16 Burst results for "Robin Jacobsson"

"robin jacobsson" Discussed on Tax Yak

Tax Yak

15:51 min | 3 months ago

"robin jacobsson" Discussed on Tax Yak

"And welcome to tax yet. Attacks Phantom podcast. We'd love yacking about tax. So we've invited range of Texas and practitioners have a chat with us. We hope you enjoyed the inside of CAC. I'm Robin Jacobsson. I say techs trying to text Banta and your host of today's podcast. I'm joined by one of my training colleagues here. At Tech Spanta Nicole Bowen. Who was yet techs? China Nicole has a bachelor molds with on this is a list of the Supreme Court of Victoria and holds a d page and it's a plumber management. She's a lawyer who has previously worked. Moss envy when she went to mitigation and dispute resolution and the aggressive tax planning area of the private groups and high wealth individuals pergram including semantics. The call held various senior positions. But I think all miss an accounting practices and the community not for profit and Charity Sector. And she has worked on charity regulation reform at these charges and not for profits. Commission Nicole. Welcome back to tech great to be here again Ruben. Thanks for having made the last time we sit and they recorded podcasts together. We Wha- at Border Tax Benjamin last little more normal Today you're in your Home Office. I'm in mind and we're doing this. Let's be honest. I'm in my bedroom. It is very different. Things have really changed. Pay Everyone everyone is working under some really difficult situations at the moment. Children read Hind. Who was supposed to be schooling online? So our world has changed dramatically. It is amazing with technology that we can do this. Yes it's good all right so today. I thought you and I can have a chat about wherever jump Kepa. It is without doubt. The most complex passes the government's economic stimulus package announced say she's of notch. The legislation was enacted on Easter Day. That was the ninth of April. And we've had said the developments and even say they're announce some recent. As last Friday the treasurer it is dominating the queries were getting from our clients in training sessions. And I'm like the cachefly booth. Which really is more mechanical? And you just much activity. Statements has no one to apply the. What's the layout SEAGATE CAPER? Requires people to apply. I O businesses to apply. And of course it requires you to work out if you're eligible and I'd say we're cash but they're quite a lot of differences with these and it's just making it incredibly challenging and I made point out to everybody but we're recording this on Monday. The twenty seventh of April and in fact will go to wage condition. That needs to be met by this. This is the end of April. The fifty four nights wait conditions have to be missed it providing a challenging environment. It is an. It's not helped by the fact that things are actually continuously changing so we had an announcement from the treasurer on Friday afternoon. The twenty helped me out full of I and we are waiting now for some amended rules. That will actually determine eligibility and those that do become eligible as a result of those mended rules. They make the way condition by the thirty April. And we don't have those minted roasters yet so it's really tough. Ask for everyone at the moment. Not just not just us but those in treasury those in the who we all know are basically working around the clock accountants. I think this is the only thing that they're working on at the moment and It's really difficult for everyone just to work through all of their employers and determine eligibility and ensure that they're actually meeting the eligibility requirements which is making that the main one of course he's For those who are eligible under division too for employees is getting that wage condition mate in time agreed. I think it would be also helpful just to remind practitioners out there that this'll sits within a legislative framework. And it's really important. We may be giving advice to clients that you have the floor in front of you now. Texas agents are exempt from the nobles that prevents someone giving advice on laws unless they're qualified lawyer as taxation. You can give tax advice but that requires really to sit down with the law and in this context it includes the legislation that brought in the job. Kepa signed selfish. Okay Post Game. So we have the Benefits and Payments Act and get the full nine verse of ours built into their as well. But we've got the legislation does explanatory memorandum supply that act that. Today's events who immediately jumped onto that bill the mind parliament. We quickly time what we wanted to. By way of date how eligibility rules. Who's even without was actually not in that legislation at all all did was set up a framework and this is quite deliberate because they wanted the treasure to have the power to be able to modify adept to change it and even with drawers so if I can be An optimist for moment Nicole. Let'S ASSUME BY NEXT WEEK. The sound of that same by the individual cookbook. Everything's reopen academy calling me about back. It is possible the Treasury might say you know what we need to care anymore. So we're going to trump. I three months he got up with how to do that. Conversely if on the pessimistic we could find are still situation at Christmas time in which case he would have to pass then extended if necessary so this is quite adaptable and scalable as they say. And that's why these rules. The jump Caper had been put inside a legislative instrument which itself hasn't signed legislative statement. And this is all the literacy thought of it and then on top of cash Could you comment briefly on all the talk because that's coming out every day and we're getting God's from buffet work on the end? We're getting godless and treasury. That's what's so. There's a Plethora. Sorry Plethora of information out there which is good on the one hand but on the other hand it's changing so rapidly in that can be a bit of a challenge. I actually think the government's decision to actually set up a framework and then have row separate to that that we're actually I would be modified and adapted was a reasonable thing to do. I think that was quite a k. The problem is I guess that there's been some additional changes and that hasn't helped in terms of accountants being sure about eligibility for clients the changes. I think that they've Announced are welcome but it's the time timeframe of them coming so soon or close to the end of April grain couldn't talk about amendments. Yeah so what we've got as you say we've got treasury fact sheets which have been regularly updated the most recently on Sunday the twenty fifth of April then. Of course we've got eighty guidance. Some of that guidance is being regular regularly updated so sometimes the is almost creating a platform for information such as the alternative tests and then when they get information they add that to that platform that already exists so there has been a requirement to actually. Just keep going back and checking this. I guess one clearinghouse of information that is available when anything changes so I'm finding way refreshing pages on a regular basis so perhaps not ideal but I don't know how else we could. We could do it. At the moment we different agencies involved bringing in the Fair Work Commission is definitely a new thing for accountants and practitioners on either getting a lot of questions that are in relation to employment law. And they're not necessarily in a position to answer them So there's a lot of On referring going on as well the McColl because a really shouldn't be on employment laws and not qualified to decide. So how should practitioners go about dealing with these? In many cases very much favorite questions like cannot employee doesn't fit number of hours per weak or can they stay at home or can they Credit EXTRA ANNUAL. Leave and job keeper. Instead they're also the Question Bang off the House of practitioners go about dealing with as Christian really how to advise that. I know that they is information on the favourite commission website. I know that there are some media articles out there. I know that you know the ABC and other of the commercial channels A running sessions on these kinds of questions and there's people out there willing to provide the answers but it's a matter of who needs to go and get the information it's probably not appropriate for the practitioners to go and find any information. Posit on perhaps the practitioners neetu referred the employers their employer clients to the relevant bodies. It might be that the unions have the information. If they re a unionized environment. I will say to. We're going to try and help out some of the practitioners in the industry Later this week. I'm going to be having a tax yet. Podcast recorded with Patrick ten of remorse Blackburn. He's a A senior associate employment lawyer there and we'll be putting some of the questions that we have to him and he has already been active in the media and answering questions about what employees can and cannot do But the the first stop probably should be fair work act it should be by the the favorite commission they certainly have some information about the existing laws that were in place before we had Joe Kepa but also the critical changes that were made in relation to joke Kepa payments to the fair work. Act TO END. We know now that. There's what's called job caper enabling directions. Employers need to be consistent with the going to stand down employees whilst paying job caper. If they're going to ask them to work different hours. I performed different duties. Change the location of work etc so employees called these changes to the fabric store. They just can't be temporary for the duration of the papers game so at the moment. These changes are in place until the twentieth of September which is consistent with Joe Paper Current Job Kepa Payment Timeframe so the twenty seventh of September is the last job he before it. Not so these will basically have a sunset clause they will and then but of course that will also be dependent and end On the GOP payment is ended earlier or is extended etc. So that some I guess the timing of it is consistent with the availability of the joke. Caper. Payment one of the key aspects of the Changes to the rules is meeting the wage condition so and coming back to the techs element of it. The white condition is that the employer needs to ensure that we employ as receive in h relevant. Joke keep a fortnight The fifteen hundred dollars whether that's via wages part of the Pay Wasi withholding whether it's selling strike price superannuation but it needs to total fifteen hundred per fortnight and they need to do so for all eligible employees who have provided the nomination nauseous. And take. Yes I want to receive the payment and we know that because we've got a warning all in principle that is applied to the Jo Kepa payment then that wage condition has been met as I said for all eligible employees they. The employer cannot pick and choose which employs. They're going to pay that job caper payment to or make that wage conditioning relation tune and one of the safeguards. I guess that was put into the working. Just for the purposes of the CAPA- payment was that eve. A employer doesn't meet the wage condition for an eligible employee. Then I can actually be subject. She some fairly hefty penalties so these are under section seven eight nine. Jd of the Fair Work Act. So the new section under part six four six dash foresee just for the purposes of the Job Cape Payment. And if they don't meet the condition that will be a break under section seven eight nine. Gd Of And the penalty is sixty penalty units. So that is the equivalent of twelve thousand. Six hundred dollars orbits a serious contravention. The pair no penalties six hundred penalty units. I A one hundred twenty six thousand dollars that's per contravention so per fortnight per employee so the remigration burning the coal. It's not just a Casey but at the wage condition. I might not be eligible to get your capers yard. There was some pretty serious ramifications for the facebook. That's right and that's why Practitioners in their employees need to be aware of this. It's not just a cat ability to the eighty. Oh I guess. And the the laws at the show is administering. It's also accountability to the Fair Work Act and the laws that the fair work commission are administering and that they're actually being blended to get us. The white condition has to be met in order for the to reimburse the employer for that amount of fifteen hundred per fortnight but that wage condition has been met for eligible employees as well in order to avoid a penalty under the changes to the fair tax. So it's fairly serious. It's it's really important that employees are really clear about their obligations called. You Discuss WanNa all in the or alluded to it by saying that. The white conditions to be met all eligible employees now. This is an issue that I have been seeking God. That's quite some wakes now. The background see is when the explanatory statement was released which accompanied the rules were registered by the Treasurer on Labor Day. The statement which is the the guidance provided by. Treasury that we might have cleared that you had to put on your eligible employees into job caper if you're participating escape and that he couldn't select which employees if you put in and you couldn't. Cherry people choose them now. I have told her the rules many many times in the last few weeks and they sent me nothing in them that says that the employer must nominate every eligible employees. It's always done on a pair of employees basis. Employees must agree to be nominated and they have to meet condition. And so we've had this mismatch between what the policy intent from Treasury that yes the employees have to put everybody into wash and the reality of what the where that actually they just incisive some wakes I would And continue to go back to the thing. Where do we stand on this Guidance is coming out. From the congressman's office that seem to support this weekend. The language used across all of the guidance products was quite inconsistent. The issue I finally confirmed to me that yes we Have taken the position. It's wanting no it. And that is now. They clarified because one of the amendments of the Treasurer has said he will make the rules. Is it in fact. The rules will reflect that policy intent. Now I woke Amiss. I think it is very good to finally have that clarification and will be very clear on the roles that you can't cherry pick from your employees Miles of I should but they. It shouldn't have been necessary in the fist place..

