Don't take our word for it, hear from some of our CTAs.
Wednesday, May 22, 2013
CTA: The global leaders in tax
The Chartered Tax Adviser designation indicates you've reached the pinnacle of the tax profession. A respected mark of technical excellence and professional integrity, Australian tax professionals who attain the CTA designation are regarded for their leadership and expertise at home and abroad, providing global mobility.
Don't take our word for it, hear from some of our CTAs.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Don't take our word for it, hear from some of our CTAs.
Monday, May 20, 2013
It's time for a national conversation on tax reform
The implications (both real and political) of the Federal Government’s 2013-14 Budget have been analysed and commented upon ad nauseum this week. But what does it mean for tax reform?
Unfortunately, the Budget is yet another wasted opportunity to embark on a long-term tax reform plan that is vital to ensure that the country is well positioned for the challenges of the decades ahead.
Instead, the Government has chosen the easy path of tax grabs from business to fund its excessive spending commitments. Efforts to protect the integrity of our tax system by closing loopholes are worthwhile, but the Budget measures ignore the long-term vision laid out in the Henry Tax Review.
In addition, the Budget adds significantly to the stock of announced but un-enacted tax measures. An outstanding agenda of more than 100 tax measures in an election year will heighten uncertainty for business in an already volatile environment.
Through The Tax Institute’s technical sub-committees we will be working through the details of the discussion papers and participating in the consultative fora over the coming weeks and will keep members informed as the changes take shape.
Late yesterday the Opposition leader delivered his Budget reply speech. The promised tax white paper that builds on the work of the Henry Review is a positive step towards a vital national conversation on tax reform.
In other news last week, The Tax Institute and the Business Law Section of the Law Council of Australia wrote to the Treasurer and Shadow Treasurer to express our deep concern regarding the recently announced measure to reform the self-education expense deduction by capping the deductible amount at $2,000 per annum from 1 July 2014.
The imposition of a cap on the deduction is a very blunt instrument to achieve the object of preventing extravagant claims. The proposed measure would capture and limit all claims for self-education expenses, regardless of their nature. An educated workforce should be one of the key objectives of Government. Providing a financial penalty to those seeking to self-fund their education is a significant disincentive. The objective of building a smarter Australia will be compromised through the introduction of the proposed cap.
The imposition of a cap might well prevent large deductions from being claimed, but in doing so, it would also penalise Australians who are endeavouring to improve their qualifications for work or business who are not incurring unnecessarily excessive costs. Accordingly, many legitimate claimants would suffer higher out-of pocket expenses as a result of this measure.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Unfortunately, the Budget is yet another wasted opportunity to embark on a long-term tax reform plan that is vital to ensure that the country is well positioned for the challenges of the decades ahead.
Instead, the Government has chosen the easy path of tax grabs from business to fund its excessive spending commitments. Efforts to protect the integrity of our tax system by closing loopholes are worthwhile, but the Budget measures ignore the long-term vision laid out in the Henry Tax Review.
In addition, the Budget adds significantly to the stock of announced but un-enacted tax measures. An outstanding agenda of more than 100 tax measures in an election year will heighten uncertainty for business in an already volatile environment.
Through The Tax Institute’s technical sub-committees we will be working through the details of the discussion papers and participating in the consultative fora over the coming weeks and will keep members informed as the changes take shape.
Late yesterday the Opposition leader delivered his Budget reply speech. The promised tax white paper that builds on the work of the Henry Review is a positive step towards a vital national conversation on tax reform.
In other news last week, The Tax Institute and the Business Law Section of the Law Council of Australia wrote to the Treasurer and Shadow Treasurer to express our deep concern regarding the recently announced measure to reform the self-education expense deduction by capping the deductible amount at $2,000 per annum from 1 July 2014.
