Showing posts from September, 2018

From battlefield to boardroom – lessons for emerging and current leaders

William Gooderson retired from the Royal Engineers aged 31 at the rank of Major after a career including active deployment in Afghanistan. 
Now at PwC, he is a regular presenter and coach on leadership skills.

At the upcoming 2018 Emerging Leaders Seminar in Brisbane, he will share his tips and insights into the leadership skills he developed through the course of his military service and explain how he has transitioned these same skills into his current role.

We speak to him about what to expect in this post.

William said “It may not seem obvious beyond the clichés, but there are a number of lessons that you can take from the frontline around leadership and relate them to the corporate environment. I’ll be explaining some of them in my keynote address.”

“There are traits of leadership that are applicable to everyday life. I’ll be covering some of them, as well as how to use personal experience to learn and develop in the art of leadership.”

Covering the Seven Traits of Leadership, William…

4 secrets to sailing through disruption in tax

Tax expert reveals his secrets to managing change and disruption.
Andy Milidoni, Partner at Johnson Winter & Slattery and CTA3 Advisory lecturer at The Tax Institute, has been practicing tax for almost 20 years across all aspects of revenue, law and trusts; including indirect and direct taxes, GST, stamp duty, land taxes, as well as income tax and international tax.
Legislation. Regulatory changes. Digital transformation. Globalisation.
It’s clear that tax is an evolving profession.
Andy reveals 4 secrets to managing that change and disruption.
1. Be on top of legislation
Let’s face it – the law is never static; it is always changing, being interpreted or redefined, as regulators strive, with varying degrees of success, to ensure that the law constantly reflects changes in society itself.
“First of all, you do need to be on top of recent developments; not only the legislative requirements, but also case law,” says Andy.
But having said that, he says that if you commit to a proce…

WIT National Congress sneak peek: is great leadership a juggling act?

A preview of this year’s Women in Tax Congress National Congress.
One of the greatest challenges for both emerging and established leaders is juggling the stress and health issues that can arise during their leadership journey.
In an article by Business Insider, Australia’s Biggest Mental Health Check-In study used data from 3,500 employees across 41 organisations from a range of industries, and was conducted by mental health technology group Medibio.
Results show that one third of program participants were suffering from some form of mental illness, with 36% suffering from depression, 33% from anxiety, and 31% from stress.
“The manner in which we all live, work and interact has changed radically … to the detriment of our mental health,” says psychologist Peta Slocombe, the Check-in program Creator and Medibio senior vice president of Corporate Health.
“And yet organisational approaches to mental health have not kept pace.”
Slocombe adds that depression is estimated to cost Australia $12.6…

What tax leaders need to be serious about

Sarah Dewar, Associate at Cooper Grace Ward Lawyers, says she chose tax as a career, on a full-time basis, about three or four years ago.

“Prior to that, I'd been in commercial litigation, so I had a broad range of disputes that I worked with, and tax disputes were one of them,” she explains.

“As it just naturally happened, I really enjoyed the work that I was doing with tax disputes, and made it a full-time career choice.”

Sarah says that when she’s dealing with clients that have tax problems, she really enjoys getting involved in their businesses, learning about “what makes them tick, and what doesn't,” and “the changes that the tax laws have on people's businesses,” to provide the best advice. Great leadership – in a nutshell “I think there are a few things that a key leader in the tax profession needs to implement, and the first one, I think, is consistency,” says Sarah.

She says that tax leaders need to be consistently excelling at their specialty that they've cho…

Part IVA and Restructures

A number of tax measures have recently been introduced, or are in development, with the aim of removing the attractiveness of particular structures from a tax perspective, for example, the hybrid mismatch rules.

With the potential for harsh consequences, many taxpayers are now looking at altering their existing arrangements to limit their exposure.

At 2018’s National Resources Tax Conference, Andrew Broadfoot, QC (Victorian Bar) presents the session ‘Part IVA and Restructures’, looking at the impact of these measures, and how to assess and address the risks arising under Part IVA.

We spoke to him about some of the issues facing advisers in this post.

“There is very considerable uncertainty about how Part IVA may apply, or be sought to apply, in any given set of facts. This is particularly tricky where Part IVA potentially interacts with other anti-avoidance or integrity provisions.” he said.

“The interaction between Part IVA and restructures, where restructures are done to avoid adve…

Making sense of the menu of small business CGT concessions

The Federal Government announced proposed amendments limiting the application of the small business CGT concessions in the 2017-18 Budget.

Earlier this year, Exposure Draft legislation and explanatory material was released by the Government, with the Bill passed by the House and currently before the Senate.

These proposed measures would reduce access to the small business CGT concessions for taxpayers disposing of ownership interests in companies and trusts significantly.

For a client looking to restructure or considering an exit through a business or share sale, the compliance costs and complexities associated with determining eligibility for those concessions are already high and, if passed, the proposed amendments to Div 152 will undoubtedly add to the existing complexity – and with retrospective effect.

At the 26th Noosa Tax Intensive in November, Leanne Connor, CTA, (WGC Business Advisors) presents the session ‘Making sense of the menu of small business CGT concessions’, whe…

Recent decisions on valuations and briefing experts

Across all Australian jurisdictions, the concepts of "value", "unencumbered value" and "market value" are of core importance to the operation of the duty laws.

