger added.

Founders Slava Solodkiy, Igor Pesin and Berger came up with the idea for Arival after learning how slow and reluctant banks are to cater to startups and the independent contractors native to the gig economy.

“We want to serve clients who are getting rejected by traditional and even digital banks: crypto-related businesses (our first target audience), charity organizations, freelancers from co-working spaces, expats, refugees, residents from e-residency program in Estonia, etc.,” CEO Solodkiy said.

According to Lawson, this is part of what made Arival “a natural fit” for the investor base at SeedInvest, which vets startups before listing their equities on its platform.

“Crypto businesses and other SMBs [small and medium-sized business] are underbanked and traditional players are yet to provide this growing part of the global economy a real solution for banking,” he said. “Further, by taking a global approach and working to acquire an international banking license, the company fits well into the decentralized crypto model.”

Lawson also noted that Arival’s founders previously worked at Singapore venture capital fund Life.SREDA, which invested in a number of prominent digital banks, including Simple and Moven in the U.S., Fidor in Germany and Rocketbank in Russia.

Licensing

Arival applied for the IFE license in August of last year. This license would connect the business to the U.S. Federal Reserve system but is less onerous to obtain than a U.S. bank charter, which can take a year or more.

At the same time, an IFE can serve clients globally, Arival’s chief financial officer Berger explained.

“We want to build a real borderless bank,” Solodkiy said. For clients, this means “you’ll have to be verified once, and after that open with us as many bank accounts as we could provide across different jurisdictions.”

As an IFE, Arival would join the small number of Puerto Rico-based crypto-friendly banking entities, including San Juan Mercantile Bank and Trust, recently launched by Wall Street veteran J. Robert Collins Jr.; Medici Bank, led by a descendant of the Renaissance-era Italian banking family; and Noble Bank, known for once working with the troubled (but systematically important) stablecoin issuer Tether.

However, in February, the Federal Reserve Bank of New York halted approval of new accounts for Puerto Rican offshore banks, citing concerns about expanded U.S. sanctions against Venezuela, Reuters reported.

Solodkiy and Berger told CoinDesk that Arival will only face the Fed account issue when they have their IFE license at hand, and while they are waiting for one, they hope the crackdown period will end.

Meanwhile, Arival started the application process for a banking license in Lithuania in December. It also envisions opening branches in the U.K., Singapore, Hong Kong, Japan, Dubai and Australia.

Virtual and real

Once licensed as an IFE, Arival would serve as a hub for clients to connect to a network of banks and lending marketplaces via a single app. Again, part of the value proposition is removing duplication of effort.

“You need to be verified only once by us, and do not need to provide the same package of docs and answers for each standalone service, you can see and manage everything from the same window,” Solodkiy said.

Potential clients include crypto exchanges and wallet services, ICO-backed startups, funds and over-the-counter (OTC) trading desks, Solodkiy said. Berger said Arival has nearly 700 prospective customers on its waiting list.

Arival intends to be fully accessible online, with a totally electronic document flow and no need for clients to go to a physical branch to open an account. Client companies will be able to connect to Arival via its open API.

The company will also offer services for other fintech startups to build up their compliance, Solodkiy says, calling this arrangement “compliance-as-a-service.”

Nevertheless, Arival also hopes to interact with its customers face-to-face.

Solodkiy and Pesin previously co-founded a fintech accelerator called InspiRussia, which a year later was acquired by Qiwi, an e-payment company and a blockchain pioneer in Russia, and they hope their new venture can foster a similar vibe.

“We also want to have our office as a co-working space for our clients and fintech and blockchain startups that are planning to work with us,” Solodkiy said.

Slava Solodkiy, Igor Pesin and Jeremy Berger, image courtesy of Arival

This news post is collected from CoinDesk

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The post A Crypto-Friendly Puerto Rico Bank Is Crowdfunding on Circle’s SeedInvest appeared first on Click 2 Watch.

More Details Here → https://click2.watch/a-crypto-friendly-puerto-rico-bank-is-crowdfunding-on-circles-seedinvest

[taxstoresydney-blog]

COMMERCIAL AND FINANCIAL SERVICES

“You all promise to help me grow my profits! But you guys prepare and lodge my company tax return….only! Please! Please don’t sell me this growing your business promises! All accountants are the same, they can do tax and financial statement and that’s it!!”

This is how Lisa, a prospect client, answered me when I tried explaining over a phone call, how can our virtual CFO help her grow her business…. she was obviously furious, and it was clearly not my day!

I replied: “I am sorry you are not getting the help you need, but….” and I was brutally interrupted… “why are you better than all accountants I dealt with? ha? I have a company vision and strategy but when I asked for help in preparing a budget for this strategy implementation and feasibility studies for the new showroom, non of the accountants could do it!! None of them!” she yelled.

It became clear to me that Lisa’s frustration is because she needed help in financial budgets and managerial accounting studies but she wasn’t getting any… Lisa is in the retail business of home accessories and she was planning to open a new showroom.

In my phone discussion with her, I explained that we can use her previous sales history to understand seasonality andclients sensitivity to discounts and price hikes. We can then develop for her budgets and pricing strategies that can help her unlock new profits.