The imposition of a cap on the deduction is a very blunt instrument to achieve the object of preventing extravagant claims. The proposed measure would capture and limit all claims for self-education expenses, regardless of their nature. An educated workforce should be one of the key objectives of Government. Providing a financial penalty to those seeking to self-fund their education is a significant disincentive. The objective of building a smarter Australia will be compromised through the introduction of the proposed cap.
The imposition of a cap might well prevent large deductions from being claimed, but in doing so, it would also penalise Australians who are endeavouring to improve their qualifications for work or business who are not incurring unnecessarily excessive costs. Accordingly, many legitimate claimants would suffer higher out-of pocket expenses as a result of this measure.
 |
| Robert Jeremenko |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Wednesday, May 15, 2013
Tax reform: Short-term thinking, long-term pain
Media Release: Tuesday 14 May 2013 (7.30pm AEST)
Tonight’s Federal Budget is yet another wasted opportunity to embark on a long-term tax reform plan that is vital to ensure that the country is well positioned for the challenges of the decades ahead, The Tax Institute said today.
“Short-term revenue considerations have resulted in the Government yet again choosing the easy path of tax grabs from business to fund excessive spending commitments”, Tax Institute President Steve Westaway said.
“While Government efforts to protect the integrity of our tax system by closing loopholes are worthwhile, the Budget measures virtually ignore the long-term vision laid out in the Henry Tax Review.
“Tonight’s measures lack any holistic tax reform plan to correct fundamental flaws and restore sustainability of tax revenues,” Mr Westaway said.
“The measures will add significantly to the stock of announced but as yet un-enacted measures. An outstanding agenda of more than 100 tax measures in an election year will heighten uncertainty for business in an already volatile environment.
“After years of cloistered, on-the-run policy making, businesses are again left to make significant investment decisions in the dark.”
Mr Westaway said that tackling base erosion and profit shifting requires more than a few integrity measures designed to bolster the current broken system.
“To date, the Government’s efforts on a broader rethink of the fundamental underpinnings of our international tax system have been underwhelming.
“Government delays have added to base erosion problems. Isolated measures to tackle debt dumping would have been unnecessary if the promised broader rewrite of foreign income taxation laws had been progressed as planned,” Mr Westaway said.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Please visit our website for media enquiries.
Tonight’s Federal Budget is yet another wasted opportunity to embark on a long-term tax reform plan that is vital to ensure that the country is well positioned for the challenges of the decades ahead, The Tax Institute said today.
“Short-term revenue considerations have resulted in the Government yet again choosing the easy path of tax grabs from business to fund excessive spending commitments”, Tax Institute President Steve Westaway said.
“While Government efforts to protect the integrity of our tax system by closing loopholes are worthwhile, the Budget measures virtually ignore the long-term vision laid out in the Henry Tax Review.
“Tonight’s measures lack any holistic tax reform plan to correct fundamental flaws and restore sustainability of tax revenues,” Mr Westaway said.
“The measures will add significantly to the stock of announced but as yet un-enacted measures. An outstanding agenda of more than 100 tax measures in an election year will heighten uncertainty for business in an already volatile environment.
“After years of cloistered, on-the-run policy making, businesses are again left to make significant investment decisions in the dark.”
Mr Westaway said that tackling base erosion and profit shifting requires more than a few integrity measures designed to bolster the current broken system.
“To date, the Government’s efforts on a broader rethink of the fundamental underpinnings of our international tax system have been underwhelming.
“Government delays have added to base erosion problems. Isolated measures to tackle debt dumping would have been unnecessary if the promised broader rewrite of foreign income taxation laws had been progressed as planned,” Mr Westaway said.
Please visit our website for media enquiries.
Monday, May 13, 2013
2013-14 Federal Budget perspectives before lock-up
This week brings the release of the Federal Budget. The Tax Institute's President, Steve Westaway CTA and Tax Counsel, Deepti Paton CTA will join me in the Budget “lock-up” starting tomorrow afternoon. This allows The Tax Institute access to all of the Budget papers and announcements ahead of their public release on Tuesday evening.
