Tax Institute Updates
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Estate & Business Succession Planning Guidebook – NOW AVAILABLE!
01 Jul 2008
Identify planning outcomes, pitfalls and remedies.
Written by Bernie O'Sullivan, this unique resource provides the reader with a thorough overview of succession planning laws and contains helpful case studies, tips, diagrams and strategies.
Chapters include:- Succession planning and the professional advisor
- Attorneys and guardians
- Wills and intestacy
- Disposing of assets by will
- Testamentary trusts
- Disposing of assets in foreign jurisdictions
- Charitable gifts
- Taxation of deceased estates
- Contesting wills
- Non-will trusts
- Dealing with family trusts
- Superannuation and death
- Taxation of non-resident estates
- Overview of business succession planning
- Buy-sell agreements
- Other issues for business succession planning
- Access to an online version of the book with bonus updates
- The added benefit of 2.5 CPD hours towards your professional development
- An online learning module
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Taxation Institute welcomes Family Trust decision
30 Jun 2008
Australia’s premier professional tax body, the Taxation Institute of Australia, has welcomed the Federal Government’s decision to amend Family Trust Election rules from July 1, 2008, as opposed to its original intent of introducing the changes retrospectively for the 2007-08 financial year.
Click here for more.
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Free CPE.TV programs for Taxation Institute Members
19 Jun 2008
The Taxation Institute is pleased to announce that Members now have FREE access to two exclusive Taxation Institute programs via CPE.TV.
Tax Perspectives – FREE MEMBER PROGRAM
Panelists discuss a different topic each month, reviewing and debating the ins and outs of current issues in tax. Previous topics have included:
- Agribusiness and Topical Tax Issues with Peter Siebels & Megan Field
- Hybrid Trusts with David Russell QC and Christopher Catt
- Tax and Climate Change with David Russell QC and Tony Principe
- Gearing in Superannuation with Scott McGill and Mark Payne
- Family Trust Elections with Neil Wickenden and Andrew Noolan
- Division 7A Update with Gil Levy, Max Hendriks, Michelle Hartman
- GST Hot Topics & Update with Andrew Howe and John Davison
- CGT Small Business Reliefs with Chris Evans and Nick Gangemi
- Tax Effective Vesting of Trusts with Ken Schurgott, Spyros Kotsopoulos
- Regulation of the Tax Profession with Michael Dirkis, Scott McGill, Michael Armstrong
- Property with Andre Spnovic & Marcus Leonard
Tax in Focus – FREE MEMBER PROGRAM
Hosted by Professor Gordon Cooper AM FTIA, this informative program includes interviews with high profile figures in the taxation profession. It is compulsory viewing for those who would like to learn from the most influential names in tax. Interviewees have included:
- Michael D'Ascenzo - Commissioner of Taxation
- David Russell RFD QC FTIA
- David Vos AM FTIA
- Dick Warburton AO.
Subscribe to CPE.TV for more shows
CPE.TV is a streaming news and information subscription service that provides you with a low cost way to stay up-to-date with current tax issues. In addition to the FREE Member programs, subscribers have full access to:
- Cooper’s Problems in Practice
- Business Tools
- Monthly Tax Update
- Monthly Super Update
- Seminars
- Special Edition
- Weekly Tax News
- Your Practice
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Tax Agents Service Bill – A great framework but a little fine tuning required
30 May 2008
Australia’s premier professional tax body, the Taxation Institute of Australia endorses the general framework of the proposed regime for the regulation of tax professionals and is confident that with clarification of a few issues it will deliver on expectations for a properly regulated tax profession and protection for the consumer.
President of the Taxation Institute, Sue Williamson, said that the Government is to be commended for the steps it has taken to secure a sound basis for the future administration and operation of the tax profession and, in particular, for the extensive consultation process that has resulted in significant improvements to the proposed regime.