This is because transfer duty is levied on the higher of consideration paid or market value of the property transferred - see for instance s11(7) of the Queensland Duties Act.

More recently, ever since the decision in Lendlease expanded the concept of consideration for stamp duty purposes, it has become increasingly common to have to value the consideration given to determine if the value of the consideration exceeds the value of the dutiable property.

At July’s 18th Annual States' Taxation Conference in Melbourne, John Middleton, CTA (Clayton Utz) presented the session ‘Recent decisions on valuations and briefing experts’, and his paper is excerpted in this post.

John’s paper noted that it is probably true that "unencumbered value" is functionally equivalent to "market value&q…

Asset protection and succession planning management for UPEs and loans

The management of unpaid present entitlements (UPEs) and loans in trusts for estate succession, asset protection and relationship breakdown planning and structuring, is extremely complex and may be ineffective or result in unintended tax consequences.

Legislative amendments to Division 7A ITAA 1936 effective 1 July 2019 and the Federal Commissioner of Taxation’s anti-avoidance rules and anti-double taxation overlap rules to otherwise commercial transactions has created uncertainty regarding common UPE management practices.

At the 51st Western Australia State Convention in August, Ron Jorgensen, CTA, (Thomson Geer) presented the session ‘Asset Protection and Succession Planning Management of UPEs’, excerpted in this post.

Ron’s session discussed selected estate succession, asset protection and relationship breakdown planning methodologies, specific anti-avoidance rules and common inter vivos and testamentary UPE and loans management practices.

His presentation also looked at how thes…

Transfer duty dealing with dutiable property in Queensland - North Queensland Tax Symposium

Bucking the trend in many other Australian jurisdictions, Queensland continues to impose duty on a broad range of transactions and business assets.

At October’s North Queensland Tax Symposium, Rosalie Cattermole, CTA, (Cooper Grace Ward Lawyers) will highlight just how broadly Queensland’s transfer duty provisions apply and provide advisers with practical guidance on a range of key related issues.

Rosalie previews her session in this post.

“There's lots to talk about in this space as the duty base in Queensland is very broad compared to most other jurisdictions. Anyone who advises private business in Queensland needs some understanding of transfer duty - even if only from a risk perspective (i.e. your risk!).”

Rosalie’s session looks at the meaning of ‘dutiable property’ and ‘dutiable transaction’ and when transfer duty is imposed in Queensland, as well as available exemptions and concessions, particularly in the context of primary production transactions and intergenerational d…

Expert says: if you don’t want to learn, “you’ll have problems in tax”

“Cannot do without”: why education is a must-have for a tax practitioner.
Andy Milidoni, CTA, Partner at Johnson Winter & Slattery and CTA3 Advisory lecturer at The Tax Institute, has been practicing tax for almost 20 years across all aspects of revenue, law and trusts; including indirect and direct taxes, GST, stamp duty, land taxes, as well as income tax and international tax.
“So my practice in tax is quite broad,” he says.
“I cover a lot, and that can be quite difficult sometimes, but it's something that I enjoy doing.” Andy has also been involved in teaching corporate tax, trusts and small business concessions and GST for the CTA 3 Advisory subject. He has also lectured for the Graduate Diploma of Applied Tax Law program coming up to three years.
“I started off by writing some of the practical problem questions and answers, and then I moved into leading sessions and also correcting some of the exam papers,” he adds.
Andy says continuing education is a must-have for all…

Single Touch Payroll expanded to include smaller employers from 1 July 2019

Single Touch Payroll (STP) builds on the Government’s Digital Transformation Agenda and is designed to make it easier for individuals and business to access government services online.

At the 6th Annual Victorian Tax Forum in October, ATO Assistant Commissioner and STP Program Lead, John Shepherd, presents ‘Single Touch Payroll’ - part of the Forum’s Hot Topics stream.

John’s session will provide an overview of the STP project, talk about what the ATO is seeing in the data they are receiving and discuss how they are tailoring client interactions. John will also touch on how tax professionals are affected and how they can ensure they are aware of STP obligations for themselves and their clients.

John previously presented on this topic in November 2017, at the Institute’s Corporate Masterclass in Sydney. At this presentation John covered what Single Touch Payroll meant for employers with 20 or more employees and what they were required to do to prepare for 1 July 2018. 

3 ways to keep up with the changing tax landscape

Change is here to stay. But that doesn’t mean you need to stand still (or fall behind).

The rapid evolution of technology, the influence of globalisation and the increased complexity of the tax and accounting landscape means today’s tax professionals need skills that extend beyond the traditional mathematical and analytical requirements.

Tax professionals will be challenged by issues not limited to disruptive technology, borderless trade and an increasingly informed public.

So how can you make sure to keep up?

1. Sharpen your analytical ability

Having a solid understanding of tax law and accounting is essential to surviving the changing tides of tax.

It’s a fact - tax today is more complex than ever, with the biggest opportunities now in advisory work that requires nuanced problem-solving skills. Practitioners today need deep technical skills and to be adaptable to technical disruption and complex legislative change.

According to The Tax Institute’s former Tax Counsel, Thilini Wickra…

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

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, Rishi Wijay, (Klimek & Wijay Family Lawyers) presents the session ‘Your client tells you that they are separating from their spouse or de facto partner. What do you do next?’ at the WA ‘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 profess…