Treasury treasurer Nicole Bowen Fair Work Commission Joe Kepa Texas Supreme Court of Victoria China Nicole Robin Jacobsson Banta Charity Sector Ruben Home Office cachefly Job Cape Payment SEAGATE Jo Kepa
"robin jacobsson" Discussed on Tax Yak

Tax Yak

02:33 min | 4 months ago

"robin jacobsson" Discussed on Tax Yak

"Both of Anderson from San Francisco in the United States. Masher is a director of private client services international at Anderson and international tax lawyer who provides cross border tax advisory tax compliance and controversy services. The high net worth individuals businesses and US citizens living abroad. I'll is managing director Amazon and specializes in Tex- reporting for Multi National Public and private corporations. As eight seven forty and uncertain tax positions transfer pricing compliance and planning and by. Masha at Alderney eventually from San Francisco in the US. So hello over there robin evening. Good evening from San Francisco again. Yeah and a real cross-border webcasts podcasts. Because we're actually physically in San Francisco and not in your studio in Melbourne. What subsequently basically doing a joint podcast here. I'm going to be sharing with audiences and I believe you're going to sharing me with yours. Yes so what? I'd like to introduce you to our audience. Hello everybody while come to the tax banter extension in San Francisco we are joined by the host of Tex. Bantu herself Miss Robin Jacobsson. She is very well known in trading circles in Australia. She's been a professional tax trainer for twenty three years a regular conference Webinar presenter and she's had nearly thirty years experience in accounting profession. She has a very big huge public practice background. She is as she mentioned. We coordinate previously in Melbourne. She's there right now And she continues to be very active and be very prolific in all of her a social media. Postings even though. We've all been quarantined for a few weeks now she privates training to pact's banding. No there's she has a lot of acronyms to her the name but she's a chartered accountant in Australia New Zealand as CPA Australia. She's a charter. Tax Adviser for the Tax Institute and a registered tax agent. My goodness Robin and then on top of that. She is also member in an of a number of committees in attacks institute and CPA Australia. She regularly consults with the Treasury. The Australian tax office and the professional bodies on technical issues. Robin is an avid advocate..

"robin jacobsson" Discussed on Tax Yak

Tax Yak

02:11 min | 6 months ago

"robin jacobsson" Discussed on Tax Yak

"DOC and working to taxi hack attacks Bantu podcast. We Love yacking about tax so we invited Ranjit engined tax experts and practitioners to have a chat with us. We hope you enjoyed this episode of Tax Yak. I'm Robin Jacobsson. Senior Tax China with text Banta and your host of today's podcast in this offense. Step aside for twenty twenty. I'm very excited to be joined by international guests. I'm joined by Marsha Lay AH DONG-GOOK Director of private client services international at Addison colleague. Al Nina's who has mentioned director at Anson's but from San Francisco Enciso in United States masters in international tax lawyer providing cross border tax advisory tax complaints and controversy services behind with individuals Joel's businesses and US citizens living abroad. She has extensive experience in. US International Federal State and local tax matters with with over twenty years of private practice in the US and Canada. She's a member of the California a Michigan Baas the US techs coach and US Supreme Court. She's also so a barrister and solicitor in Canada public. Arbitration of the United States Financial Industry Regulatory Authority and an instructor for the American Institute Huge Certified Public Accountants Mashghara is a prolific author and fragrance Baker on international tax issues. She's published technical papers which have been presented into the tax writing committees of the US Congress the Treasury Department and International Conferences in the US Canada and Australia of the taxation in a foreign. Pensions and retirement cross-border estates and trusts US international beholding and compliance enforcement initiatives and you as state and local taxes taxes farm businesses. My goodness come back to you. The sigma and L. Your background. Managing Directors Emerson's in San Francisco L.. Specializes in.

"robin jacobsson" Discussed on Tax Yak

Tax Yak

10:57 min | 8 months ago

"robin jacobsson" Discussed on Tax Yak

"Welcome to taxi ac a text. Bantu podcast we love yacking about tax. So we've invited a range of Texas expense and practitioners to have a chat with us. We hope you enjoyed this episode of Texas Tech. I'm Robin Jacobsson. A Senior Tax China with tech SPANTA and you'll heist of today's Today's podcast. The final one for twenty nineteen. I'm joined by Neil Jones director of text. Santa Neil Welcome back to back to thirty fifth and final episode for this year. Thanks Robin is thirty five single day at just a couple. But that's locked in a well done for these. If it's only podcasts. And I think I'm particularly proud that we've now got to listen to fifty countries around the world so accreditation type of that the past heroes side Texas relevant numbered away you look. We've got a listener on the Ivory Coast. So I'm scratching. My head is how someone there is interested in studying techs up could be an expense could be could be. So could we just recap on the year. It's it's been a hell of a lots of changes. It is lots of China's but still more to common suppose that comes with an election year. GonNa have some. I'm Dan Tom from the parliamentary process. We lose a few sitting has really. The government's agenda is probably about half of what they wanted to achieve has has been achieved and they have done some of the program but there's still a lot to occur and as of two thousand and nineteen. We're being told we will get some things before the the end of December but as we sit here recorded I on the seventeenth was still waiting for certain things to occur so big press writing a slow pace of James so whilst there's been a lot the China drove in. There's still a lot of things to be done if we go back to the Not Individual measures but they were more than eighty missions which were being carried over from the previous parliament. Only some of us have actually concentrate yes. That's the frustration. As opposed as an adviser I mean had he had Vostok lorant in this world of uncertainty wearing announcement is a coup which inpex six Pepsi day-to-day business or transaction. That you don't know what the final feature looks look look. I really hadn't had a question last week. In addition where laws gone through. But there are questions about how it's GonNa Kinda working practice and we don't know yet because the show is still to provide some guidance and that reflects on the level of the changes that we're making any Texas you you want certainty Equity Finis that certain is pretty important as a key element of any tax system. And we're not equipped passing laws and you're still uncertain as there they operate right. And you're writing for the regulator administrated to tell us how it's going to appoint practice it's probably poorly designed lull. I agree so parliament has agenda for the year where they will resume on Tuesday. The full of February and looking back on the sitting wakes issue which were obviously interrupted with the federal election. Back in May the ten sitting wake Zia is all. The parliament sat for site is clearly limited the opportunities for legislation to be debated and passed it. Does I suppose as we closed it to this. Non Hyping at some of these measures would per se bit like any political process it gets bogged down by the politics. And the number of divisions to stop someone talking to sustain standing orders and we get caught up in the politics of parliament which is understandable so with eighteen and sitting wigs for the can achieve a lot so we sit more often or we get on with the business of governing near a majority in the Senate would make that Asia. Yeah we haven't seen that since the holidays so we haven't got that at the moment I'm not sure Morrison's government is ready to double dissolution again. Even have member triggers a daikin pool fairly quickly to go back to the people that suggested actually backfired on ten bowling. He called the double dissolution to clean up the Senate and he ended up with more independence than he'd had Arabia's close to the main thing that's happened is the government. Any of the May afo the mediation on again in fiscal advocate so that mini-budget but always looking for a little bit more than what we got yesterday as according this was handed down yesterday Tom Now the Reserve Bank's main trying to stimulate the economy by cutting interest rates. Why is pretty manageable? We need to give the economy a bit of a kickstart and we're just not not seeing any direction from the government to do that. Now they bought some Ford's infrastructure spending that will create a few more jobs create some economy one speculation thought my of happened. Turn it not to is the celebration of the tax cuts already legislated. They could've brought those Ford put some money in people's pockets maybe stimulate the spending that way dining goes back to Kevin round handing it on hundred dollars even today people I send you a texture. I think we'll see that again. All ORPINGTON darrow suggest. Just pink beds so we do need something you know think Josh Fraud Mood's media economic stipend really is a steady hand on the wheel. The A message that we're in control. We got him back to service. I think they waited too surpluses whereas really I think we need to do something to give the economy a bit of a boost but is that the primary objective that came out yesterday. We're now looking at a surplus for the twenty nine hundred twenty five began as opposed to seven billion and and around twenty. One billion dollars has been shoved off the the estimates the next four years saw revenue receipts would seem to be down to be. GST receipts that are expected to be down pitch. Is it a great thing that went back and sips really. We need to make sure the economy's made it along and productivity measures. And if we looked at they may have documents. When there's is the estimate of Texas bandages and still number one on the government? Treasuries estimates of the texts concessions customize money the principal place Leisa residents still tops out. Include that discount on that Gyn. We're talking about sixty four billion dollars with one swift strike of a pain. You could so they have budget problems by taking away the mine residents exemption. You'd have a lot of unhappy author Knight Knight Rider. It's just politically unsaleable. It's a sacred cow but if you were perhaps to do something even maybe not take it away but maybe draw a line in the sand inside five million pay some tax value of human residences underfoot me and you can have a Freebie so something that which will eat some people those that Pepsi afford to contribute if the benefit of our listeners. The second one below the Mitch and on combating discount discount to give A. Can you share that. The on that. Because that's a huge government. As well and again the concessions superannuation other next to in terms of the cost of the government. And that's the fact that we don't takes a funds earnings so if you're in retirement as up to the capping of one point six now with the transfer balance so the fact that there's zero texoma innings. If you're in Thomas Finds Ninety fifteen percent in accumulation phase that costs the government at the moment not in twenty combined. Forty billion and in the four estimate settled a bit forty seven billion so Again they have pinching super memory that a number of changes and reforms over the past few years introduction of the transit balanced capping the lowering of you concessional contributions bution camp in the non-concessional. So they are doing some things but this oh much money in super I mean we're at one point seventy one point five trillion dollars and yet SMS F- Spice That's grads component of that. So they might be more Subaru forms down the road but in a crystal ball gazing. Do you think they'll be tax-free superfood withdrawals. By the time. I get nonleague. That's again become a sacred You know what Costello and seeks for saying you can get to be sixty you can have tax free in your hands provided Patex on the way I think snap pretty. Well enshrined in our system. What I think they might do in me for was cristobal guys? And suggesting what's the next big thing maybe keping the lump sum withdrawal putting a ceiling on how much you can take it. Once used to be called the reasonable benefit all was ah capping of some sorts but you know with the aging of the population that are rapidly ageing population. You know you can't let people take this super PEPs blow it quickly. Really an input Danette for government pension so people do that enough of a risk now. Josh Rodney's commission retirement income review which we'll get to later on in this chat. But it's a really important personal work. Do we find their retirement. And we'll come back to that all right so I'm probably still the main measure that came out of my fair yesterday and I did have a look through the various tax measures mice to them things already knew about and they'll things will cover the rest of this discussion discussion but there was a new announcement that for certain eligible remains -cation. We'll send you off to do a course and get you to understand your obligations better instead of imposing imposing financial penalties so the Samaritan them on eight my depend on have bigger processes. And do I have to be assist that I took in what was which talked to me other end. There is and he's there exam process but a surprised mandatory fines our deterrent enough of a deterrent is to stick stitch. Maybe for small misdemeanors. Let's call them a bit of a back to school approach. Maybe suggestion that works. Well if you think very tribunal decision and a fellow worried about forty thousand dollars in tax but due to the continuing to be compounding ended up with nine hundred thousand dollars of Gi say that was wiped opt and that's where it can get out of control that tidy disproportionate to the dish involved. Dilute combining. We'll do that. Interest interest absolutely all right so let's turn our attention to some of the bills that have cleared the parliament and look there are probably three major bills that we've been keeping an eye on the Treasury amendment. They always such a mouthful two thousand nine hundred and tax integrity and other measures number one bill of two thousand nineteen which is what we call it only spill lots of measures so now any comments in particular on changes to the small business city taken sessions vacant land. Mrs. Ciller trust distributions and the inability not to now use a cell set contribution as an S. G. contribution. It is some of the majors in that bill. The one that's caused much controversy is all been travelling. The country torn ability the vikings land major the concept ave talking about is on a strategy. Now you get assessed on the income but provision of the law the nausea or deduction. Now there's is just on the equivalent I think it's an illegal activity and morally. We can live with that. I think that's abrasive science not on head over but that was French. skylar Thirties Thirties Deduction for two hundred and twenty thousand. That was stolen from him and he went to the High Court nine that being a businessman or bit trading in heroin he was entitled what action freeze lost..

