Posts

Tax Partner: CTA designation is a “stamp of approval”

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Antoinette Elias, CTA, who heads up the Oceania Wealth & Asset Management Sector at EY, explains what the Chartered Tax Adviser designation means to her. Antoinette Elias is Oceania Wealth & Asset Management Sector Leader at EY and has been a tax professional for over 34 years. She was also a 2017 finalist in the Chartered Tax Adviser of the Year Award.
“What I enjoy most about tax is the fact that it always changes,” she says.
“It's challenging. I love working with clients and helping to find solutions to their problems. “I also love being involved in tax policy, that forward-looking pace where you could actually make a difference in terms of how the law should operate and what the future role is for tax.”
Antoinette says tax is going to be more front and centre than ever before as it is now a topic that the public talk about.
“That's quite different to even as early as five years ago,” she says.
How membership has supported her career
“The Tax Institute has helpe…

Trusts: Estate Planning and Issues with the Recently Deceased

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Like most Western countries, Australia has an ageing population, increased wealth in succession, more contested estates, and an abundance of issues to deal with in conjunction with legal, accounting, financial and other advisers, and trustees, executors and administrators, who may be involved in a client’s affairs.
Queensland’s Death… and Taxes Symposium is returning for its third year on the Gold Coast, and we spoke with presenters Matthew Burgess, CTA (View Legal) and Tara Lucke (Nexus Law Group) who in 2014, co-founded View Legal, Australia’s first virtual law firm about their sessions.

At the symposium, along with Peter Godber, CTA (Grant Thornton) who will act as facilitator, Matthew will present on ‘How do you manage companies and trusts that were controlled by the now deceased?’, along with Todd Want, CTA (William Buck).
The session will cover the problems faced by legal personal representatives and executors when dealing with an entity that is controlled by a deceased person, as…

Fraud and Evasion

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The policy of the law is that taxpayers with simple tax affairs should be able to treat their tax affairs as closed after two years, and four years otherwise.

Outside those limitation periods, the Commissioner may only amend an assessment if he has formed
the opinion that there was “fraud or evasion”.

That is a simplistic and idealistic view, according to David Marks, QC, CTA, who presented the paper 'Fraud and Evasion' at our 34th National Convention in Hobart in March.

David's paper points out that there are numerous examples of extended and unlimited amendment periods related to the operation of particular provisions.

His paper is excerpted in this post.

Sometimes those particular exceptions to the above rule about limited time for amendment reflect the particular problems raised by special provisions, which are put to one side in this paper.

Fraud or evasion in terms of section 170 Income Tax Assessment Act 1936 opens the door to an unlimited time for amendment, reg…

Tackling financial crime and protecting tax revenues through global collaboration

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Financial crime, including tax evasion, has long been a problem faced by governments and regulators around the world.

Rapid developments in electronic trading and the globalisation of business generally have inevitably brought with them increased opportunities for criminal financial activity.

In an article in the February 2018 issue of The Tax Specialist, Allastair McGillivray, CTA, (Director, Australia Tax, Royal Bank of Canada) looks at the issues and calls for governments worldwide to collaborate, along with regulatory bodies and police forces.
His article, excerpted  this post, looks at the development of financial crime and draws on examples including the Panama Papers of 2015 and the Paradise Papers of 2017, to show how active collaboration on a worldwide scale is helping to bring financial criminals to justice and protect global tax revenues.





































Introduction

The very jurisdictional nature of taxation sits somewhat uneasily alongside the increasingly global nature of both busines…

Implications from the High Court decision in Placer Dome

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In December 2018, the High Court handed down the much-anticipated stamp duty decision in Placer Dome.

In the cover article in Taxation in Australia's May issue, Johanne Thomas, CTA, considers the broader implications of the decision relating to the identification of goodwill and the valuation of land and other assets, particularly in the mining context. 
These issues may also be relevant in a range of contexts other than stamp duty, including tax consolidation, thin capitalisation and capital gains tax.
The decision handed down by the High Court of Australia in Commissioner of State Revenue v Placer Dome Inc on 5 December 2018, found unanimously for the Commissioner. 
This decision marks the end of a long road for the parties, and was handed down almost 13 years after the transaction which triggered the dispute.

















The decision concerned the assessment of stamp duty arising from the acquisition by the respondent (now an amalgamated entity named Barrick Gold Corporation) of a control…

The election and its impact on tax policy

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Written by Spyro Papageorgiou, Senior Tax Counsel

The election and its impact on tax policy is at the forefront of my mind at the moment.  However, before I discuss election issues, I want to discuss another issue that continues to be a topic of conversation…

Privilege and ATO concessions

The issue of legal professional privilege (LPP) has and will continue to have tax professional advisers and in-house teams working hard on how best to manage the ‘natural tension’ that arises. My guess is that LPP will be a focus for some time to come with the ATO appearing to be demanding more information in their quest for the ‘smoking gun’. This is opposed to taxpayers resisting the release of contentious documents. The Commissioner of Taxation in his presentation at the Tax Institute’s National Convention in Hobart this year was more than clear. The Commissioner clearly warned  tax professionals that the ATO will be cracking down on the misuse of claims for LPP. The ATO’s intention and resolve to pu…

Simplifying the FBT Minor Benefits Exemption

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Written by Bruce Quigley, CTA, Senior Tax Counsel

The various Tax Institute technical committees attempt to take a proactive approach in recommending improvements to the tax and superannuation systems. An example is a recent submission to the ATO prepared by members of the FBT and Employment Taxes Committee and members of the Tax Policy and Advocacy team recommending a simplified and pragmatic approach to the administration of the FBT Minor Benefits Exemption rules.

Section 58P of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) provides an exemption for minor benefits where the notional taxable value of the benefit is less than $300 and it is unreasonable to treat the benefit as a taxable fringe benefit having regard to a number of additional factors. These factors include the infrequency and irregularity with which similar or identical benefits are provided, the total value of the benefit and any associated taxable benefits, and the practical difficulty in determining that total va…