Members will receive our initial comments on the Budget and a summary of the tax measures by way a special Budget edition of TaxVine that will be sent shortly after the Treasurer delivers his Budget speech at 7.30pm.
With the surplus commitment long-gone and with the tax revenue shortfall ballooning at a rate of $50 million every day since the Mid-Year Economic and Fiscal Outlook in October 2012, the scene is set for an atypically tight election year Budget. The actual size of the deficit and the details of the tax changes that are being pursued in order to minimise its size will be revealed on Tuesday. This will then set the scene for the final 19 sitting days of Parliament before the election, which is still another four months away.
The Tax Institute’s priorities for the Budget are contained in our submission to the Treasurer earlier this year. We note that the growing stockpile of announced yet unenacted tax measures is fuelling uncertainty in the business community and hampering investment. The Budget submission also outlines a number of priority areas of the tax law that are in need of urgent and significant reform.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Members will receive our initial comments on the Budget and a summary of the tax measures by way a special Budget edition of TaxVine that will be sent shortly after the Treasurer delivers his Budget speech at 7.30pm.
With the surplus commitment long-gone and with the tax revenue shortfall ballooning at a rate of $50 million every day since the Mid-Year Economic and Fiscal Outlook in October 2012, the scene is set for an atypically tight election year Budget. The actual size of the deficit and the details of the tax changes that are being pursued in order to minimise its size will be revealed on Tuesday. This will then set the scene for the final 19 sitting days of Parliament before the election, which is still another four months away.
The Tax Institute’s priorities for the Budget are contained in our submission to the Treasurer earlier this year. We note that the growing stockpile of announced yet unenacted tax measures is fuelling uncertainty in the business community and hampering investment. The Budget submission also outlines a number of priority areas of the tax law that are in need of urgent and significant reform.
|
| Robert Jeremenko |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Friday, May 10, 2013
Enrolments now being taken for new Course in Commercial Law
The Tax Practitioners Board approves the Institute’s Course in Commercial Law
We are proud to announce that the Tax Practitioners Board approved the Institute’s Course in Commercial Law on 4 April 2013.
Alongside our Course in Australian Taxation Law, the Institute not only provides an additional education pathway to tax agent registration, but a broader education offering to strengthen the skills of tax professionals.
Renew your 2013-14 membership online and win!
Membership renewals are now due. All online renewals made on or before 14 June 2013 will go into one of five draws to win $1,000 cash prizes in Day to Day accounts with HSBC Bank Australia.
Free TaxLine research service
TaxLine is a dedicated member research service, supported by our research librarian team. This complimentary service to members provides information on specific tax-related enquiries.
Key events in May
Several of our key events are taking place in May — register now to ensure that you don’t miss out securing a place at the 46th South Australian Convention (2 to 4 May, Barossa Valley), the 6th Annual Tax Forum (16 to 17 May, Sydney) and Tax Through the Bottom of a Glass (23 to 24 May, Hobart).
CTA exam assessment option now taking enrolments
With over 7,500 (and growing) tax professionals now claiming CTA status in Australia, it’s only a matter of time before a client asks you if you’re a CTA. Why? Because by holding this designation, you are recognised in a number of international jurisdictions (including the UK, Europe and Ireland) as a tax industry leader.
To achieve the CTA designation, enrol in the CTA3 Advisory Exam.
New editions for 2013
Our publishing team is gearing up to publish the new editions of the SMSF Guide and Discretionary Trust Distributions in the coming weeks. Both are available in print and online, and offer structured CPD hours.
Don’t forget, a Tax Knowledge eXchange subscription with our online books option gives you full access to these and four other practical guides and handbooks, along with over 65,000 documents and up to 17 CPD hours.
Taxation in Australia iPad app
We’ve recently made some changes to our iPad app. If you’ve been having difficulty accessing the app, you’ll find help under the Taxation in Australia section on our website.