Texas China Dan Tom Robin Jacobsson Pepsi Josh Rodney Texas Tech Senate Ford Santa Neil SPANTA Neil Jones director vikings Ivory Coast Vostok lorant High Court Subaru Asia Zia
"robin jacobsson" Discussed on Tax Yak

Tax Yak

06:26 min | 9 months ago

"robin jacobsson" Discussed on Tax Yak

"You get married you'll become invalid correct so if you are concerned send that they may not be time between when you walk down the aisle and win. You'll peps heading off in your honeymoon. It happens camp. Repeal will in contemplation of marriage marriage Sean dolph executed in the drill. Let's say he stands up at the top then it means that the single will is still valid if they do get married then the new will automatically become involved. Deny that so that that's fairly early us. I'm a spike with a family lawyer recently Sarah Canaan and it would be with Paul voelpel going back to listen to that episode because asked specifically what happens when you get divorced of basically the state based as well but she said it's not that the will becomes invalid. It's just that I probably wouldn't all not the TIM's of it. If you were divorced lift everything to your former spouse so certainly made advice on advice. And even even if there's a degree of contention around that I am assigned to La before this podcast West matter I've ever seen before you know it was boring my desk. Let's spend a million dollars in legal fees and the state was how big about six six spent money and legal facing this area this area why One would go. Hi Take Responsibility. Might Quasi for those of you leaving behind so just so everyone's clear on Tim -nology beginning to be easing. If you dive at the valid will then obviously the wills sets out to the go show and how and we have what's called an executive threats but if you don valid will then you said to have died intestate with an administrator and you have. The administrator of administration routes will used to govern heaviest Isis. Run it's hard percent. Rod Really that instrument is doing is showing two parties. The represents that you have the authority to act on behalf news site so you'll find that banks are share registries. They sort of things weren't actually with. You taught US officers unless you have the pace of pipe to deal with now. That's all also sort of indicates type based Queensland for example you don't necessarily need them depending Becca state pride by what the the Supreme Court saying is. The doors are administered. The State Supreme Courts effectively sighing highway recognized that this is a valid will the last will and testament of a person and as a valid instrument to pass across the Robin Jacobsson to actually go and administer. South Court is giving you the authority to stand shoes to administer that and therefore efforts proven document and this will generally be roughly six months after death but it can be longer shoreline and It really depends again on night by saying the private process. I had one again. We deal with private and we deal with positive but literally the PRI- bad application was getting in about five days after death daughter from American coming my barry mom and this sort of stuff inside was having quick and then ate some very quick advice around the back end of it but the six-month also talking about is the ability to Mikey climb against the and so once an executor or an API legal personal represented administrator is actually appointed than this generally again depends on what state. You're in Victoria at six months with somebody's got wrought coming. Mikey climb against the site and you'd be well advised to get legal advice and probably not distribution these tighter and their prices once the legal status of the assets from data data breath and. Let's say probably by disgrunted full months later in that full months period. We're not the texts will says. Go back to date of death. And you've got any activities from that point. Guard the state return rather than the date of decorative but what's the legal status of the asset. Who wants them in the meantime? It's probably more of a legal question the but to me it's in limbo. Because they're point is is nobody actually officially appointed to act and you can certainly find. This mobile copies sometimes arrive. I have to work out. Which one's going to be a valid which has got to be approved or even finding sustained up with? It's an administrative sometimes can be very difficult particularly somebody doesn't have families but in that stage it just seems to sit in Belen. Money was Stein super fans the trust. They will continue to did that. House Accounts Frozen Council. Tries Him. Okay you'll definitely find that going on and so all of a sudden paper connex money which is probably good thing right now. They're broadly and correct me. If I'm wrong mafia full with your knowledge of this that I understood there were probably three types of assets. It's that couldn't be dealt with through a will jointly held assets so the Jointly Hill property the bank account that automatically goes to the let's s lutely without a Willa night on that and it's an interesting area would ordinarily pass by survivorship but I do understand under the trustee in bankruptcy that if the estate was bankrupt was to be bankrupt product if they might be out of one back into the bankrupt the state just a food night okay yes secondly assets that are held in entity eighty so by that I mean the company owns the assets held in trust. It's not hill by the deceased person. Correct so when they die. The essence still remains hill legally by that other party on. Oh you nine company. So he doesn't I in the assets of the company. What it is is she's and the shape will pass trickiest ice in the company? That's exactly right. And so people get very computers as you say particularly on is informed while the kids that you're throwing to me pay per gift assets company so it's not their asset to give and it's the same Ataman intervals trust to family. Trust like those not Essex you from the speech made startling headline accounts between the entities whether there's visual issue it was in fact monies that back to the deceased abilities are assets going and other directional president autumn. Absolutely right and they're all issues that needs to be addressed through a in a sort of area in the control of those things it doesn't necessarily sort of the executive had not necessarily want to be the the We had shoes whereby we we use robina skin and he before Brooklyn. She's one of the people we use Brookwood around the states with US companies and will sometimes bring in a minute. Drive a couple top of that a site to administer that because if you go in there as an executive or points office of the director of that company now become on you start looking things like S. J. C. A. G. Estate Taxes always much once asked enlargements stand there a trustee of administrators as such as appropriate would be able to they have extra protections the act and their assets unprotected fix it architecture. I should say we've had issues. They're very wanting Queensland crappy group property and literally gob state in the backyard. Somebody had liquids this stuff Zafy in Colorado with the guy.

US Sean dolph Mikey State Supreme Courts Sarah Canaan La Paul voelpel Tim -nology Queensland Colorado Supreme Court South Court Rod Belen Essex Victoria
"robin jacobsson" Discussed on Tax Yak

Tax Yak

01:55 min | 9 months ago

"robin jacobsson" Discussed on Tax Yak

"And welcome to Texas Tech attacks benchmark. PODCAST we love talking about tax. So we've invited a range of tax tax experts and practitioners to chat with us. We hope you enjoy the episode of Tech. I'm Robin Jacobsson. Senior Techs Traina with tech SPANTA. And your I today's podcast. I'm joined by an respite. WHO's an estate? Taxation specialist and managing director of Vienna partners based in Melbourne which which is specialized in the taxation of two states for nearly twenty years now provides outsourced state taxation processing them technical advice to is is legal practices enlisted stay companies across Australia and more recently direct appointment from the Supreme Coche. Bena has one of the only dedicated teams teams of accountants in the country that specialize in this nation and often complex area of taxation which frequently involves cross-border estate issues in October. Two Thousand Nineteen nineteen billion. I was named as the global mid sized accounting team of the year by the Society of trust mistake practitioners in London in is highly ever got it nationally on a state taxation measures as a published author and is a frequent presenter. Both legal and accounting conferences and events across the country anal serve regularly provides in house training sessions for both legal FIMS and trust companies and consults with the professional bodies the regulations and the private sector Don State taxation issues it is a fellow of CPA. Australia chartered tax adviser of Texans to teach a registered practitioner of the Society Society of trust and estate practitioners a graduate member of the Australian Institute of Company Directors.