Lisa signed up for our virtual CFO service and her new plan to open a second showroom materialised successfully. We looked at her stock carrying costs and calculated her stock optimum level required to meet her monthly sales forecast. This saved her heaps of extra storage, insurance and drastically reduced her cost per order. We identified highly profitable products with fast moving turnover and recommended that she imposes sales target for these. We revised her insurance contracts and concluded that she is paying high insurance premiums on big fragile items that were not selling fast enough and recommended to discontinue buying these items. Lisa realised 32% profit increase from her existing showroom in the first 6 months of the virtual CFO engagement. She used the new unlocked profit in offsetting part of her bank loans related to the new showroom. This saved her interest expense and improved her financial position.

Today Lisa owns 3 retail showrooms and an online store for wholesale orders. She is supplying home accessories to major furniture stores in Australia by processing orders straight from factory to retailers without having to pay for storage.

Preparing historical financial statements and filing tax returns will only help you stay compliant with ATO requirements. To grow your profits you need deep analysis of cost, proper pricing and well monitored budget for success.

If you are a smart entrepreneur like Lisa and ready to take your business to the next level, let’s have a chat and see how our virtual CFO services can help you do it.

[rayvat-uk]

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[proactivecfosau-blog]

Australian Resident Director Services

At Proactive CFOs and Business Advisors, our group have broad experience to offer you the best virtual cfo services Australia for your business issues. With Virtual CFO Sydney, you get complete genuine feelings of serenity. Our point is to give the best esteem and the adaptable virtual cfo services Sydney to our customers.

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Raman Bhalla is the founding principle of Proactive CFOs and Business Advisors Pty Ltd. Raman has various years of involvement in inhabitant/nominee director Sydney services, corporate counseling, money related service and corporate service, to both listed and unlisted associations.

Vinay Kolhatkar is Director, Capital Raising at Proactive CFOs and Business Advisors. Vinay has value-based involvement in unlisted equity, listed equity, private debt, universal capital markets, resident directors services and bank debt, with an emphasis on capital raising, with more than twenty years of involvement in the field of finance.

Edmund Costigan, Senior Consultant is a result centered pioneer who has a background marked by building a triumphant culture and fruitful, spurred teams.

Virtual CFO, business planning and strategic advice

We offer a CFO Services Sydney by means of a contractual arrangement which can be full time, low maintenance or on an online premise or even working close by your current CFO. Our point is to convey high effect shared resident directors services sydney to companies while making a dynamic and in addition esteem driven financial work by using complete tools, domain learning, and rich networking.

Resident directors Sydney have instructed a number of customers throughout the years and took a shot at different activities to enhance the budgetary performance of the business. Our Resident director services Australia are not just consultative counseling services, but rather we work as your dependable virtual CFO Sydney with hands on approach while executing and conveying engagement. Our Australian Resident Director Services may incorporate keeping up account records, execution of systems, detailing function, finance and superannuation compliance and tax assessment submission.

Nominee director services

We can expect and give Resident/Nominee Directors Sydney services. We give enlisted office or Resident Australian Directors to empower the companies to lead their business in Australia.

If you are offshore company wishing to set up operations in Australia, we offer our Resident Director services Australia. We can go about as nominee directors Sydney or resident directors Sydney for your benefit. We discover to fathom the idea of your business, its present execution, and the objectives you have set for your business. Visit www.proactivecfos.com.au

[bespex]

All about the Best Virtual CFO Services in Australia

Having a financial planning along with a roadmap is the key to dodge un-predicted economic impacts. Irrespective of the fact that you have a startup or a running business you need to create most of the money. 

For a successful venture, financial planning proves to be the key to long-term business stability. So, two things can be done- Hiring a full-time CFO or Hiring a virtual CFO. 

What is Virtual CFO? 

The Best Virtual CFO Services in Australia is any service provider who can handle all the duties of a traditional CFO while working for a part-time or on a remote basis. The designated person can be a single one or an entity performing the same work done by a chief financial officer or a large enterprise. 

Virtual CFOs are capable of handling a range of finance-based tasks which many founders and business owners haven’t developed their skills to deal with drawing up financial forecasts, acquiring capital, creating budgets and highlighting trends in the market. 

One of the prime tasks of CFO is to be the Best Online Bookkeeping Services in Australia, reconciliation and many more. 

CFO Vs Virtual CFO

 For any business, bringing in a CFO appears to be one of the most important tasks. But what could be the solution if your business is having issues to come with an experienced and the Best Online Bookkeeping Services in Australia? Also, hiring a CFO would cost a huge to your startup. 

This is where the Best Virtual CFO Services in Australia could be the game changer. A virtual CFO offers the same service as that of the virtual CFO does. The only difference between the two is any virtual CFO helps you with all financial requirements via a phone call or a video conference and is not a full-time worker. 

Also, it is an advantage especially for the startups as they would not need anyone to pay for a full-time job when there is no requirement for it. Both the purpose of CFO and bookkeeping gets served. 

The Best Virtual CFO Services in Australia provides a prominent financial planning as a protection against financial crisis within a crisp budget.