Showing posts from August, 2017

Member profile - Peter Madden

Peter Madden is a partner and national leader, international tax, with KPMG in Sydney and is The Tax Institute’s 2017 Chartered Tax Adviser of the Year.

We asked Peter about his career and life.

Member’s name Peter Madden CTA

Company KPMG

State New South Wales

Member since 1983

What initially led you to a career in tax? I studied commerce and law at the University of New South Wales and it was fortuitous that Peat Marwick at the time offered careers in specialist tax. This required both my legal training and my accounting training, so I thought it was a good combination.

I joined the tax division of Peat Marwick in 1983. It was probably the leading tax practice at a time when the accounting firms were just beginning to do more tax work. That’s where I’ve stayed, with Peat Marwick evolving into KPMG, although tax has changed since then, as have the roles.

The basics are the same, but the focus areas have changed quite dramatically over 34 years.

What do you enjoy most about your work …

Residency for companies and trusts post-Bywater – 5th Victorian Annual Tax Forum

Since the High Court handed down its decision in Bywater in late 2016, there has been much debate about the residency status of the offshore entities of Australian residents.
Dr Julianne Jaques CTA was counsel for the Commissioner in the Bywater matter from the seven-week trial at first instance through to the High Court appeal. She notes that “there are mixed views about the impact of Bywater – whether it changes the test of corporate residency forever, or whether it is an unsurprising decision peculiar to its facts.”
Julianne will be one of the presenters at the upcoming 5th Victorian Annual Tax Forum. Here she tells us a little more about the case and her session at the Forum: ‘Residency for companies and trusts post-Bywater.
As one of nine sessions in the Forum’s dedicated Hot Topics stream, Julianne’s presentation will outline the High Court’s decision in Bywater, as well as covering the status of Esquire Nominees Ltd v FCT (1973) 129 CLR 177 after Bywater; Taxation Ruling 2017/D2…

Fixing women's super – some small steps forward!

written by Robert Deutsch CTA *

The average superannuation balance of a woman at retirement is estimated to be around a surprisingly low amount of $80,000. This is about half that applicable to a man who, on average, has a balance in the region of $160,000 to $180,000.

The gap is driven by a number of factors which include, in particular:

the lower workforce participation rate of women as compared to mena disproportionate representation of women in part-time and casual employmentthe gender pay gap itselfinterrupted working lives due to, among other matters, having childrenthe disproportionate amount of unpaid caring work undertaken by women.
The problem is most acute for single women who are way behind the superannuation required for a decent retirement and who are currently in their early 50s with no realistic prospect of improving their superannuation balance in the near term. For these women, the prospect in the near future for a reasonable retirement looks bleak indeed.

To add insu…

Trusts & international tax issues – 25th Noosa Tax Intensive

With more and more SME businesses operating globally and more of us spending periods of our lives living and working abroad, trusts are increasingly impacted by international issues.
The Noosa Tax Intensive, now in its 25th year, this year features a number of sessions that address the issues surrounding trusts and the international issues that arise when they are part of a cross-border structure.

Here we take closer look at three of these sessions and speak with Deloitte's Hannah Soh CTA, who will coordinate the ‘Trusts and international tax issues’ workshop on day one of the Intensive, and William Buck's Craig Barry CTA, one of the workshop’s leaders, about what to expect at the event. 

Following the opening keynote address from Clayton Utz's Allan Blaikie CTA, titled ‘Looking back over 25 years of the Noosa Tax Intensive’, Finlaysons' Michael Butler CTA will presents the session called ‘Trusts – vesting, splitting, cloning and other matters’.

With a number of historical…

Impacts of our ageing population on business succession – SA Estate & Business Succession Planning Day

Australian’s life expectancy has increased significantly in recent years. While a person in their mid-50s today can expect to live well into their 80s, this has considerable implications for business succession.
Many business owners simply intend to postpone retirement. As a result, business succession often involves structuring a means by which the next generation of leaders (family or otherwise) can work with a leader who wants to ‘cut back’ rather than retire.
The planning issues involved are complex, and having these conversations can be awkward, giving rise as they do to both pre- and post-death considerations.
At the upcoming Estate & Business Succession Planning Day, some of South Australia’s leading advisers and tax specialists will address real-world issues and opportunities, including business sales, valuations, due diligence, superannuation, documenting succession arrangements and more.
Here we speak with Julie Van der Velde CTA (VdV Legal) about her session that opens t…

Uncertainties in our changing tax system – 5th Victorian Annual Tax Forum

With tax law (both domestic and global) as complex and uncertain as it's ever been, 2017 has also seen tax system administration changing. And what taxpayers and their advisers look for from tax administrators is evolving.

Against this backdrop of constant change, the Annual Tax Forum returns to Victoria in 2017. Now in its 5th year, this event brings together a host of high-profile speakers to present on a broad range of topical issues.

Here we preview some  key sessions and speakers from this year’s program.

The Forum kicks off with a session from Andrew Mills CTA (Life) (ATO), facilitated by Tim Neilson CTA, (Greenwoods & Herbert Smith Freehills), titled ‘The tax administration continuum – “The law was made for man, not man for the law.”'

In this session, Andrew will examine the changing face of tax administration. The inherent risk to a jurisdiction’s tax base has increased dramatically in recent years as the economy becomes more globalised and market reach and suppl…

A review into the future of the tax profession

written by Noel Rowland *

In June, the Inspector-General of Taxation, Ali Noroozi, announced the terms of reference for a review that will examine the future of the tax profession.

Mr Noroozi acknowledged that the profession has experienced significant change and expects the rate of this change to accelerate in the future.

“Importantly, the profession is not alone as this change is driven by a global phenomenon,” Mr Noroozi said. “‘Digital disruption’ or digital technology through advancements such as artificial intelligence and robotics is changing the very fabric of our society — the way we work, communicate, do business and manage our social interactions.

“The Australian tax system, its administrators, taxpayers and tax professionals alike will need to rise to this challenge and respond to it. The Commissioner and the profession both requested and support this review.”

A key objective of the review is to raise awareness about the risks, challenges and opportunities presented by tec…

The Deal is Done – What Next? - The SA Estate & Business Succession Planning Day

Australian life expectancy has increased significantly over recent years and a person in their mid-fifties today can expect to live well into their eighties.
The biggest intergenerational transfer of wealth is due to take place over the next twenty years. Coupled with Australia’s ageing population practitioners face a period of huge opportunity, but one that is not without its challenges.
There are significant implications for business succession, with many business owners intending to postpone retirement. Often business succession involves structuring a means by which the next generation of leaders (family or otherwise) can work with a leader who wants to ‘cut back’ rather than retire.
At the upcoming Estate & Business Succession Planning Day, some of South Australia’s leading advisers and tax specialists will address the ‘real world’ issues and opportunities facing practitioners, with a focus on the unique environment they operate within in South Australia. Here we take a clos…