"robin jacobsson" Discussed on Tax Yak

Tax Yak

29:35 min | 10 months ago

"robin jacobsson" Discussed on Tax Yak

"Heck six that's an practitioners to have a chat with us we hope you enjoyed this episode of Taxi Ac I'm Robin Jacobsson senior tax train with tax banter and you're soclean connection to the income and therefore income would be taxed at forty five that's really what they'll try to talk it he you would think so but not all expenses are particularly tied to one flinching it at the very nervous solution would be his submissive price for the service and that raises questions about that's an dispose back and if there are some China so dry Nishi and in that bill I still have some fundamental problems with its adding ah shit someone saw members balances the liability that he even additional ability through the Alaba and unlimited because this amendment was really trying to target people had a problem with this amendment going through doing target thighs where there was never I was drawing the Fisa they might have been a bit of why to achieve objective certainly had a coup- accomplished who's listening yes we definitely have tax cuts kicking in from one July eighteen one July twenty twenty two and one July twenty twenty four that includes the introduction and continuation for four years and total of the low and middle income tax offset so neil always changes they final there naked they will not change there'll be no further amendments comma unless a future government decides to him in those roles correct because is Arad to July twenty vogels talk to more elections before that yeah politely now builds it up before parliament that initial one that we are tracking very closely at the moment was you to be debated in the Senate yesterday would presumably founder today's schedule but will wait again the treasury laws amendment two thousand nine hundred tax integrity and other measures but one bill so it's only spill has seven chills in most notable ones the denial of the small business constition where the assign a does not become a full partner in the partnership so it's just with as Masamune of being Komo capital but without the full assignment of the Polish Shipping Trust Secular Trust is nations I've always had an issue with these measures the statements that Trusting Report Enrolls Insane is for twenty years apparently they happen because we've got decision that still targeting these things I just feel if distributions at going around in circles in the one income yeah and a trustees not including that distribution then that's destroyed Asian and they don't need fancy provision these to deal with but they're extending ways to family trust which are currently excluded they got to prevent an employer able to treat a cell set contribution as an S. J. contribution morally corrupt this one of the government's tune was unscrupulous uh-huh Darney just follow him up the little bits I think this has been on the books to be China's for four five years of age could that has happened and significantly oval cycle proposed measures which will deny deductions for the cost of holding vacant land causing a bit of concern in the way it was drafted yesterday awesome amendments tabled as the bill was scheduled for debate so do they go far enough to please all is concerned there is some concessions from your production there's a couple of other government amendments themselves a couple of other amendments from the Mona Patties we'll say how it travels through parliament ongoing fight passed in the Senate valid the it to their certification and well I think significantly we've got measures that potentially will deny deductions way at the property is actually being rented but you would not be able to the deduction for the holding costs cannot be the government intended incomes assists interest deductions well we do do it in other areas such as criminal activities and the proceeds will be accessible we denied actions under twenty six fifty four this is criminal activity so I think the principle should apply so that's Tabin on it and see what they do shall now significantly history amnesty has been resurrected we thought it was very but obviously it wasn't quite created Sadly I was doing a Webinar on the afternoon of the raid action of the civic guarantee not just deleted all that enmity material from presentation but yes he's back and with a bit more time to delinquent employs to come forward so it will run till six months after this bill passes if it can get through government which is sensible because instead of having that fixed time which has happened in the last occasion it it ended before the bill was even enacted with now got a decision that once it becomes law fit the six months that sensible and everybody now with all of this previous Robert we've traveled on hopefully there's not too many delinquent employers at the I'd like to think Cyber Goshen my travels I think we can all say their employers out there that are paying not paying the one thing in this bill that was different awesome Robin carriage that behavior the commissioner will be legislatively denied from our meeting the parts of penalties below one hundred percent Kodak and you haven't come during the amnesty which is significant another sticking Garrett come forward do the right thing if you died you're certainly not going to be protected Ed and your penalty will not be reduced by the exercise of a distraction while the Commission Neil I'm still calling for a review of these rules they've been around for twenty seven years now and I feel that they are hiding in the why train employees who was one dilation in pretty much the same way someone he never pays the super that you've got the twenty trae off eh leaving that to one side I think they should be a visual way of dealing with employers who don't deal with us as opposed to those who are just a little bit light and I think rules are quite harsh in the in the self assessment does require them to come forward might vacations and and have all those penalties now the bill that's currently before twig keeping an eye on the combating illegal fixing bill and you might recall in a recent podcast I did with Robin Iskin she defined for me very neatly the difference between legal fixing which is not always ICS fixing andy legal so nicely these measures which are going to extend the the death penalty notice regime to unpaid GST luxury car tax and Monica tax owed by companies unite made any phoenix activity raked by the tax office in draft low companion rolling the gist of the Delaney take these measures against direct where it has been phoenix activity but I agree with you disliking does not confined it deploys across the board to relying on the commission's could face to talk at the list of things I think that might be the style Russian text let's go after Labor service to serial offenders and that the head of the bills sort of indicates it's fair nixing activity the idea would certainly added that's without start at least with these new bills but it's a game changer struggling business at the looking for cash as often had sourced funds to help them through a rough period the bank of the Bank of the tax man and this would of course JC is one of those sources of funding and this will make direct to engage in such practices fep stink Twat so it's a bit of game changing a great there's also a measure which is going to impact tint thousand dollars cash payment limit from January next year making it not just an imposition of civil penalties of anywhere between twelve and three hundred thousand dollars on those both make an accept a payment in cash at ten thousand dollars or more for goods services but it carries with it a two year old L. Chaim if you knowingly exceeded the limit and I've been using an example we have sought to trading it gets quotes differential pricing model and historically maybe that's been the thing to do but that household if they now and might such a payment could get a job to ease now they got an it's more than ten thousand dollars because clearly someone have a twelve thousand dollars that's more than ten how does the pace and neither would be guilty of this offence by acceding that much I think what I've been suggesting to people is that when this passes the we will be bombarded with an advertising campaign the likes of which we've never seen so we'll have maybe some animations of someone who's handing award nights so we're GonNa get it right commercials TV commercials Texoma will be bombed joining us oh the knowledge criteria for that criminal offense they gonNa say well we knew you deny because of the extensive campaign we ran running over the media for the last twenty also has been this fairly prominent story about cash being handed over in hundreds of thousands of dollars in a bag at ascendant Kosei night yeah you would think that would be falling under these measures while as many uses for algae shopping being there are just to be clear this isn't guard apply with the old catch twenty thousand cash wait by private consumers that would be beyond skype if you're a business dealing with me or we ought to businesses absolutely we're in Nice roles the cabinet for consumers or provinces these private private so a caveat how could be tracked and traced because you've got Vince for the engines and you've got registration lights insolence it's hot too hot a car but as the tragedy comes in to do some work on the Dick out the back and I pay him twenty five thousand cash it's going to be interesting to see how the out going to be able to monitor license of activities and there's some ethnic groups certain pensioners who liked dealing in cash. I think there's going to be interesting to watch how this rolls out nicely this spill has got off to a Senate committee until the seventh of February the major stock on the first of January so that would suggest copy acted before its commencement so some of that prices awaiting on the most significant he addition seven I gosh this is like a perennial broken record isn't it division seven I had said a chicken history every time we perhaps fond to circumnavigate the provision so that we end up with the dividend there's been abandoned by style of the law so the exact sation was asked to review the effectiveness the division seven I I got a couple of discussion fibers within had a government release an expansion draft or what we so on July twenty twenty will we see the governments intended changes before then are we still wedding but it has a tortuous and last time when Treasury will get released a consultation paper that kept telling us imminent so I said Christmas came in October so as we sit here in October now Melissa that next budget next May there's a further announcement to delight by a further twelve months potentially we shall see licensing finally Megyn Joel's licensing their their remedial their appearance they fame across to another entity and then being effectively split the income this is something the government wanted to change but we're still waiting on some data absolutely we have a consultation Piper but now actual mechanism on how the money ends up in the individuals texture it's gotta be like a PSI attribution commercially do what you want payment guys where you like tax purposes it's GonNa come back to the Michael Ready so you could just redefine piece Trey Cambridge's which were still keeping an eye on the modernization of the richest.

Robin Jacobsson Senate Treasury Megyn Joel Melissa Trey Cambridge Michael ten thousand dollars six months three hundred thousand dollars twelve thousand dollars one hundred percent twenty seven years thousand dollars four five years twelve months twenty years four years two year
"robin jacobsson" Discussed on Tax Yak

Tax Yak

12:28 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"Hello. And welcome to tax yak attack spent a podcast, we love yacking about tax. So we've invited a range of Texas and practitioners to have a chat with us. We hope you enjoyed this episode of tax yet. I'm Robin Jacobsson a senior tax trying with tech Spanta and your host of today's podcast. I'm joined today by two of my colleagues. Liam Hayes who is also senior tax train at with tech Spanta and Steve Griffiths, who is tech spent his content and perfect manage up his name text since two thousand and ten late. We'll conduct yak Heller stayed. You sit with me during every episode in the background, but must have you in the forefront of my handlers, you have come to come wondering, we'll let you out today? We're going to do something a little bit different. We are unashamedly going to plug text banter, and for those of you that may not be familiar with all our products and off. Offerings, this will be a conversation about what we do. And many of you may be familiar with the in house training all the public training that we do, or maybe the webinars, but we're going to have that one to throw website and just discussed with these some of the things that we do. So looking forward to having a chat with that by about this. So it's not a non shame, an absolutely unabashed plug press, but. But people might be aware of what we do with their in house training on training and whatnot. But a lot of people who have actually found aren't aware of some of the training that way provide some other training that's at this. So, for example, we had some ten days of, in house training who use it. Robin one way. We didn't pay web, Anna. That's correct. It is. So let's have a one two three this bit of background for those of you who may not be familiar with the text Bantu story. So the business was established in two thousand eight by the directors Neil joins Michael Doran, and we've now going to become a leader in professional Tech's training, and specialised training services nationally, along the way, he kept Len Tech's training business, and the syntax Tech's training business, which was following mine have been up a bought into the business and we've now grind family. Ironically, I'm back working with some of my colleagues twenty plus years ago. So it must be back working with old friends again. So we provide trading nationally Raja around the country. CD's regional centers. Big four second here sole practitioners, professional bodies works lately, and the traveled far and wide. That's a Lutely redo couple of miles. To continue with the story. We have eighteen trains nationally so quite often, you'll have a China regularly sees you. And you think there's only one or two maybe three China's at tech Banta? They're actually eighteen of us question comes up, so often when I'm at and about how many are they off, you and particularly since, of course, we scattered nationally. So you may not see any of these faces, if you're into a different location to those China's based, so Melvin trans trouble quite a bit. But we do have obviously, interstate trainers in Brisbane and had laid and Sydney. So we're gonna range of services and walk you through that I have the rest of this episode. Also dimension, not a subscription service. See that by membership checks Bantu join tech stand. It's based on Yulia arrangements, and that's basically to lock in the prices. And also, she dates, but we're very flexible and these engines can be altered throughout the year. So late, maybe you and I will start with in house training. Yep. That's what apple is. That's where we spend most of their time, and that is what I call that corporate absolutely updates and special topics. I can you explain to listenable that means this is like you said, sort of text band, is cO product and this is way way come to your, and we give you two hours worth training all three hours with training and it's Thailand to what you want. I guess the typical product would the update and the special topic. So roughly an hour on h but again, that short choice I go to some clients shop shop update the rest of the time on, on the special topic, players are the paper when different places, and if we come to your we in talk to you, we get to know you, and then we deliver the product, the why. You want it. We focus on the areas, you want to some clients, and they'll absolutely want. They've got medicos as they client base. So they won't bows, kind of issues where you go to another and it's all the, the really small business trading type businesses so we can tell it, what we deliver to your to make your client Nate go, pink of the atom. It came up last year about the active life of storage said, I had sea-based accounting, what's, what's the storage out to the regional? Go out to the Rachel centers and absolutely. They're interested in this because that's of interest to their clients. So it really does depend where you going and how you title that. Absolutely. And then Ecoles the special helping the other side to, to that point. So I got the update where we again Tyler, but the special topic we've got a standard, and we've selected that least very specifically with what outlawed won't I guess, in, in mind, but we know sometimes you need to change that you might not necessarily want to do a topic on what's a race along with done the reporting, you might want to have more focus on, on repairs or work related expenses. So he can pull something from back, catalogue a-and within reason give give you that one as well. I think it's important to mention we sometimes have caught look at yearly Shiduan of topics and on the editorial committee, we designed the topics for the year ahead. So it's all mapped out, but a client will turn around and I plan can we have the November topping place? And just to live, that we don't actually have papers available. Before the region. We're good. Like that for my preparation. But so you can have anything up to the mouth, at through that BAC library. Yep. Public offices will public sessions as we call them is basically a way of providing training to those who are the can't afford or don't want in house training, which is generally designed for. But maybe half a dozen people or more because it becomes more cost effective that way. But what are the public sessions, clearly? I'm gamble got quite a number of, as I think, we're in itching different locations across the country. Sorry again the range of of regional inches as well as capital CDs. And I love presenting to these grades because you get a really big Meeks, different people. And, and sometimes they can be really engaging can bring up issues from the client, vice that might not have impacted or another thing might not of thought of, and you sort of get a lot of questions live really practical kind of things get disgusting as easily. How do you do these rather than sort of the sort of technical side behind it also I caught like always as well? Did you demographic has something to do with that? Because typically in halfway presenting from Patna hallway down to graduate definitely, so there's a range of experience. And as you say. The typical interpretation how do we do things etcetera the public groups? I find it's more horizontal reflection of the practitioners. And so most people come run their businesses they also practitioners or in small films. And you tend to get more people at the same level, which is probably a little instrumental in having small practical conversation. Absolutely. It definitely so you sort of e e can know what that group's going to be interesting before you go there and just know your drilling down that practical level with them, and it's, it's fantastic and a lot of engagement. Absolutely. Which kind of today trying off now on, we're Chris Simmons. So this is something that is always available. If you have a client seminar coming up if it's a conference being run. If you're looking for presenters one offer standalone, we're always available to come and present to you on an on request basis all materials, comprehensive and Molloy's accompany, a presente into about particular session. We always work with you to design a topic precision that works for your event. Now at more recent program that we're offering and please tell me how to use this running late the techs dimensional. Gosh, I'm going to stay for these one deed. Face visual. And I think we're sort of formalized into an online, one I'm going to say, probably in about two thousand thirteen to fourteen. So what does fundamentals look like what is this product wise, it different from our update and special this is a fantastic product as well as run two different ways. So we have sort of the traditional Feis device, kind of style, which now is a treat. I calls today, intensive course my whole participants walkout exhausted. You run this, why run these and, and fun. It's really good fun. But these chains Eady's starting with you. What is income walk? It's including tax return income versus capital distinction. We go through lows coal fundamental blogs deductions sage take capital. Lau Ince's then we move into a little bit more specialized kind of topics and these topics include the things like business structures. If they take superannuation into these two Jay. Thank you. I'm sorry, and case studies and practical examples and all those sorts of things in there, the nitro of that cost because it spans the two days again, I can get a feel for the Raymond really title that too will that groups interested in and it's a range of people that come to that session. Yes graduates, all the with the sort of up to two threes experience, but more often than not, I'll have a couple of people who've come in who getting back into the workforce. So the might have been on child leave or lately, yet, all last time I did. It actually had a lady who had worked in an accounting practice, husband had witnessed separate accounting practice. They decided though sitting their own business, and just wanted to have it refresh on those fundamentals. So you sort of get the full Ryan, do you ever get someone who's being? Maybe from sees and the middle common. I several years away from strategic comeback and feel out. They're out of touch with the stranding textile absolutely all paper from other jurisdictions that are coming to a stray Lee to understand. Guess how these giant system works, we'll share a store. It was some musicals and Sydney talking to him about seven I when going through the Commission's discretion to disregard dividends. And we're few minutes into this conversation. A fellow looked up at me from the group, and he said, excuse me, but what stood sit at a? And I looked in thinking, if you've been hiding under a book for the last, what are we talking fitting place? And this is. Years ago, and he's a non recently arrived from France. I said, oh, that's I understand. It was someone who's completely unfamiliar with is roles. And that would be a pitch to come in, and learn about us at NFL, vice once because then you get the questions and you get the comprehensive materials scribbling nights down, that fantastic. But that's not always practical to turn up to only run a few times. So you have to wait for both Melbourne and feed me usually, we have a much session, and they wanted sort of September Schori the dice tight still capful. So the other stall, will the other way you can have access to out text onto me intels via the online four-match eighties. The sign par grand but done into sort of bought size, modules Halima's, h h module, eight self has sort of ongoing say that ten six minute taught Vigo's, you know with the series of questions interactions. So I've actually. Roughly that an aunt h h module is, is one city L, considered one safety L. So they'll be little bot- size videos, genuine nine Molden five minutes in length for each one. And then the way about just I forty five minutes worth of video, depending on any videos that actually are. And then this also an assessment at the end which takes up the, the rest of that, Al this the multiple choice. Multiple choice assessment is you get a question wrong. Then you just get another opportunity to, to answer the question reminded get back yet. So this is really self paced because rots lifted I fights to face verse. He's very tan sitting twofold is this is where they could spread the modules out there on time. Absolutely. And taking sides chunks and wicks one Todd slightly. And if you take out will not modules at the end of it on, we'll give you our professional certificate in tax fundamentals. Do we find that you can? Way.