Noel Rowland is Chief Executive Officer of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
We are proud to announce that the Tax Practitioners Board approved the Institute’s Course in Commercial Law on 4 April 2013.
Alongside our Course in Australian Taxation Law, the Institute not only provides an additional education pathway to tax agent registration, but a broader education offering to strengthen the skills of tax professionals.
Renew your 2013-14 membership online and win!
Membership renewals are now due. All online renewals made on or before 14 June 2013 will go into one of five draws to win $1,000 cash prizes in Day to Day accounts with HSBC Bank Australia.
Free TaxLine research service
TaxLine is a dedicated member research service, supported by our research librarian team. This complimentary service to members provides information on specific tax-related enquiries.
Key events in May
Several of our key events are taking place in May — register now to ensure that you don’t miss out securing a place at the 46th South Australian Convention (2 to 4 May, Barossa Valley), the 6th Annual Tax Forum (16 to 17 May, Sydney) and Tax Through the Bottom of a Glass (23 to 24 May, Hobart).
CTA exam assessment option now taking enrolments
With over 7,500 (and growing) tax professionals now claiming CTA status in Australia, it’s only a matter of time before a client asks you if you’re a CTA. Why? Because by holding this designation, you are recognised in a number of international jurisdictions (including the UK, Europe and Ireland) as a tax industry leader.
To achieve the CTA designation, enrol in the CTA3 Advisory Exam.
New editions for 2013
Our publishing team is gearing up to publish the new editions of the SMSF Guide and Discretionary Trust Distributions in the coming weeks. Both are available in print and online, and offer structured CPD hours.
Don’t forget, a Tax Knowledge eXchange subscription with our online books option gives you full access to these and four other practical guides and handbooks, along with over 65,000 documents and up to 17 CPD hours.
Taxation in Australia iPad app
We’ve recently made some changes to our iPad app. If you’ve been having difficulty accessing the app, you’ll find help under the Taxation in Australia section on our website.
 |
| Noel Rowland |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Monday, May 6, 2013
Update on cut to company tax rate
There is a chorus of support in Australia for a cut to the company tax rate. It will deliver economy-wide benefits that are necessarily in the national interest. We saw this played out in last year’s Business Tax Working Group process headed by Chris Jordan.
This is why The Tax Institute continues to support reducing the company tax rate in the medium term from its current 30% to the 25% recommended by the Henry Review. In addition to increasing Australia’s attractiveness as a destination for foreign investment, a 25% rate is comparable to rates in similar sized OECD countries. Even a modest cut to say 28% would be a step in the right direction and Australians across the board stand to share in the benefits. Companies are able to pass on the benefits to their employees, either in the form of increased wages or additional recruitment, thereby increasing productivity and employment.
It is in this context that it is worth noting that the Federal Coalition proposes to increase the company tax rate for the largest 3,200 companies by 1.5 percentage points. The revenue from this change would fund a paid parental leave scheme that is more generous than the currently legislated scheme.
Such a proposal flies in the face of the many positives that a rate cut would bring. In addition, as the recently released ATO Tax Statistics indicate, increasing the rate for the top 3,200 companies will impact on some SMEs with turnovers between $10 million and $100 million. This is because there are less than 3,200 large companies (as defined) in Australia.
We look forward to further engaging in the public debate on this and other tax proposals as the election year progresses.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
This is why The Tax Institute continues to support reducing the company tax rate in the medium term from its current 30% to the 25% recommended by the Henry Review. In addition to increasing Australia’s attractiveness as a destination for foreign investment, a 25% rate is comparable to rates in similar sized OECD countries. Even a modest cut to say 28% would be a step in the right direction and Australians across the board stand to share in the benefits. Companies are able to pass on the benefits to their employees, either in the form of increased wages or additional recruitment, thereby increasing productivity and employment.