“Improvements in this draft of the new regime to ensure the independence of the Tax Practitioners Board, the recognition of tax agents’ practice structures, and the further clarification of some of the contentious areas of application of the Code of Professional Conduct are welcome steps forward. However, there is still a little bit of fine tuning to be done,” said Ms Williamson.
“It is important that the regulatory framework operates on the basis that both tax service providers and their clients act in good faith and that neither should be accountable for the other.”
Ms Williamson said that tax agents and BAS agents should not be accountable for incorrect or false information provided by a taxpayer – the taxpayer should be solely accountable for any consequences arising from all their own actions. The current draft requires tax agents to take reasonable care to ascertain the facts around their client's affairs. Tax agents will not be able to accept information provided by clients at face value. "The system should be based on mutual trust and respect between the tax agent and the taxpayer. If a client provides false information the client will be exposed to penalties. This is fair and reasonable - the client should be responsible for the veracity of the information it provides. A tax agent should not be exposed to sanctions because it fails to identify that information provided by a client is not correct.
“Similarly, if there is to be a safe harbour from penalties for taxpayers, it needs to provide protection against all errors of tax agents and BAS agents,” said Ms Williamson.
Under the current draft taxpayers will not be exposed to penalties for tax shortfalls if the penalties arise from the carelessness of the tax agent. Tax shortfalls arising from reckless acts of the tax agent remain at the risk of the taxpayer. If taxpayers are to be encouraged to use tax agents because of the greater scrutiny and controls in the new model, these provisions should be extended to provide relief from penalties whenever the tax shortfall arises from a tax agent's error.
Other areas that need to be addressed include clarification of:- the extent to which people, such as financial planners and real estate agents, can provide tax advice or services without being registered. Ms Williamson said "Tax agents are willing to be exposed to greater scrutiny and to meet the more significant expectations imposed in relation to education and the level of services provided to clients. However, the quid pro quo is that they should be protected from unregistered parties providing tax advice on the basis that it is ancillary to another service";
- the extent to which the outsourcing of tax services can be done under the framework. Ms Williamson said "The proposed regime appears to support outsourcing of tax services. However, it is ambiguous and greater guidance should be given as to the types of services that can be outsourced and what will be considered to be acceptable supervision and control of outsourced services. This is essential as the trend to outsourcing tax services outside Australia continues to grow. "
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About the Taxation Institute of Australia: The Taxation Institute is Australia’s largest and most diverse body of tax professionals working together to improve the tax system and the delivery of tax services through education, sharing of information and consultation.
Media Contacts: Sue Williamson, President - Taxation Institute of Australia on 0411 646 783
Peter Laidlaw, Lighthouse Communications Group on 0419 210 306
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Structured Education Program - Enrolments now open for Study Period 2, 2008
14 Jan 2008
Searching for a course that effectively blends the practical and theoretical aspects of tax?
Leave the training to us and enrol your staff today!
Our courses will:
- increase staff productivity
- test and develop staff skills
- save your valuable billing hours by outsourcing your training
- create employee satisfaction
- attract and retain staff.
The Structured Education Program consists of three courses that support tax professionals throughout their career:
- Foundation Tax - the introductory compliance course for graduates, new accountants and lawyers.
- Applied Tax - the intermediate compliance course for tax professionals with a minimum of two years of experience.
- Advanced Tax - the unique course developing high level planning and advisory skills for practitioners with a minimum of five years of experience.
Study Period 2, 2008 enrolments now open.
Don’t miss out*, enrolments close:
- 2 June 2008 - Applied Tax
- 7 July 2008 - Advanced Tax
- 14 July 2008 - Foundation Tax
* Face-to-face places are limited, contact your local state office today
Courses are scheduled for Brisbane, Sydney, Melbourne, Perth and Adelaide, and distance and regional courses are also available.
For more information on schedules for fortnightly lectures, intensive, distance and regional modes please click here, or contact your local state office for more information.