China Robin Jacobsson tech Spanta Liam Hayes yak Heller Texas Steve Griffiths Brisbane Len Tech Chris Simmons Anna Rachel centers apple Nate Thailand Shiduan France Tyler Melbourne Meeks
"robin jacobsson" Discussed on Tax Yak

Tax Yak

04:17 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"Taxi attacks podcast, we love about tax. So we've invited a range of Texas spurts and practitioners to have a chat with us. We hope you enjoyed this episode of Taxila. I'm Robin Jacobsson a Saint you try not with tech Spanta and your hosted today's podcast. I'm joined by Makarava's director at the and design lead of single touch payroll. Michael has a twenty five years experience in Texas ministration with most of the last twenty years focusing on the implementation of new government initiatives for two years. Michael was conquered to the treasury where he was the policy late on the development of his teepee. Michael all such as the design working group, which was collaboratively with a broad range of industry stakeholders on his teepee design issues on twenty seven much Michael Kirk presented a weapon with me on his teepee and arising from that webinar came a number of questions, we try to address. Them on the day. But there was so many that we've decided that today's podcast will deal with the questions that arise during that web and up or which had been forwarded us since the weapon are so go about fifty questions to work. I threw Michael Wilkin detect check. Thank you pleasure to be here. It's great to heavy here. And this fall has the podcast that we recorded on Monday with John. So we had a Chechen about whereas teepee sitting but Pepsi found update on the current figures because this seems to be escalating at a rapid writer nuts. It's the doors open and everyone's open for business everyday. We come in and say, the number really surprised, I'm very happy. It is good only guy back to the twenty seventh of much. That's the ran with Anna. There was seventy two thousand employees reporting through estate about forty five thousand substantially employers around twenty seven thousand small employs who voluntarily reporting covering about five million employees now to access information through my golf on the eighth of April that figure heading Chris to eighty thousand employers, forty seven and a half thousand substantial thirty two thousand small about five point six million employees, and as of the fifteenth of April the figures out to eighty six thousand employees. Lawyers about forty eight and a half substantial thirty seven thousand small and five point nine eight six million employees now that was a dial soa guy Michael during the six six that's huge. Look the county the population caulk rolling. So I think coming on board the right about eight to nine hundred employees at day. It's always starting up by ten thousand every couple of weeks. So we'll be really pleased with help people have got on board. I've pretty much from about Faber. This is obviously wants people got back from Christmas, more or less. It was given that was would that. That was a real rule booed for with small Soviet saying obviously was. But just the numbers have been really really happy with the take-up. That's good. All right. Well, let's straight into questions that thank you to live. You who submitted questions are that through the weapon on the twenty seventh of March and that recording instill available through our website, or what people they mount as since through podcast at text, Bantu dot com dot AU. So I'm not can order kickoff with the question from eighth and agencies questions. I'm going to expect to you, Michael. And we'll get a response. So Christians to pats. If an entity has onto four closely held pays say mound, dad and teach children working in the business. I believe they can report on a quarterly basis. My question is how do they report on a quarterly basis that is chemist continue to report vine their bass w one and w two and if so how long can I continue to this fall? And thanks for the question a couple of points. They so. The small businesses and made him with holders Dobie reporting via the best because that's facilitating their payment touch payroll as separate report to the best. And it said the employee level of the today, Texan superannuation position.

Michael Michael Kirk Texas Michael Wilkin Taxila Robin Jacobsson Makarava Pepsi treasury Dobie director design lead Anna John Faber Chris pats writer twenty five years
"robin jacobsson" Discussed on Tax Yak

