The Tax Institute: More than just CPD Events…

You may only know The Tax Institute for our great CPD events, but we do much more! As the leading forum for the tax community in Australia, The Tax Institute is a critical voice in tax policy and advocacy matters and has sought after views.

Following the most recent submission by The Tax Institute’s Victorian State Taxes Committee to The Hon. Tim Pallas MP, Treasurer of Victoria on the State Taxation Acts Amendment Bill 2019 (now law) (see link below), we spoke with committee chair, Simon Tisher.

A Barrister at the Victorian Bar since 2003, Simon has been heavily involved with The Tax Institute for several years. He is a member of the Victorian State Council, Victorian Professional Development Committee, various event sub-committees and has been Chair of the Victorian State Taxes Committee since 2016.

“The submission related to concerns The Tax Institute State Taxes Committee had about the new economic entitlement provisions in the State Taxation Acts Amendment Bill 2019 (now law).”…

Determining a base rate entity’s corporate tax rate and franking rate

The last two years of corporate tax cuts produced multiple legislative amendments.

The previously mundane process of determining a company’s tax rate and its franking rate is now more complicated, and there are a number of anomalous outcomes.

Many advisers are asking themselves if they really understand how to work out whether a company is a base rate entity.

At the 2019 Private Business Tax Retreat in September, Robyn Jacobson, CTA will be presenting the session ‘Determining a base rate entity’s corporate tax rate and franking rate’, where she will dig into the issues facing advisers.

We spoke to her for this post.

“Recent policy changes, ATO draft rulings and legislative changes have resulted in significant complexity and confusion. In my session, I’ll try to help delegates better understand the enacted and proposed measures that determine a company's tax rate and franking rate” she said.

“I will walk delegates through the new measures and provide practical information on how to…

Current employment tax challenges

Written by Paul Ellis

Paul Ellis is an Employment Taxes partner with EY’s People Advisory Services practice. He chairs The Tax Institute’s National FBT and Employment Taxes Technical Committee.

Current employment tax challenges

Taking a proactive approach in identifying key trends and issues and recommending improvements to the employment tax and superannuation systems is an important focus of the Institute’s National FBT and Employment Taxes Technical Committee.

Employment taxes present a uniquely interlocking web of State and Federal obligations, which continue to present increasing challenges. At the same time, it is becoming increasingly more difficult to resolve complex issues, whether with the tax authorities or through legislative change, where required. In addition to these challenges, we are also simultaneously on the cusp of a growing digital tax administration era, which is already shaping future employment tax compliance strategies.

Resolving complex matters

Certainty of treatme…

Tips, Traps and Strategies for Pension Commencement

The transfer balance cap is now enshrined in our businesses. It requires substantial consideration for our clients as part of their retirement planning, estate planning and meeting their living needs.

Once a pension is commenced, it doesn’t mean there are no further matters to resolve with respect to such a pension.

At this year’s National Superannuation Conference, Jemma Sanderson, CTA, presents ‘Tips, Traps and Strategies for Pension Commencement’. We spoke to her about what’s happening in this space.

Jemma told us “With the biggest changes to super enshrined with us for a few years now, it is important that we don’t rest on our laurels in terms of the ongoing strategic considerations for our clients.”

“A lot of planning was undertaken for those in pension phase at 30 June 2017, and while my session at this year’s Conference will provide guidance regarding those pensions, advisers need to be aware that there is still a lot to consider for their clients who are retiring now or i…

New Fin Year, New Business Finances

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CTA dux graduate: “hard work pays off”

Rachel Vijayaraj, CTA, weighs in on the Chartered Tax Adviser (CTA) Program and how it’s supported her career.

Rachel is a Senior Associate at Brown Wright Stein Lawyers. She was also awarded Dux in CTA3 Advisory, the final subject in the CTA Program before becoming eligible for the CTA designation.

“I've been practising as a lawyer for the last 10 years,” she says.

“In the early part of my career, I practised in tax disputes (and that still forms a part of my practice) although my interests have led me to specialise in trusts, estates, and not-for-profits with a focus on tax.”

Rachel says the most valuable aspect of the CTA Program was the collaborative approach in learning with peers, and particularly in consolidating her tax knowledge in areas that she might not practice regularly.

“One of the key areas of new confidence for me was studying the elective corporate tax,” she says.

“I've practised in the SME and private client space, and I don't have much exposure…

4 ways to balance work and study

Working full-time while studying has real benefits. In addition to having a steady income, you can apply your study directly to your role as you learn new practices, strengthening the link between theory and practice within your career. However, combining study with full-time work also has its challenges. It’s no easy task. Juggling your work commitments and deadlines, with assignments, exams and lectures can lead to stress, anxiety and loss of control. If you’re not managing your time well, things can easily get out of hand.

It is important to find the right balance to avoid the pitfalls and make sure you remain successful in both.

Here are some simple tips on how to do that.

1. Focus on key dates and plan forward

Being organised and managing your time effectively will ensure you fit all your commitments in. Make a plan that includes all your key work and study deadlines. When you can see that things will overlap, plan to get ahead. This means when your deadlines are looming, you are …