It is in this context that it is worth noting that the Federal Coalition proposes to increase the company tax rate for the largest 3,200 companies by 1.5 percentage points. The revenue from this change would fund a paid parental leave scheme that is more generous than the currently legislated scheme.
Such a proposal flies in the face of the many positives that a rate cut would bring. In addition, as the recently released ATO Tax Statistics indicate, increasing the rate for the top 3,200 companies will impact on some SMEs with turnovers between $10 million and $100 million. This is because there are less than 3,200 large companies (as defined) in Australia.
We look forward to further engaging in the public debate on this and other tax proposals as the election year progresses.
|
| Robert Jeremenko |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Monday, April 29, 2013
New regulatory framework for financial advisers
The end of the financial year will soon be upon us with many law changes set to start on 1 July 2013. One of the most significant of these law changes is the new regulatory framework to apply to financial advisers who provide tax advice.
Since the Tax Agent Services (TAS) regime began on 1 March 2010, an exemption has been in place to permit financial advisers to continue to provide tax advice in the course of providing financial planning advice without complying with the TAS regime.
The Tax Institute has long held the view that financial advisers who provide tax advice in the course of providing financial advice should be subject to the TAS regime on the basis that it provides a mechanism for the protection of consumers of tax advice.
With the exemption due to expire on 30 June 2013, the Government recently released the "Creating a regulatory framework for tax advice (financial product) services" Exposure Draft.
As the Exposure Draft amends the Tax Agent Services Act 2009 to bring financial advisers into this regime, we are supportive of the overall intention behind the Exposure Draft. Our submission focuses on ensuring the policy objective of consumer protection is attained. One of our key concerns relates to the education and experience requirements that will be required of financial advisers who apply to register with the Tax Practitioners Board and become subject to this regime.
Shortly following the release of the draft legislation, the Tax Practitioners Board released a draft guideline on the "Australian tax law" requirements that financial advisers applying to the Board will need to meet. The Tax Institute is currently preparing its submission on this.
Members are welcome to provide any comments they have to us by email to Tax Policy.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Since the Tax Agent Services (TAS) regime began on 1 March 2010, an exemption has been in place to permit financial advisers to continue to provide tax advice in the course of providing financial planning advice without complying with the TAS regime.
The Tax Institute has long held the view that financial advisers who provide tax advice in the course of providing financial advice should be subject to the TAS regime on the basis that it provides a mechanism for the protection of consumers of tax advice.
With the exemption due to expire on 30 June 2013, the Government recently released the "Creating a regulatory framework for tax advice (financial product) services" Exposure Draft.
As the Exposure Draft amends the Tax Agent Services Act 2009 to bring financial advisers into this regime, we are supportive of the overall intention behind the Exposure Draft. Our submission focuses on ensuring the policy objective of consumer protection is attained. One of our key concerns relates to the education and experience requirements that will be required of financial advisers who apply to register with the Tax Practitioners Board and become subject to this regime.
Shortly following the release of the draft legislation, the Tax Practitioners Board released a draft guideline on the "Australian tax law" requirements that financial advisers applying to the Board will need to meet. The Tax Institute is currently preparing its submission on this.
Members are welcome to provide any comments they have to us by email to Tax Policy.
|
| Robert Jeremenko |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Friday, April 26, 2013
Tax debate won’t win election
We continue our efforts to foster reviewed debate on our tax system, in particular ensuring GST is part of the debate. We acknowledge that such a debate now is not an election winner, but we are hopeful that the new parliament, whom ever that may be, will take the opportunity to start renewed discussion on the issue.
We need to find ways to maintain internationally competitive tax rates yet fund government policy objectives. I’m not here to push a barrow on what the government should or shouldn’t spend money on, that’s for voters to decide. What concerns me is the impasse between state and federal governments. We need to have a debate. We need alternatives explored.