Tax Yak

14:07 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"Talking to taxi hack attacks Bente podcast. We love yacking about techs. So we've invited a range of Texas bits and practitioners to have a chat with us. We hope you enjoyed this episode of taxonomic. I'm Robin Jacobsson a senior techs China with tech Spanta and you'll Heister today's podcast before introduce my guest. I'm delighted to inform you that. Our Tex yet podcast has just been listed at number fishy to on fade spots top fifty strata audio podcasts and radio, you must subscribe and listen to twenty nine thousand nine these podcast made the list because they actively worked to indicate inspire and empower they raiders with frequent updates and high quality and besides this is a huge shave -ment considering we only launch a little six months ago. It's exciting completely psychically and ranked with the number of very established podcasts willed onto the hall techs team and a big thank you listeners because of that you wouldn't have been possible. Either side to my guest today. Joined by John shepherd. Assistant Commissioner with the office and program laid single touch payroll. John welcome to tech gripe. Thanks, robin. They pretty impressive numbers are really impressed like months at number thirty two is. I think what we can do in a year strictly the we had good numbers. That yours are pretty good too. Good. I really excited to heavy hit today background you and I've been waiting to get on single touch payroll for about three years now, but your background this teepee guys back longer than that the consultant consultation, the background is a big part of this excessive single touch payroll. Absolutely agree. I think of some of those decisions we took back in the early consultation, actually, and they've really. Stoldas in good state of the fact that we've actually had so many people actually advising us on what what to do and what direction to take on this. And so I'm really pleased with it. We've got to his will. What am I to run through with you in our discussion today, I want to give updates on teepee sitting hemp lawyers are in but only put some hard questions to you once that I continue to receive when I'm talking about single touch payroll with our clients, this ly- the legislative ground. Hopefully, everybody is now with on the fist of much this year. Broiler Sint was given to the acting legislation amending legislation. So we've now got proper legislative framework. I tape pay to be applied against all employers and from one July, these he all small employers are also going to be part of his tape. So this has been a big achievement absolutely jokingly sign we've already had the Laurien substantial employees for just over a year old couple years now, and we've already seen some streamlining religiously with that head count dyke coming out. Head camp for the twentieth. Critics good. So I count numbers. We've got some figures as of today there are now more than eighty five thousand employers reporting through is tape now that's made up around forty eight thousand substantial employers who have been required to report through his patients July last year. And they're probably about another fifteen thousand of those to come on board, but they'll be still under deferrals and other similar arrangements around. Stacey seven thousand small employers are voluntarily cheating to report through his Tapei. And that puts us at about five point eight million employees around the country employee records and now being accessory. Mike of this is a huge achievement of what to go back to the thirty seven thousand. Does that surprise you that many on board or ready voluntarily a hit of the July nineteen stop died. Yes. And no, look what would site in having worked closely with a bunch of software developers over the last few years when these they've done a really good job to build these into their product. So it is fair. Early sameness and from very early dies of the substantial employs coming on. We saw a bunch of small employees. Just choose to stop the feedback is generally being it was easy. It was actually coordinates step. And as it says a single touch almost when I'm paying staff so it was like what are not start. And we've also been sending messages to that group to really encourage them to think about starting early. We've got some seven hundred thousand small employers to come on this. She so getting that sorta hit stop was pretty important and bang to spread this up over the next period of time. So the experience of small employers who come on board, and they say it's not as bad as we thought there's a current bit of marketing promotional video being run up by the there's a couple of sitting on a couch, and they're talking about what appears to be their elation ship that it actually pulses is very interesting with employs coming on board is this a bit like being Jack shit at the doctor the forum it's worse than the actual event. The Rian it's actually not that bad though, God hub to think that's the case. It's certainly and that marketing campaign, you're if oh to around the next step and for those let's say with software really it shouldn't be a big big step. And that's what we've kind of encouraged if there's different groups in groupings in this business audience, and certainly those software should find this transition relatively straightforward. The employers are coming on board at the right of at the moment eight to nine hundred employers day. So the cop is really taking off now. And by me g you're gonna have a good chunk of employs already on board. Absolutely. So those numbers really picked up since we sold this business low pass. But also the fact that when agony towards the end of the transition eve of the larger employers and some of those get deferrals and extra Tom given the complexity of their Pyros their own now, the softwares ready. They just getting their business processes ready, and what we are saying is on boarding continuing. Interestingly as well as the numbers of and you mentioned the on boarding acceleration. That number we mentioned ID. Just variety thousand we expect to be close to one hundred thousand by the end of my and for the employee numbers, which are at five point eight million employee's we expect that decline Taran on me and text on that will pick up a greater proportion of employees in dryer should be very proud of those figures, absolutely. The tires will numbers looking around seventy thousand roughly substantial employers that around seven hundred fifty thousand small employers. So if we go back citing nineteen years GST was introduced all of a sudden we head to drag businesses out of the old shoebox full over saints into some sort of a counting system and nearly to the kinds later we're going through this prices, again, we've got to drag these businesses for could be old Destop based versions of software into a cloud based version or even more side dragging, some businesses that still aren't computerized into a computerized environment. Do you get the message three how do you convince businesses that this is good for them? Look, you're on it. It is interesting to think Becca Jay and the chimes that happened in. Interestingly think some of those desktop products are products of purchase with the money people Jesus teatime to implant system to them. So they're still on some of those versions, and I have an updated them, which will be a challenge for those. But look, I think for us. It's a long ago. Game. Here of actually we're not going to get all seven hundred and fifty thousand from July. We're not going to get the mold from September. Rather? It's going to be a period of Tom now Nate to transition, so we're really focused on those most able now and just trying to get some of the others to start to make their transition. Whether that's through some of the options, we'll talk about in a little world through through that kind of through their agent support or whether that's through taking up low cost product, there's lots of options here and the benefits along the term he too so although in the first instances things around the removal of the payment summary, this certainly a lot of good things to show your employees that you're actually a good pyre of Suba. This does provide the visibility superannuation compliance, which is importantly, one of the mine raisins for the extension to small business, plus some other things there and your individual employees as having visibility of their tax income position through the year and not getting unwanted surprises at year end when they gather up their payment summaries, and Logitech return and falling. They haven't piped enough tax. So I had to come to the core question. He why is t pay why have a business that was reporting to every quarter or every month every year, depending on what cycle, and what informational providing and now essentially the government is forcing them to report in line with their payroll, which could be as regulars every week. So how is this beta for business? Really around the natural business prices. So as you mentioned, they currently reporting potentially monthly and Cordingley annually, but not just to the to a bunch of other government organizations as well, beginning requests from San link oh from social security for things like income proof or from the support and others beginning bureau of statistics, vying them, there's a whole lot of different imposts business gets at different times of the year. And importantly, they're not part of an actual process there at a sokoll quarterlies fullest Kanazawa cool that way put in place as part of doing the activities documents. So the idea of single touch pyro is to do your reporting Wall Street doing another event, and that events is going to always bay there, which is paying stuff. So the idea of actually being able to do this as an additional thing just to send the data you're sending to the Bank sending that dodge the at the same time, and then over time will be able to remove some of those guidelines. We've got plans to Knicks g to repeal the activities time with withholding amounts the payment summaries, obviously aren't required employer. If you're in Taipei, we'll continue to look at other opportunities to streamline and importantly are no in the budget. There was an announcement by lacy incumbent government on now into an election cycle about the extension and use of this data for other agency purposes. With the business cycle. You might have a business that he's paying off every week or every fold much, but it doesn't mean that the Y paying them is as injectable to stay reporting. And so really the biggest challenge here is for the small businesses. Whether it be the Motte cry one to four employees or even on that has ten or fifteen employees. They could be using a memento prices or a top based vision of software that nonetheless is not going to be adequate for state pay reporting. So they say go to business prices, and it works, and it works for my business and get a still go to go and change it to adapt. Twisty pay. I think that's just part of technology. You know, the adoption of technology, and some broad things that will will benefit a business things. Pyro software do help with people paying the rights of pipe for people getting old bent over number different people insane myself with my own sons work have complex woods can be so trying to keep it across all of those different regulatory requirements is pretty hard when you don't even some kinda system that's continually being updated. So there's a bigger picture here as well. However. We are doing what we can to also recognize that this is a big transition for people. So that's why we've worked through in the Commissioner released a statement when the law was given roller sent the Commissioner often side Commissioner doesn't release many statements. But for those around vaginas, we certainly had one then we had one techs pack. We've said if you making best endeavors that you want penalized. And we thought it was important enough. And the commission was important enough to issue one for these which really recognizes that this is a big change. And that we will be flexible with the transition and make sure that there's auctions for people, and I'm happy to talk through what some of those options would be what do you say that the business says you're getting information from me owner regular basis every quarter? I locked my best ontinue the sellers. Miges tell you the withholding got superstring. That's there for the payment of the contributions that funds reporting back to the through those member Qiao transaction service reports the Mets reports. So why do they stay on top of the quarterly reporting of the best? Well, look firstly with start with the best the best really gives you a rolled up amounts for the employees at doesn't give us data about what each of those employees running that business level. And what we do find on. That is at the end of the year when we do get the Daytona employee records, which come through in the payment that pay saw the payment summary annual report, we find every year, there's a bunch of employers who does because Don reconcile and actually have to rise law abilities and go back and cheese dip back from businesses that current process doesn't really give the visibility of the individual employee amounts and doesn't allow us to be proactive as we'd like in a dozen provide that income information that we could be used to streamline the interactions on our government reporting requirements, as well if I go to the superannuation, the actual super clearinghouse again is on the used only it's us boy, I think up to two hundred thousand small businesses and the hundred thousand businesses in strata. And that is really on the accordingly citizen, corley obligation does amounts. That are notified pied through the clearinghouse. There is no requirement to notify their isn't pies might so there's really no wife for us to assess on the super compliance whether or not an employee actually paying what they should just a tracking through what they paid. And that's probably the beget in the system for some years, which is led to these two point eight billion dollar superannuation get with estimated and do sites in estimate because we don't have any other reliable source of what the liabilities actually are the only person that gets that reporting on the liabilities at the moment is the employee, and I get that on their payslip. Unfortunately, a lot of them assume what's on their tips actually being paid. So they aren't really then trekking whether the money's going into the fund, so we're missing the missing the other part of the pizza, and if we just treks pints way missing the Bill of the peach that says, what did they? The actions of some employers is indefensible unconscionable behaviour where there have not been paying super for many many

Commissioner government Taipei John shepherd Tom Robin Jacobsson Mets Logitech Jesus Daytona Knicks consultant Laurien Mike Stacey Taran corley Jack Becca Jay
"robin jacobsson" Discussed on Tax Yak

Tax Yak

11:23 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"And tech attacks to podcast we love talking about Tex. So we've invited a range of Texas, but some practitioners have chat with us. We hope you enjoy this episode of Taxila. I'm Robin Jacobsson senior Tech's train with text Banta. And your host today's podcast. I'm joined by Neil joins director of tech Banta to have a yet about the budget and the budget in reply by the opposition later meal. Welcome back to back. Thanks Rovuma near a bigwig nearly the normal. It's unusual to have a budget. Bruce. Time we had a budget that was not in may nineteen ninety four a long time. It is and so alone. Again, look forward to discussing with you the birth the government's agenda and the reploy by the opposition. All right side. Look what we might kick off with is just to sit the same. What does the budget look like and some terminology? So that people understand the the technology. We are using women ever. We talk about the budget in Canada means at specially just the profitable loss. But whenever the media talks about the budget. They refer to simplisafe's deficits when the government talks about the budget. They refer to the underlying cash position. So now budget some reason in publications you'll save around the trips talking about the budgets the underlying cash position that is the at the relevant. Now, the government has predicted that the nineteen at twenty they will be in fact, I surplus I predicted surplus of seven point one billion. Back in the black Rovan we in the black with full cast to be back in the predicting to be back in the book is true subtle distinction. But yet we're not the and we weren't until September next year, which will be the final outcome. Not being tracking lays figures Nielsen's about two thousand and two. So it gives me an idea of whether the government's on track or not with their budgets and Cording to the figures up and running last time the government of the day delivered I budget surplus was two thousand seven eight that's pray GSA it is. And it's. Detroit and. Good to Mike plans and planning for the next four years to bring in before four billion into places, which will allow the government to peps make their agenda and Pyo some of their credit card bills question for you. When Castilla into six announced to the nationally pedal dollar of dish for interest free. That was a good moment for the country. We went through the we went back into dish the current day data's seating five hundred fifty billion dollars. It's predicted to in kind of five hundred fifty eight billion for nineteen at twenty got an interest Bill of more than a billion dollars a month. So we've got a dish of that level having a surplus of seven billions not going to get very plain ship, but even forty five but as Josh fraud Moog Sydney's initial and first budget could be a first budget deliver bit in east first budget. He did have a plan that we would be dead for your in. That position would be zeroed at two thirty. So it is a long hole and. It's good to plan that I think as a nationwide almost at maximum credit card limit. I think the six hundred billion is the borrowing limit them. Whereas you Scifo vendor fifty into that. So you don't wanna get further. Sorry comment. Some and your observations about where we're sitting election coming up in a matter of weeks fetes expected that the prime minister today or even over the weekend is going to drive down to the governor general's house and around the issue the writs. Yes, the we have the electrical type plus shortly, and as we recording this today, it's not that far. But. But I think you're looking at the dynamic at the moment, and the government is delivering budget way. They've got a new prime minister. And you treasurer we're going to an election. I'm not sure that anyone in the nation expected the government to St. the cost for you know, the the advancement of the nation as a whole. So you know, it was not going to be an innovation agenda. Spro sweeping Stipe in a bad way. We need to take this country intensive economic performance or even intensive lost all expected out of the budget. Well, it would have been NAS to sit this. Frying with no way, heading the end really expected that to happen given that dynamic. So I think what the government's general thrust of the budget Macy ges bake getting back into black. So we got good economic management returning to surplus. We've got a plan to pay off debt. We'll give you a little bit of an election trait with some changes to the textiles and techs positions. But particularly prolonged Midland income earners. So think what the government's trying to spread his message is we in charge. We got a steady hand on the wheel. And you'd be mad to change the captain at this time of the journey. So I think that was the take off ad of Morrison and Troy bigs first budget. Put a price on Tuesday evening and the next morning came back to it thinking, I feel like I've got enough in this post that seemed to be enough measures that are noteworthy. Now, we filled up one point page paper, they'll somebody with the various measures. But when you go through all of them, most of them don't have a lot of substance not crucial tax measures. It wasn't a usual budget in that regard that we had a raft of Tex changes whether they be brought on by behaviors in the economy to close down loopholes the budget on Tuesday, not said as much what did size, what didn't say with all of the unfinished autumn's on the government's agenda and the most classic is vision seven I and private companies and transactions with shareholders and shoots shoulder. So what we got was a nother deferral. So another twelve month hiatus until we know what actually is going to happen with the division seven, I provision. Well, let's talk about this properly because this was first half back. Two thousand twelve and then labor government commission review by the board of taxation. Now, we didn't get a formal response following the board's report until the twenty sixteen budget, and it's going to be a one July eighteen stop dash. And then in the twenty eight budget. They defended by twelve months to one July twenty nine thousand nine now, I pretty Beck on Monday that the only sensible outcome was going to be the deferral because we've say Niger legislation we're saying bills. So how could you stop measures in listen three months legislation, but a consultation paper put up treasury that I have to say is widely condemned for its lack of commercial Elodie and peps some absurd concepts. Anyone expected that the seven I reforms would be sanctioned and and committed to one join nine hundred and she's not possible so kicking and deferring it for another twelve months was the thing that I think we're all committed to that was going to be the ad come. But so we gotta wait a bit longer. I think they're positive does give them more time to develop the policy and actual this consultation. But there was also a reference in the budget papers to appropriate transitional arrangements, and maybe that will open an opportunity to revisit what treasure was putting forward discussion paper last Taiba answer just treating all twenty-five aligns automatically new tenure lines. Maybe they're going to be Samat softer approaches to that not just the twenty five moving to a ten year in arm. The the the horrendous thing that still been hanging over people's heads from twenty two years now, and that's year old white lines all pray for the December ninety seven different lines of. A lot of those haven't moved at all need every twenty years down the road. Now on a pragmatic sort of person. I think we've always nine this got to be a reckoning at some stage people to borrow money. They know that they go back. These people have had a free kick if your life forever twenty inches free interest free on demand, but still alive. So I think we've always done a reckoning coming. It's just that everyone of put the head in the sand and having a drift. Now, the board of technicians report on reforming seven I might add Clea, and I just kept to the cold line. Stop bank. The treasury consultation suggested look we'll give you a couple of years to do something. But if you haven't done it, and it's still sitting there, and tease Tom moving bring it into the interest and principal arrangement. I think we've always not something has to happen. You can't keep saying nothing's going to happen alone. You supposed to him back. So there's got to be a dia reckoning. So what we've had this way is that as pushback, the at least another year till we know what happens and it also pushes the on Saturday on the Corentin preteen thousand nine EPA's because that was still a question Mark in the discovery again, the treasury consultation by dodged a bullet. I didn't even my any comments other than what he Rick in should happen to them. So completely in the dark. I just think we're basically in a holding the game. Put all the airplanes older. We just hang up there for wall guarantees circling. And we'll tell you where you're gonna land in a little wall. Also interesting some comments that the assistant treasurer, Stuart Roberts made recently and to paraphrase he was saying my thinking is somewhat more aligned with what they she ios positions rather than treasuries, which is suggesting that they may be a difference between what treasury and the thinking, I think much as as we travel around the country toe into people bit the treasury consultation piper. It was did some absurdities in just not not commercial to charge interest on balance of a line and ignoring any repayments of the principal doesn't make a lot of commercials in. So there isn't a Bank in the world that charges you interest Matt oh anymore. Correct. And the concept of distributable soup listeners, a lotta work the government will try treasuries Audie that we just abandon that concept. And if you take money Eddie company, it must have been it at tight. So we can. Makes you toss the fourteen year proposed amendment period, and we could go on and on the light is conversation for light of right? Let's move onto the pistol tax cuts, obviously a major policy platform for the coalition, and we cannot make some comments about what the opposition's during this as well. Just to sit the same for everybody. There was legislation enacted last year. The brought in three different stages of tax cuts. Now, the one July twenty eight hundred tax cuts are already in place, and that had the fictive increasing the eighty seven thousand dollars threshold up to ninety thousand this is the EPA into the thirty two and a half the syntax, right, but stages two and three we're also cited. So if I had to change the future, they would need to religiously of the top of that and nice changes to take effect from one July twenty twenty two is to lift the thirty seven thousand dollars Hersholt up to forty one thousand and the ninety thousand dollars threshold up to one hundred twenty thousand that's what we've already go. This is religious and they'd stage twenty twenty four would

