Showing posts from April, 2016

The Tax Institute President says a lack of reform would be a national shame

We urge the Federal Government not to miss the boat on tax reform ahead of the 3 May Budget.
President Arthur Athanasiou, CTA, said it would be a national shame if the government didn’t unveil significant plans to reform the tax system.
We would like to a see a tax system which is fair, simple, efficient and sustainable. Currently, the debate around the system has stagnated despite the government committing to a holistic tax reform.
Though not optimistic about any significant structural tax initiatives in the Budget, we believe that the government should shift the country’s dependence on income tax to a more simple and efficient consumption tax.
“The government must determine the appropriate tax mix for Australia to provide sustainable revenue to meet future government spending promises” Mr Athanasiou said.
We believe the 2016 Budget priorities should include: reducing company tax to 25%;abolishing the ‘10% rule’ limiting superannuation contributions to self-employed Australians;refo…

"It's not personal. It's strictly business" But is it? 2016's Private Business Tax Retreat

The issues that private businesses bring to the family dinner table are complex and unique. Matters of the heart and head are both at play, requiring a skilful tax adviser to understand the art of balancing vested interests and varying needs with commercial realities. This year's Private Business Tax Retreat has been designed to tackle this balance, as well as the issues that tax advisers face when managing the affairs of a family-owned business. Join us at the Palazzo Versace Hotel on the Gold Coast this May to learn more...
"Don’t mix business with pleasure", goes the age-old saying. "It’s not personal. It's strictly business", says the Godfather. According to these adages, marrying commercial goals with personal ones is apparently a big mistake.
But is it?
With all due respect to the great (and fictional) Michael Corleone, business is personal, at least in Australia. Recent statistics have shown that privately-owned family businesses make a huge contributio…

WA Tax Intensive – Meet The Presenter: David Marschke, CTA

On 28 April, David Marschke, CTA, a Chartered Accountant and specialist tax law adviser at Mills Oakley’s Private Advisory Team in Brisbane will discuss restructuring opportunities at The Tax Institute’s WA Tax Intensive. We spoke to David about what to expect from his session.
‘A business structure that was put-in place to meet a prior commercial need in the past, may not be suitable for the client today,’ David remarked, ‘During my session and case-study workshop I'll be examining some of the options available to restructure a client’s affairs to achieve their current or future commercial objectives without triggering a capital gain, revenue gain or transfer duty liability’.
With his combined qualifications as a Chartered Accountant and admitted lawyer, David brings a unique focus to the workshop, as he is a specialist adviser to the private enterprise, SME and high-wealth individuals sector. 
‘I work a lot with these types of clients on structuring and transactions with a focu…

WA Tax Intensive – Meet The Presenter: Ron Jorgensen, CTA

Melbourne-based tax lawyer Ron Jorgensen, CTA, will be discussing the practical problems faced in dealing with trust amendments at the second WA Tax Intensive, on 28-29 April. We spoke to him about what delegates can expect from his session.
‘Clarke’s case and the subsequent ATO withdrawal of the ATO Statement of Principles has opened the door for restructures’, Ron has commented, ‘I'll be discussing this as well as how recent decisions such as Mercanti’s case and Oswal’s case show the continued complexities and risks when undertaking trust deed amendments’.
A partner in Rigby Cooke Lawyers, Ron has more than 20 years of legal and tax experience in this area, where he has specialised in consulting on Commonwealth and State Taxation laws and disputes, trusts administration and disputes, business and investment structuring as well as tax sensitive commercial and property transactions.
Ron believes that while varying a trust appears and often is simple and routine, ‘However, a trustee …