Posts

Showing posts from May, 2012

Announcing the new Chartered Tax Adviser (CTA) designation

Image
On Tuesday 29 May 2012, we announced the introduction of a global designation for tax professionals in Australia – Chartered Tax Adviser (CTA).

We made this historic announcement, with our international colleague Anthony Thomas from the Chartered Institute of Taxation in the UK, at Opera Point Marquee at Sydney’s Opera House in the presence of members of The Tax Institute.

Watch the video from the launch.


View all the launch photos on our Facebook Page.





How does this affect our members?
All our members who are eligible for the Chartered Tax Adviser status will gain credentials recognised in a number of international jurisdictions including the UK, Europe and Ireland. The new designation allows qualifying members to join a growing international network of Chartered Tax Advisers, providing international opportunities previously unattainable for Australian tax professionals.

You can find out more on our website.

Noel Rowland is Chief Executive Officer of The Tax Institute.

The Tax Institute

Media release: Global doors opened for the first time to Australian tax professionals

Image
International tax designation exclusive to The Tax Institute

Australian tax professionals have received a major boost to recognition on the global stage thanks to a unique internationally recognised designation secured by The Tax Institute.

In an Australian-first development, members of The Tax Institute have the opportunity to apply for Chartered Tax Adviser (CTA) status, allowing their credentials to be recognised in a number of international jurisdictions including the UK, Europe and Ireland.

According to Ken Schurgott, President of The Tax Institute, the Chartered Tax Adviser designation gives the Institute’s 13,000 members the opportunity to join a growing international network of Chartered Tax Advisers, providing international opportunities previously unattainable for Australian tax professionals.

Despite boasting some of the finest professional standards for tax professionals in the world, Australian practitioners have long been held back by the lack of an international designa…

David Bradbury announces Div 7A review

Image
At The Tax Institute’s recent 5th Annual Tax Forum, we were very pleased to have the Assistant Treasurer, the Hon David Bradbury MP, provide a keynote address to attendees. The Minister kicked-off his speech by acknowledging “a highly regarded Institute that's been supporting the tax profession and contributing to the community since 1943”.

The Minister also announced a post-implementation review by the Board of Taxation into the impact of tax laws on deemed dividend payments by private companies: Division 7A. The Tax Institute has congratulated the Government on this announcement.

The laws in Division 7A have been a bugbear for tax professionals since their inception 14 years ago. As members are only too aware, the recent actions by the ATO on unpaid present entitlements owed by trusts to private companies has created controversy and has only exacerbated the problems faced by tax professionals in trying to navigate this complex area of law. Trusts and private company groups rely …

Empty promises on tax reform

Image
The Government has shown a willingness to engage in exploring the possibility of tax reform. It was Treasurer Swan who commissioned the once in a generation, root and branch review of our tax system in 2008: the Henry Review.

But there are big differences between exploring, promising and delivering on tax reform. The recent loss carry-back measure is an example of a positive reform that resulted from some thorough analysis. However, the scrapping of the promised company tax cut means that business is rightly sceptical at the moment about the Government's bona fides with regards to following through and actually stumping up for tax reforms.

The next stage of the Business Tax Working Group process, with proper open consultation, is a sign that the examination of potential tax reforms will continue - this is a good thing that The Tax Institute will be extensively involved in.

Robert Jeremenko is Senior Tax Counsel of The Tax Institute.

The Tax Institute is Australia’s leading professio…

Let downs in budget lock up

Image
Another Budget week has come and gone and so have some significant tax reform commitments of the Government.

It is extremely disappointing that the Federal Government has turned its back on simplifying tax time for millions of Australians. In the pursuit of short-term revenue considerations, it has abandoned the Budget proposal of only two years ago to allow a standard tax deduction for work-related expenses. The only conclusion we can draw from this is that the Government is not concerned about making it easier for people with simple tax affairs to complete their tax returns. This important tax simplification measure was a step towards fairer and simpler tax returns, but it will be no more.

In addition, Australian companies have been abandoned by the Government's decision to scrap the proposed company tax cut. The Henry Tax Review made it clear that a company tax rate in the order of 25% should be Australia's medium term target, so it is extremely disappointing that the Gover…