treasury EPA Taxila principal prime minister Robin Jacobsson Rovuma Banta Bruce Texas Neil Detroit Macy director Canada simplisafe treasurer Castilla Nielsen Beck
"robin jacobsson" Discussed on Tax Yak

Tax Yak

10:20 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"And welcome to tax yak attacks podcast. We love yacking about tax. So if invited a range of Texas spurts practitioners and commentators have chat with us. We hope you enjoyed this episode of taxonomic. I'm Robin Jacobsson a senior tax China with tech Spanta, and you'll host of today's podcast before I introduce today's guest I'd like to mention that tech span will be exhibitor at the accounting business expo on twenty two twenty one much at the international convention center in Sydney, darling, Haba, I'll be there on the Wednesday along with their marketing specialist and training manager. And my colleagues will also be there on the date. So would love to see you if you'd like to drop in and say hi today, I'm joined by Paul Mazda director five ways group chattered accountants pull chatted account found of freedom mentoring and presented for the podcast from the trenches which. Comments on issues and trends affecting the accounting profession pull it in traditional accounting firms. Have a fifteen years but wanted to bring the modern accounting practice to every administrator eradicating the old accounting way of doing business. One time timeshare at a time syncing and you train online. Accounting software in twenty ten. Police doublet on accounting firm in Melbourne five ways group, the fem is built around a subscription model, which takes the traditional accounting them and blasted into the twenty th century using cloud solutions upfront agreed pricing and monthly subscription face poll provides taxation, massive and financial advice on small and medium-sized businesses poll woken detect heck. Blasting cloud solutions upfront pricing monthly subscriptions, that's pretty extrordinary. I think just kind from the fact that I wanted to why to new Thompsons again when I started the firm, so I had to add to create the modal use the fix model because doing that was probably one of the worst in the industry getting my time sheet, another plenty people at the baked to defer that they've got worse people in their office. But I was pretty bad and sitting around rolls, exactly. And it was sort of. It's how I wanted to work remotely in class react to this the whole model turned on its head. I think this was not an easy. I think now it's far more prevalent. But when I started it was a breath of fresh air. I were fa most of them for all of them. It was new self way was wings zero was first starting out that I started my firm and thought I will no one else doing it. So I'll do that. So they they were experiencing China Air. Anyway, they wanted to know what they'll being charged and unless S must full accounting firms. You know, exactly what you're going to charge on what if is blow ash what I've I three the job. Something comes up back to the climb Louis nineties. I haven't had it like, I'm list is another service. So they bought by another business. All you get to the anniversary. And you said well now, you'll businesses doubled. You you up thing we really have blow ass. We the interesting thing is the biggest part of what we do is in every fixed fee. We've included ad hoc, Texas, and it is one of the biggest differences in any firm. So. All have ninety knobs into the us by do not charge their clients for the five minute phone calls to minute phone calls dealing with the correspondence or whatever age and my clients get charged an annual fate. None of them have rejected it. So I'm getting paid to deal with whatever comes up, and you accept that. They'll be sensings roundabouts in that other words to the roundabouts down not up like most of the roundabouts five outweigh the times. Clients aren't calling me enough to get value than the ones who taking taking liberties with it. But what it's done is also encouraged the Quanta coal and reduce the need for me to do timesheets and add billing, so it's to pry chain that can you come in on the extent of write-offs compared to what used to have why dragged on so it's sort of Iran. And what I and that's an interesting one probably the biggest question, I always get asked about the getting rid of timesheets was how do you know if inefficient? And so that went on. In in a past life when I had four or five staff of doing timesheets, those monitoring it on my time to ban. It was about on a quarter of my time as a manager wall. Entertains time was to do timesheets manage billet collected. What I said to myself was that's three months of the year for one month. I was could be inefficient. I could lose time and clients would be over service. I could spend a month taking on new work because the time and a month ago play golf. And so that was easy. I think it's funny in terms of raw I think that that's what ever clings to on know when I've got a bad client. It's when the fun coal findings and you hear people in the office or yourself. Oh, that's the client that you know, you need to get rid of all that you're going to have I need to write off to tell me. That's my ride off method. I suppose the traditional model of the the compliance visits. The advice of the consulting work. Look, I remember joining him back in nineteen ninety six month things they were pushing as a selling point to me joining them was we do a lot more consulting where we're pushing to get into that space, and we wanna move compliance to one side because they've not still bread and Basha we want that to be a smaller proportion of FASt, everyone's hit the conversations always lighter is that still an important compensation to have and waiting the professions landed on that and fiddly will read on the future with it. I think it's really interesting thing because Nuoro firms of the sun and often think we talk about big affirms glorified that sort of not the big level, but the fast growing firms foams that double triple that. One twenty stuff that one international offices. They have a very different profile. I feel in terms of offering financial planning offering bookkeeping offering advisory. I want to get to the different east of advisory because I think that's that's where we go to major problem. But my because he's microfilms less than ten hade one to two partners, which I think according to sorta zeros figures Mike up about ninety five percent of the partner Bice in terms of the actual number of accounting firm. So it's the vast majority of films have absolutely no interest in largely in financial planning because they don't stop for it. And distracts them from the coal would. And the concept of advisory where on I think is a real problem with the definition of advisories the marketing Spinneys, it's only if you have business advisory software sorry tapping the desk Farley. Only if you have software so it has to be a cash flow. It has to be a business plan. It has to be something with a marketing or a Siles or a grandiose theme to me as a concept of it's a turn that I've coin which is compliance advisory so hybrid. It's it's just it's the first I advisory that nobody I think Nobis marketing and largely software focus Kohl's advisory back. How would you define compliance? If we start with that as a point so compliance is everything that happens to affectively lodging lodging bass legend about which to be honest to many people, I think in the market, and nobody does address bright light done people aren't necessarily do our job. They think that that attack transposition to ease lodgements not this really that pace of work that I call compliance advisory. It's actually. Getting the techs raw. It's actually getting the text minimized lately they structures, right? The an obvious technology for is this doesn't just automatically happen. We'll think about example, small business say take concessions a few little boxes on the texture. Timoci Tico Tico you indicate your applying for an exemption or deferral or whatever the case is look at the mountain of work to establish deep pass, the six militates all the to Milton. I've attest heavy got an activist who he connected entities affiliates. You need to be an expert on text law to work through that. And a lot of outsourcing that would because they just can't handle it anymore. And that's exactly right. The people who toll could have sort of compliance who've never done it kind of go will you can pronounce it of accounts can print out a set of a cast doesn't make a broad the other things we will which set of which set of accounts. Are we printing out which set of accounts have been carded is at the management accounts that we need to advise the business on what they do is the tax it the Khanna back up? The tax return is the accounting standard set, which don't match the tax return. But we may be needed for something else at sick reporting footing is Bank said there is so many different types of accounts. This is the thing people's all the financial reports are automated which said because you can't you can't do all of them, and the the accounting standards, the tech standards and all sorts of things bonded. I saw a complex. So it's it is everything up to logic texture to him that he's more than karting events. If we back site ten twenty years ago when you and I into the professional more twenty plus rather than the ten years. How have prices of dealing with the China look back when I entered the profession we did have Alice. We didn't know what trunk Lutchman. But there was a lot of piper returns about we. They didn't have it. A portal we barely had dial up internet connection and look at today, we fast forward to the tools, and the technology the devices we've caught so what do you observe in being major changes? And how this is hoping claims minus three I started. When I was I think fourteen or fifteen

Texas China Paul Mazda administrator karting Robin Jacobsson marketing specialist Haba Nuoro director Thompsons Spinneys Sydney Melbourne Iran Nobis marketing Basha Kohl
"robin jacobsson" Discussed on Tax Yak

