83 not out - The Tax Institute’s oldest graduate

Doctors, lawyers, teachers and other professionals never stop learning new techniques and strategies to hone their craft and remain on the cutting edge in their field – and so, too, do tax practitioners. Joseph Malouf, The Tax Institute’s oldest graduate, is proof that you are never too old to learn.
Joseph became the oldest graduate on 24 May 2018 at age 83 when he was awarded the Graduate Diploma of Applied Tax Law through The Tax Institute.
“I’m very excited and proud to have completed the Graduate Diploma,” Joseph said. “I’ve had a very successful career in the accounting profession over many years, spanning many disciplines. All required the sound knowledge of taxation principle foundations.”
Joseph adds, “Certainly, having the qualifications and designation will support my practising career, in addition to the confidence built on the skills and knowledge I happily acquired in my studies with The Tax Institute.”
Keeping up with Australia’s evolving tax system
Joseph’s eagerness to d…

Transfer pricing post Chevron and PCG 2017/4

In April 2017 the Full Federal Court issued its judgment in the Chevron case. The matter was later resolved between the parties and Chevron abandoned its application for special leave to appeal to the High Court. In May 2017, the Australian Taxation Office (ATO) issued PCG 2017/D4.

At The Tax Institute’s 2018 Financial Services Taxation Conference, Julian Humphrey, CTA and Tim Keeling (both of KPMG), presented the paper Transfer pricing post Chevron.

The paper is excerpted below.


On 21 April 2017, the Full Federal Court dismissed Chevron’s appeal and upheld the amended assessments made by the ATO with respect to interest deductions claimed by Chevron Australia Holdings Pty Ltd (CAHPL) on an intra-group loan. In this regard, all three judges found for the Commissioner, dismissing Chevron’s appeal.1

The decision represents a significant win to the ATO with respect to transfer pricing and in particular, transfer pricing as it pertains to cross-border related party loans.


Valuations: Getting value from the valuers - The 18th Annual States' Taxation Conference

The recent decisions in AP Energy, Placer Dome and RCF IV have cast a fresh light on the care that needs to be taken when issuing instructions for expert evidence. These cases focused on valuation issues for mining projects but there are implications for other items of dutiable property, and across all state taxes.

At July’s 18th Annual States' Taxation Conference in Melbourne, John Middleton, CTA (Clayton Utz) presents the session ‘Recent decisions on valuations and briefing experts’. We spoke to him about the potential impact of these recent decisions and what else he’ll be covering at the event.

John said “My session is going to look at the duty implications of some recent cases that touch on valuations and goodwill for mining companies. I've really enjoyed digging around in the old goodwill cases with animal metaphors like Krakos. I'll also be covering off on some tricky issues with briefing valuers and experts - how you can get the best out of the evidence they give. …

Dealing with public money and the scope of the Commissioner's powers - The 18th Annual States' Taxation Conference

The framework which underpins the Commissioner’s powers has both legislative and common law aspects. In the past, there has been debate as to whether these powers are wide or more narrow in scope.

For those in revenue practice, dealing with public money, there are wide-ranging and important implications they may not have considered before entering a dispute.

At the 18th Annual States' Taxation Conference, taking place in July, David Marks, QC, CTA (Queensland Bar) presents the session ‘Not my money to give away’, where he will discuss the scope of the Commissioner’s powers, looking at the nature of a state taxes dispute, and present a “plain theory” about dealing with what is a difficult area.

We spoke to David about some of the challenges.

“This is a particularly difficult area. There are subtleties, and the caselaw is full of obscure distinctions. My aim is to lay out a workable, plain theory” he said.

David’s session looks at the scope of the Commissioner’s powers, including c…

Tony Slater, QC, on the future of tax

The future of tax – how different is the answer now to what it might have been 30, 20 or 10 years ago?

There is no question that most industries, in particular the accounting industry, is going through monumental change. From tax laws to technology, this rapid change has shifted focus for senior management on how tax will be managed in their businesses in the future.

At The Tax Institute’s 33rd National Convention, Tony Slater, QC, reflects on over 40 years’ experience on the key differences in the tax industry today compared to 10, 20 or 30 years ago and detailed three approaches that tax practitioners can take to benefit in the future.

“The things which have changed or not changed over the past 40 years can be summarised as being compliance activities, complexity and cooperation. Compliance is less and less a part of tax practice, as electronic systems enable taxpayers to file their returns directly and the tax office to pre-fill their returns. Filing returns and having them assesse…

‘Dealing with the business of estates, dealing ethically - the 2018 Death... and Taxes Symposium

It is well documented that Australia is facing a period of monumental inter-generational wealth transfer.

With an ageing population and increasing wealth held personally and via superannuation funds and trusts, the practical matters in the event of incapacity or death have increasing importance.

As a trusted adviser to their ageing clients, tax advisers are well positioned to help clients and their families deal with the administration burden caused by incapacity and death. In fact, clients increasingly expect their advisers to have the skills to assist.

Here we speak to three presenters from July’s Death... and Taxes Symposium, taking place on the Gold Coast, about some of the issues facing advisers.

In what will be an eye-opening start to the Symposium, David W Marks QC, CTA (Queensland Bar) will deliver the keynote address, ‘Practical legal ethics for the adviser.’

When advisers take on roles such as executor they can face issues of conflict and potential liabilities. In his keyn…

Funds Management - recent issues

The global funds management industry is experiencing a period of significant transformation. The industry in Australia is no exception.

The Tax Institute’s Funds Management seminar in April 2018 explored the key tax changes.

Led by a panel of expert presenters in the field of taxation of funds and asset management, the sessions in the seminar were constructed to provide an overview of the tax changes and an opportunity to discuss the practical application of the key reforms.

The papers from the event are now available on our website for individual purchase, or included free to access with a subscription to the Tax Knowledge eXchange. We highlight a selection of them in this post.

Asset management developments in tax: What’s new in the last year

Written by Jennifer Kwok, Director, Ernst & Young and Susan Spencer, Senior Manager, Ernst & Young, this paper provides a broad overview of the current state of tax developments in the asset management industry in Australia.

The pape…