Posts

The start to finish of writing great client advice

Image
The Tax Institute expert Andy Milidoni breaks it down.
There’s no denying that providing exceptional client advice involves exceptional commitment of thought, time and energy. But if you don’t know the fundamentals, you’ll be hard pressed to attract new customers, and keep your existing ones happy.
“What I'm finding is that in practice students aren't always being shown the start to finish of writing advice,” Andy Milidoni, Partner at Johnson Winter & Slattery and CTA3 Advisory lecturer at The Tax Institute, points out.
“In the CTA3 Advisory subject, there's a lot of emphasis placed on the process of providing client advice. That's something students don't always see in practice.
“A lot of the comments I get from students is, ‘I wish someone had shown me that earlier. I know that's what I have to produce, but I don't always get shown that,’” he adds.
Andy has been practicing tax for almost 20 years across all aspects of revenue, law and trusts, includin…

3 ways to make an impact in tax

Image
The Tax Institute expert Rae Ni Corraidh shares her tips and tricks for success in tax.
Rae Ni Corraidh is a tax adviser at the Knowledge Shop; an external advisory resource for firms that may not have their own tax expertise.
After working at big four companies for ten years in a specialist role, Rae moved to mid-tier firms in order to develop a broader range of tax skills , where she worked for another ten years. She has also been involved in teaching all of the core subjects of structured education programs at The Tax Institute over the last decade.
“Here I get to talk about tax all day long and not have to do time sheets. That's the fun part,” she laughs.
A highly experienced tax professional and teacher of tax, Rae has three tips for making an impact:
1. Keep abreast of change
“You have to invest the time in your own learning and in being aware of what's happening in tax,” says Rae.
“Whether you subscribe to tax updates or you log onto the Australian Treasury website on …

We’re thinking differently about tax education

Image
Workplaces and the way we engage with the world around us is changing. Many tax professionals are not tied to a desk and are working with clients on site, providing advice, travelling and working remotely. When is there time to sit down and spend two hours per day studying? For many of us the answer will be not very often.
Helping tax professionals keep pace with rapid change To support busy tax professionals to keep pace with the ever-changing tax landscape, The Tax Institute has transformed the way it educates.
Advancing your career as a tax professional requires dedication and time. We recognise that you should have a learning experience that supports your preferred learning style, allowing you to access resources anywhere at any time, that is familiar, convenient and can fit naturally into your daily routine.
This new initiative advances our education offering into short, concise learning activity that can be accessed quickly and easily, allowing you to disseminate information ra…

Stapled structures and foreign investor measures

Image
On 20 September 2018, the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 was introduced into parliament to give effect to the government’s proposal to reform the tax treatment applicable to stapled structures and certain foreign investors.

This Bill reflects the culmination of a long process which began with the Australian Taxation Office seeking to address the use of staple structures with TA 2017/1 released in January 2017, and which may almost be resolved with legislative change.

This post excerpts the article 'Stapled structures and foreign investor measures', written by Stuart Landsberg, FTI, Christina Sahyoun and Angeline Young, (all PricewaterhouseCoopers), which originally appeared in the December / January issue of Taxation in Australia, The Tax Institute's member journal.

The Treasurer announced that the Bill will assist the government to “better guarantee the essential services and vita…

Clients separating from their partners - What do you do next?

Image
Relationship breakdowns are emotional and can be complex. While it marks the end of one thing, it often begins something new, with the path to separating any shared assets rarely straightforward.

This is where the family lawyer and the tax professional enter the fray, to help their client navigate the emotions and the commercial realities of the separation. 
In October 2018, Rishi Wijay, (Klimek & Wijay Family Lawyers) presented the session ‘Your client tells you that they are separating from their spouse or de facto partner. What do you do next?’ at WA's ‘The Client Life Cycle: challenges and opportunities’ event.

We spoke to Rishi about some of the issues facing advisers.

“When a long-standing client of a tax professional tells them that they are separating from their de facto partner or spouse, a difficult journey begins for the client and their trusted adviser. I want to trace that journey from a family lawyer’s perspective, and try to offer some insight into how the tax…

What happened in tax in November

Image
Written by TaxCounsel Pty Ltd
The following points highlight important federal tax developments that occurred during November 2018.
Each month, these developments are considered in more detail in the 'Taxing Issues' column of Taxation in Australia, the Institute's member journal.
Division 7A consultation

A consultation paper in relation to the amendments that are proposed to improve the integrity and operation of Div 7A ITAA36 has been released.

Small business rates 
An amending Act that became law on 25 October 2018 contains amendments which will give effect to the government’s decision to accelerate the reduction of the corporate tax rate for corporate tax entities that are base rate entities.

Deductions for vacant land


Exposure draft legislation has been released relating to the proposal to deny deductions for losses or outgoings incurred to the extent they relate to a taxpayer holding vacant land.

Education:Think differently about your education. Gain accreditation with sho…

Labor’s negative gearing restrictions – how might they work?

Image
Written by Bob Deutsch, CTA

The Federal opposition’s plans to introduce restrictions on negative gearing for investors, if elected next year, have received some much-needed clarification.

Last week, I was able to confirm with the Labor Party that their proposed changes to negative gearing would apply across the board to all investments. Previously it was thought that Labor’s negative gearing restrictions might only apply to property investment.

With this knowledge, The Tax Institute issued a media release outlining the good and bad news for investors.

Shortly after the media release was issued, I received feedback from Member 372 who suggested that “it is not the Institute’s business to act as spokesman or apologist for a political party”.


I thank Member 372 for their comments. However, with all due respect to the member, to suggest that by examining these measures, I am acting as an apologist for the Labor party is no more accurate than to suggest that when the the Institute publish…