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Showing posts from December, 2018

High Court decision in Placer Dome sheds interesting light on the meaning of goodwill in the context of state stamp duty

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Written by Bob Deutsch, CTA, Senior Tax Counsel

I wanted to take a closer look at an interesting recent case involving state stamp duty. The case is a decision of the High Court in Commissioner of State Revenue v Placer Dome Inc [2018] HCA 59 (the Placer Dome case).

Background
The facts in the Placer Dome case were straightforward. Barrick Gold Corporation (Barrick) announced a hostile, and ultimately successful takeover of another company called Placer Dome Inc (Placer) in 2005.

At all relevant times, the sole question for consideration was whether Barrick was liable for ad valorem stamp duty on the purchase of shares in Placer. This rested on whether Placer was (or was not) a “listed land-holder corporation”.
If Placer was a “listed land-holder corporation” within the meaning of Div 3b of Part IIIBA of the Stamp Act 1921 (WA), Barrick was liable to pay ad valorem law duty in the amount of $54,852,300. If Placer was not a listed land-holder corporation, Barrick would be liable for n…

The start to finish of writing great client advice

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The Tax Institute expert Andy Milidoni breaks it down.
There’s no denying that providing exceptional client advice involves exceptional commitment of thought, time and energy. But if you don’t know the fundamentals, you’ll be hard pressed to attract new customers, and keep your existing ones happy.
“What I'm finding is that in practice students aren't always being shown the start to finish of writing advice,” Andy Milidoni, Partner at Johnson Winter & Slattery and CTA3 Advisory lecturer at The Tax Institute, points out.
“In the CTA3 Advisory subject, there's a lot of emphasis placed on the process of providing client advice. That's something students don't always see in practice.
“A lot of the comments I get from students is, ‘I wish someone had shown me that earlier. I know that's what I have to produce, but I don't always get shown that,’” he adds.
Andy has been practicing tax for almost 20 years across all aspects of revenue, law and trusts, includin…

3 ways to make an impact in tax

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The Tax Institute expert Rae Ni Corraidh shares her tips and tricks for success in tax.
Rae Ni Corraidh is a tax adviser at the Knowledge Shop; an external advisory resource for firms that may not have their own tax expertise.
After working at big four companies for ten years in a specialist role, Rae moved to mid-tier firms in order to develop a broader range of tax skills , where she worked for another ten years. She has also been involved in teaching all of the core subjects of structured education programs at The Tax Institute over the last decade.
“Here I get to talk about tax all day long and not have to do time sheets. That's the fun part,” she laughs.
A highly experienced tax professional and teacher of tax, Rae has three tips for making an impact:
1. Keep abreast of change
“You have to invest the time in your own learning and in being aware of what's happening in tax,” says Rae.
“Whether you subscribe to tax updates or you log onto the Australian Treasury website on …

We’re thinking differently about tax education

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Workplaces and the way we engage with the world around us is changing. Many tax professionals are not tied to a desk and are working with clients on site, providing advice, travelling and working remotely. When is there time to sit down and spend two hours per day studying? For many of us the answer will be not very often.
Helping tax professionals keep pace with rapid change To support busy tax professionals to keep pace with the ever-changing tax landscape, The Tax Institute has transformed the way it educates.
Advancing your career as a tax professional requires dedication and time. We recognise that you should have a learning experience that supports your preferred learning style, allowing you to access resources anywhere at any time, that is familiar, convenient and can fit naturally into your daily routine.
This new initiative advances our education offering into short, concise learning activity that can be accessed quickly and easily, allowing you to disseminate information ra…