Some members of the tax profession have argued that the Australian Taxation Office – by introducing automation, standard business reporting and other efficiencies – has stepped ‘over the line’ and is ‘taking’ processing and compliance work away from accountants and tax advisers.
I suggest that the ATO isn’t reducing the traditional work of accountants. Technology and technological change is. It’s essential for practitioners to accept this fact and move forward.
The profession’s reaction is, of course, similar to that of other professions and industries that are seeing their traditional models disrupted by technological change. Examples include the taxi, transport and accommodation sectors, to name but three.
With change comes uncertainty and, the greater the rate of change, the greater the concern from those operating under traditional business models. That said, it can be equally held that change brings opportunity and provides a platform (often said to b…
“The past is a foreign country: they do things differently there."
But what about the future?
Just as your role today has changed markedly from what it was ten years ago, the tax professional of the future undoubtedly will be even more different. And preparing for this eventuality is no longer something that SME firms can put off.
Simply being a subject matter expert may not be enough in the practice and professional landscape of the increasingly-near future. The successful practitioner will be someone who can navigate and capitalise on the ever-changing technology landscape to benefit their clients and practice. Alongside sessions that will deliver strong tax technical content, the program of this year’s SME Symposium has expanded to look at how the tax practice of the future will operate.
Opening with a look at the role of a tax professional and asking if a new model is needed, Michael Cox (PwC) will then dive into how practitioners can navigate the new digital landscape they fi…
1 July 2017 will see the biggest changes to the taxation of superannuation in
a decade come into effect.
Laws Amendment (Fair and Sustainable Superannuation) Act 2016 was passed in
late 2016. Subsequent regulations have
been introduced to support the introduction of the Government’s reforms and the
ATO has finalised various compliance and law companion guidelines on the tax
and superannuation reforms. Peter Slegers, CTA, and Nicole Santinon, ATI, of Cowell Clarke are the authors of The Tax Institute’s new book title, SMSF Income Stream Guide. We spoke with Peter and Nicole about how
the changes will impact practitioners.