In this regard I notice the comments made by Mr Richard Court AC at our National Convention in relation to the expected tax revenue to be generated by the LNG projects in Western Australia and how they could be used to bridge the gap between state and federal government. This may or may not be an answer but unless it is explored, debated, together with other options, we will continue to be the subject of inefficient taxes and risk Australia’s competitiveness.
I recognise the importance of our volunteer network and its alignment with our goals and vision. I will be writing to each state councillor to engage with them and get their valued input in respect to our goals. Consultation ensures our continued alignment and reinforces the strong links that exist within our Institute.
Thank you to those members who have made themselves known to me at various functions or conventions. I appreciate your feedback and your kind words. I know our staff and presenters do also, so please make yourself known.
Till next time.
Stephen Westaway is President of the National Council at The Tax Institute.
The Tax Institute is Australia's leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
We need to find ways to maintain internationally competitive tax rates yet fund government policy objectives. I’m not here to push a barrow on what the government should or shouldn’t spend money on, that’s for voters to decide. What concerns me is the impasse between state and federal governments. We need to have a debate. We need alternatives explored.
In this regard I notice the comments made by Mr Richard Court AC at our National Convention in relation to the expected tax revenue to be generated by the LNG projects in Western Australia and how they could be used to bridge the gap between state and federal government. This may or may not be an answer but unless it is explored, debated, together with other options, we will continue to be the subject of inefficient taxes and risk Australia’s competitiveness.
I recognise the importance of our volunteer network and its alignment with our goals and vision. I will be writing to each state councillor to engage with them and get their valued input in respect to our goals. Consultation ensures our continued alignment and reinforces the strong links that exist within our Institute.
Thank you to those members who have made themselves known to me at various functions or conventions. I appreciate your feedback and your kind words. I know our staff and presenters do also, so please make yourself known.
Till next time.
 |
| Stephen Westaway |
The Tax Institute is Australia's leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Tuesday, April 23, 2013
We reveal your election priorities
Last week The Tax Institute released the results of our member survey of election priorities. Thank you to all members who took the time to share their views.
We conducted an extensive media campaign to promote the results of the survey and we will continue to represent members’ interests in improving the tax system with key political stakeholders.
The question posed in the survey was: "With the federal election date set for 14 September 2013, what are the top three tax issues you regard as the most important for our political leaders to address?"
The responses show that the overwhelming priority amongst members is an equitable and sustainable superannuation system for the long-term. While the responses were gathered prior to the Government announcing its intended reforms to superannuation earlier this month, it is clear that if the superannuation tax system is to be changed, members want a real long term, sustainable plan for reform, not mere tinkering around the edges. When Governments tinker with the system this risks harming people's confidence in it and in putting their hard-earned money aside to save for their retirement.
Another top priority is the simplification of tax laws to alleviate the compliance burden on small business. The Government must continue the significant work that remains to be undertaken in this area. This includes exploring the possibility of creating a separate "small business entity" structure; streamlining definitions and access to small business concessions; and simplifying carry-forward loss integrity measures.
Also featuring as a high priority is the reform of State taxes supported by increased funding from the GST. It is clear that tax professionals want the Government to take a leadership position on State tax reform, which includes increasing reliance on the GST and abolishing inefficient and complicated State taxes, such as conveyance duties and insurance duties.
The survey also found strong support for modernisation of the complex trust tax law provisions, as well as greater certainty in the application of tax laws by legislating unenacted measures sooner after their announcement.
Our media release with further details of the survey can be accessed on our website.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
We conducted an extensive media campaign to promote the results of the survey and we will continue to represent members’ interests in improving the tax system with key political stakeholders.
The question posed in the survey was: "With the federal election date set for 14 September 2013, what are the top three tax issues you regard as the most important for our political leaders to address?"
The responses show that the overwhelming priority amongst members is an equitable and sustainable superannuation system for the long-term. While the responses were gathered prior to the Government announcing its intended reforms to superannuation earlier this month, it is clear that if the superannuation tax system is to be changed, members want a real long term, sustainable plan for reform, not mere tinkering around the edges. When Governments tinker with the system this risks harming people's confidence in it and in putting their hard-earned money aside to save for their retirement.
