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Showing posts from January, 2015

Survive the pressures facing small accounting firms

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Members tell us* that an increasing number of factors are combining to create the perfect storm for small accounting firms. Find out what you can do to stay relevant and protect your firm from taking a battering. 

Cost pressures – shrinking revenue from compliance work

Technology continues to impact the supply of compliance work. As the ATO focuses on automating and simplifying tax returns, many believe the pool of compliance work is shrinking.

Accounting firms, including many small firms, are now being forced to send low-level work offshore to maintain margins and benefit from lower cost labour overseas.

A number of other factors - including the push towards a fixed-fee model, the increasing competition for the provision of tax services, and the increase in the number of virtual firms offering lower cost services - are also putting downward pressure on fees.

Client pressures – clients demanding more

Clients remain price sensitive and value conscious post-GFC, and increasingly want mor…

Appointment of the Assistant Treasurer

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As you may have seen, the Prime Minister reshuffled his Ministry prior to Christmas and this has resulted in the appointment of the Hon Josh Frydenberg MP as Assistant Treasurer.

This is good news for practitioners, because the post has effectively been without a permanent occupant since March 2014 when Senator Sinodinos stood aside.

So who is the new Assistant Treasurer? What will he bring to the role?

Apart from being a bit of a gun tennis player (he tried his hand at entering the pro tennis circuit in his younger days), the Minister represents the Victorian electorate of Kooyong, which was once held by Sir Robert Menzies (no pressure!). He studied law and economics at Monash University and worked in both law and banking before politics, where he advised Ministers including the Foreign Minister and Prime Minister. In 2010 he entered Parliament and from September 2013 had been the Parliamentary Secretary to the Prime Minister with responsibility for tackling red-tape across the econ…

Financial Services Taxation Conference Speaker Profile: Robert Gallo

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Robert Gallo is a Director at PwC. He helps tax functions transform their operations through the use of strategy, people, process and technology solutions.
Robert has over 15 years experience in advising clients on optimising their tax reporting and compliance processes as well as transforming their tax functions to best balance their use of strategy, people, processes and technology. His experience expands across tax functions in various geographies and industries including banking and finance, retail, manufacturing, energy and mining. This experience includes tax function design and assessment, application of tax corporate governance and risk management frameworks, process improvement, tax software implementation combined with tax project assurance.

What does the Financial Services Taxation Conference mean to you, and more broadly, to the tax industry?

The Financial Services Taxation Conference is a good forum for connecting/networking with the industry. It presents a good opportunity…

National Convention Speaker Profile: Philip Bender

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Philip is a barrister practising in state and federal taxation and commercial law.  I’m also a member of the Victorian Civil and Administrative Tribunal.

How long have you been affiliated with The Tax Institute?

I have been writing articles and presenting for the Tax Institute and attending seminars since 2003.

What does the National Convention mean to you, and more broadly, to the tax industry?

The National Convention is an opportunity to catch up on developments in the tax law and share ideas with other tax professionals.

What is the topic that you are presenting and what can attendees expect to learn?

I will be covering recent cases and rulings. As well as pure tax cases, I’ll also be covering one of my recent High Court cases which had a tax aspect but also has implications for company directors and commercial disputes in general.

Attendees can expect to get an insight into the key cases and rulings from 2014 and, in particular, why they are important for clients.

How will attending y…

Financial Services Taxation Conference Speaker Profile: Patrick Grob CTA

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Patrick is Head of Tax at Suncorp Group Ltd with over 20 years of financial services experience both in Australian and the UK.

How long have you been affiliated with The Tax Institute?

I’ve been affiliated with the Tax Institute for over 8 years.

What does the Financial Services Taxation Conference mean to you, and more broadly, to the tax industry?

Excellent opportunity for industry leaders and peers to share information and insight, across various issues affecting Financial Services and the economy as a whole. 

What is the topic that you are presenting at the Financial Services Taxation Conference and what can attendees expect to learn from your session?

The Financial Services Tax Function in a Changing World. I will cover practical experience / insights to working with “offshore” partners in the preparation of tax effect accounting and income tax return work papers. Attendees can expect practical insights into challenges for tax functions and some of the changes.

How will attending yo…

Financial Services Taxation Conference Speaker Profile: Tim Kyle CTA

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Tim Kyle is a director of Greenwoods & Herbert Smith Freehills, as it is now, where he looks after financial services clients. Tim is also on the organising committee for this conference.

How long have you been affiliated with The Tax Institute?

Since last millennium.

What does the Financial Services Taxation Conference mean to you, and more broadly, to the tax industry?

One of, if not the, premier tax conference in Australia.

What is the topic that you are presenting at the Financial Services Taxation Conference and what can attendees expect to learn from your session?

I will be providing an update on capital management issues. Attendees will gain a better understanding of non-tax drivers as well as capital management. They will learn about the different forms of capital management in the financial services industry and the latest tax developments associated with them.

Which other sessions at the conference are you most interested in attending?

Part IVA, Murray review

What do you like…