Another top priority is the simplification of tax laws to alleviate the compliance burden on small business. The Government must continue the significant work that remains to be undertaken in this area. This includes exploring the possibility of creating a separate "small business entity" structure; streamlining definitions and access to small business concessions; and simplifying carry-forward loss integrity measures.
Also featuring as a high priority is the reform of State taxes supported by increased funding from the GST. It is clear that tax professionals want the Government to take a leadership position on State tax reform, which includes increasing reliance on the GST and abolishing inefficient and complicated State taxes, such as conveyance duties and insurance duties.
The survey also found strong support for modernisation of the complex trust tax law provisions, as well as greater certainty in the application of tax laws by legislating unenacted measures sooner after their announcement.
Our media release with further details of the survey can be accessed on our website.
|
| Robert Jeremenko |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Monday, April 22, 2013
Online membership renewals
2013-14 membership renewal
Being a member of The Tax Institute means you have demonstrated a strong level of technical knowledge of the tax system and the highest level of ethical and professional conduct. It is this “mark of expertise” which sets members of The Tax Institute apart.
I invite all members to maintain this mark and renew your membership online. All online renewals made on or before 14 June 2013 will go into the draw to win one of five $1,000 cash prizes in a Day to Day Account with HSBC Bank Australia.
Member survey findings
To ensure that we continue to be responsive to members’ needs, The Tax Institute once again participated in the Annual Business and Professions Study run by Beaton Research and Consulting. This survey measures member satisfaction, engagement, and the overall performance of the Institute, and benchmarks the Institute against other associations in the market.
Key findings suggest that the Institute continues to be a strong performer against other associations, ranking in the top two associations, a strong improvement off an already high base.
Previous years’ research indicated areas where improvements were required, particularly in the area of credentialing and recognition of membership. We took steps to address these findings and are pleased to see that the strategies we initiated have paid off. In particular, there are significant improvements in:
We want to thank all members who provided feedback as this helps to confirm that we are moving in the right direction and ensures that we quickly respond to any areas needing improvement.
Annual report and AGM
The Tax Institute’s annual report will be available online from late March. The Institute’s AGM will be held on Tuesday, 23 April 2013, at the offices of The Tax Institute at 3.30 pm.
Noel Rowland is Chief Executive Officer of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
Being a member of The Tax Institute means you have demonstrated a strong level of technical knowledge of the tax system and the highest level of ethical and professional conduct. It is this “mark of expertise” which sets members of The Tax Institute apart.
I invite all members to maintain this mark and renew your membership online. All online renewals made on or before 14 June 2013 will go into the draw to win one of five $1,000 cash prizes in a Day to Day Account with HSBC Bank Australia.
Member survey findings
To ensure that we continue to be responsive to members’ needs, The Tax Institute once again participated in the Annual Business and Professions Study run by Beaton Research and Consulting. This survey measures member satisfaction, engagement, and the overall performance of the Institute, and benchmarks the Institute against other associations in the market.
Key findings suggest that the Institute continues to be a strong performer against other associations, ranking in the top two associations, a strong improvement off an already high base.
Previous years’ research indicated areas where improvements were required, particularly in the area of credentialing and recognition of membership. We took steps to address these findings and are pleased to see that the strategies we initiated have paid off. In particular, there are significant improvements in:
- building the standing of members; and
- providing valuable credentials, registration, certification and post-nominals.
We want to thank all members who provided feedback as this helps to confirm that we are moving in the right direction and ensures that we quickly respond to any areas needing improvement.
Annual report and AGM
The Tax Institute’s annual report will be available online from late March. The Institute’s AGM will be held on Tuesday, 23 April 2013, at the offices of The Tax Institute at 3.30 pm.
|
| Noel Rowland |
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
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