Tax Yak

11:45 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"And can detect yak attack spent a podcast we love yacking about techs. So we've invited a range of Texas bits practitioners and commentators Davidge chat with us. We hope you. Enjoy this episode of Tex yak, I'm Robin Jacobsson, a senior tax China with tech Spanta and you'll heist of today's podcast before I introduce today's guest I'd like to mention the tax plan will be an exhibitor at the accounting business expo on twenty two twenty one much at the international convention center incident at darling Haba, I'll be there on the Wednesday along with their marketing specialist and training manager. And my tech spent a colleagues will also there on the fizz day. So would love to see if you'd like to drop in and say hi today, I'm joined by one of my training colleagues here at tech Spanta the Colt. Rone who is a senior Tech's China, Nicole has a bachelor laws with honors is a solicit up of the supreme court of Victoria and holds a grudge deep education and a diploma of management. She. He's a lawyer whose previously what Mars Ben and the ACO we she worked in litigation and speed resolution and the aggressive text pining area of the private groups and high wealth individuals program, including self managed funds. The call is held various senior positions by comas and accounting practices, and in the community, not for profit and charity sick dot. And she's worked on charity. Regulation reform at these strange heart. He's and not for profits commission, the cult great to have you with me today. I really love listening to tax accent's really nice to be part of it today. We'll get you out on the other side of the microphone for a change. Sorry today. We're gonna have a Chechen about parliament's, basically fishing. We have an election on its way bunch limited sitting days, very limited hall, swagger bills. A lot of things that are sitting there. We don't know what's happening with them. There's this level of uncertainty. That is not going to be resolved in the next sitting periods of parliament because there's just not enough dice to resolve it. So we aren't going to go to the election with a lot of bills that will end up Lessing because that's what happens to build when an election is cold. So look, what are we just set the scene for everybody? I'm not sure that too many follow the constitution too closely. The weather this'll works before parliament. So basically what coming to the end of the forty fifth parliament. Yes, it remembers the double dissolution election that was held by the the government when it was under across Malcolm Turnbull. So what's going to happen in terms of dates a lot of strain? Instead actually realized that there are extended. Gates in play which could actually delay the election for the lower house. So what I mean by that? He's in terms of the seventy two state senators when they're elected three years ago to the double dissolution. They have a formula for working out when everybody starts off on a clean, plenty gin, which ones three tombs, which ones six Tim's. And that's that's the nature of the Senate that they they see at the six years, but in the case of a double dissolution where always in it has had to be reelected than that certainly mocked up that the the crossover of half of them serving seeks or half of them being elected each election. So you all have is it is part of a group group bay and those the group bay saving a full six year term. Yes. The other half three years on her up for reelection again. So that must happen to them. The eighteenth of may the four senators representing the on the territory and all of the lower house members don't actually have to go to the polls until the second of November. Mba. That's right. But I think in how the unlikely that a stranded could stomach to federal elections the cost the advertising campaigns seen efficiencies. Yes, nothing. So I don't think it would engender very much political goodwill. If the current government was to announce only in election of senators in my enter delight election of the house of rips and those four senators until November so more than likely we just going to say regular general election eleven or eighteen may the budget has been handed down the second day in may since nine hundred ninety four, but we're breaking tradition this year because with the election being held in may that's pushed the budget back to choose the second of April. That's right. That's now interfering without sitting days so far the poetry calendar in front of me, if we take a look at it paliament wrapped up last night. But that was house of rip sign Lee. The Senate didn't sit last week estimates, which was very interesting. Wake of. It's was another political nets that following like watching. So much and the Knicks sitting day is just two days with the full parliament, the second and third of April the cheese and the Wednesday, of course, one being the budget handed down the trees evening, and that's basically it for the Senate until the election. That's two days for the Senate to consider. I think it's probably well, I've fifty tax bills alone. Let alone all the other bills in Malaysian to other matters. So they're not going to get three much of that. It's an impossible, and I'm gonna triplet this forever. It's not just two sitting days in the Senate until the election on my forecast. It's two sitting days until the twelfth of August sounds extraordinary that the senate's on the two more is official work in the next six months. It is extraordinarily problematic. When you look at the number of proposed changes that will commend someone to lie two thousand nineteen and we need to know ahead of time that those changes are certain and exactly the technical aspects. Though. So that people can actually be prepared for them. They might be situation. The way contracts actually have to be reviewed in relation to some of the announcements they've made. So we're talking about the proposal to denied actions on the holding vacant land and also in relation to persons fame will image the change to treatment of being come received. Under those circumstances. They might actually required contract changes commercial implications. He absolutely so district find her from wire say two sitting days between now and August because you might go look at the calendar and several poll on a whole bunch of day shield in may and June may days Roberts. You're gonna get cancelled because of the election, and whilst there are three sitting wakes in June. I'm just wondering by the time, I count all the epicenter votes and postal votes and the stationary printed up. My put all the ministers names on the doors, and they pick their cab, not excetera, whichever party form government. I can't say them forming any or having any parliamentary sittings. In June, July and the Joe next shows the choice of August. So we've got vitually night time to get a whole bunch of measures through the wanting tonight who is that the senators that are elected dynasty commence until one to live. So there are a number of practical implicate all issues that would likely prevent the sitting of the parliament in June. So I think your perspective that they work will not sit again until August is going to be quite accurate. This is an exercise that everybody might like to try with their employers. Just hard running past them. Look, I'm gonna go to work two days in the next six months, but I'd like full pay. I'm just wondering how you're going to go to new afterwards. Hopefully, he's been using soy. Let's kick off. I want to give some figures on have a budget sitting because that's the big focus for the government leading to the second of April. And then we can start talking about the at standing missions. So the deficit for the eight hundred nine thousand nine financial year in may of last year was forecast to be fourteen and a half billion dollars, but six months long in the economic and fiscal outlook, which was released last Simba that have revised that I've a fourteen billion dollar deficit down to just a five billion dollar deficit. Now, we will get that funnel at come around September this year, they're looking at the forest period. Basically the government is predicting we're going to be back in the black. So they're predicting simple says of four billion dollars. Montaigne twenty twelve billion dollars for twenty twenty one and nineteen billion dollars twenty one twenty two so call this quick observation if indeed we dig it back into the black and say, that's a big if there's a lot of skepticism out there that we might get back in the black east that necessarily a healthy thing. Well, if this is a very contested idea. Although I'm not sure that there's a lot of debate in the media. The media tends to present the idea of getting into a surplus as a positive, but I think there are some out there that would would challenge that on the basis that even government is in surplus there has to be sitting somewhere in the community south tends to be pushed into the private sector, which consists, of course, large organizations and entities, but also moms and dads who have called. Yeah. That's right has debt mortgages Accenture. And so it does very some indication on past circumstances. When government has been intervals that it creates more mortgage stress or stress in families and communities. So that's why I think it is contested. At least these figures are really flexible, they robbery or something like that. I mean. There has been some talk that there was some unfunded superannuation liabilities. That were not included in that calculation at some point. We'll have to be. So whether that's information that we see when the budget is released. Yeah. I don't know that it should be a goal. I think goal should be the government continues to find the best policy and good infrastructure investment for the wellbeing of the community. That's that's what to say. I think it's with nursing the we've got some of you may recall that in two thousand and seeks still I walked into his office announced to the country that day that we've just pedophile last dollar of dish where now interest free the figures released in my phone is that the current level of gross dit owed by the government is running at five hundred forty two billion dollars. These are staggering figures, and it's causing an interest Bill of more than one billion dollars a month now, essentially high and if we were saying. Good long-term infrastructure development for that money. I think that would be a good thing. Whether we're saying that, I'm not sure. So having said the same that's what we're confronting. Let's just have a chicken with all the measures that have in fact are the beta that they've passed the parliament and received for the Sint or just in the last couple of weeks a handful of bills have actually cleared the parliament. But we are still waiting for Royal assent to be formally given which. Want need allies, of course, in terms of the measures preceding, so let's kick off with corporate tax cuts one that we have simply discussed many times in this form, but Europe's evasions on the corporate tax cuts well with go I've got some seventy now I think perhaps it was a little Missy of the native took about two years too long. What are you still wanting to get clarity and certainty and having said that we have clarity. I think whilst we know what the new rules are regarding passive income, which is passive income is part of the test to determine if a company's vice right entity, and therefore in the companies, I would access reduced corporate tax. Right. I think applying rose about

parliament Senate tech Spanta Rone Robin Jacobsson Malcolm Turnbull China marketing specialist Victoria Knicks Lessing Nicole Accenture Europe Tim robbery
"robin jacobsson" Discussed on Tax Yak

Tax Yak

38:06 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"Yeah. Hello. And welcome to Texas Tech attacks Banta podcast. We yacking about techs. So we've invited a range of Texas bits practitioners and commentators to the chat with us. We hope you enjoyed the beside of toxic. I'm Robin Jacobsson a senior Tech's Trina with tech Spanta and your host today's podcast before introduced today's guest. Add like to mention the tech Spanta will be at the accounting business expire on twenty two twenty one much at the international convention Cinta in Sydney at Darling Harbour, I'll be there on the Wednesday along with marketing specialist and training manager. And my colleagues will also be there on this day. So with love to see if you'd like to drop in and say, hi. I would also like to will come out international listeners who are joining us again and Allister's growing. So welcome to is in the United States New Zealand the United Kingdom Taiwan Spain, India the Philippines, Denmark, Sweden Thailand. Canada the Ivory Coast with them at it to Africa and the Maldives scraped heavy guys along, and I'm sure you'll find today's episode interesting which I'm about to introduce us Baker today. I'm joined by one of my colleagues here at tech Spanta Michael Misna who is a sane yet. Text traina, Michael has a bachelor of science in banking and finance with almost a masters in science economics, a masters of business professional counting, and is a member of CPA strenuous and Sapien Canada, and is a registered tech side. Prodigy owning tech Spanta Markowitz t one investment banks in Europe Asia. Strata before working for several years in public practice where he developed significant experience in the taxation of trusts nonresidents and small business. Michael is very familiar with taxation systems of Canada, Germany, and continental Europe, the UK and Singapore, and it makes an ideal person to have a check today about international comparisons of Texas Michael under. Thank you very much for having me, Robin. It's too heavy. Thank you. So International Olympic going on here. Isn't it? That's raw. Born and rice in Singapore. My mother was German. My dad is American on was educated in the UK and in Singapore. And then worked internationally as well and end up in a strain proud to be striking lavity ah Mon you are excited system. Unfortunately, that's the thing I'm struggling with. So we definitely have a lot of lots to do. I think I've got the United Nations sitting in front of me. That's right. The focus of today's discussion. We want to have a look at how asses them stacks up against other equivalent countries. So the background tool of this. We've got Tom Ozzy personal Techsystems corporate, Texas them, and there's always talk about the what does this main wise is relevant to our accountants in the practitioners that we talked to that. Maybe the first question. Thank you very much Roman. Things are changing we all know about this in the old times we needed to be exactly where we had to work where everything was happening that was even commuting on a daily basis from our hometown. Is these guys ever, you know, have staff that are working remotely through the internet. Everything's in the cloud. You could be doing your tax and accounting work sitting at Bauge import oil and tall, and all for example, in the Bahamas like potentially some of our listeners and paying very low right of Tex at the sign, Tom obviously basis. Any specially capital is very mobile behind that capital is more mobile than library actually, did this shift. So if we backside one hundred years beginning of the twentieth century, we had the bricks and mortar businesses factories the production plants, and as you say paper went to work in the local city or town window shift. Are we talking sixties or are we talking to the end of the twentieth century? Excellent question while we actually had the industrial revolution happening in the eighteen hundreds and early twentieth century audion, hundreds it was really information technology that started in the IT's that enabled that she internet. That's is the internet very much. That's right modern telecommunication. It's all through the internet. Whether you use a software, call Skype, or what's whatever's in the market doesn't matter at the backbone of it is the internet, very low cost way of exchanging information data, and that's the other aspect we have to look at as well, talking about inflammation data. Many of us are knowledge workers the size the knowledge. Is in our heads. If we can exchange that dot on us with the data that is just in the cloud can be moved around that easily. It doesn't matter where we are sitting anymore compared to in the sixties potentially when it was a lot about manufacturing as well. But he had to be the plot was let's be clear, I'm not saying that that doesn't have a future in manufacturing. However, we will have to be cleared up fact that we're not putting together a simple items in the past. It's all about the process, how do manufacture how do we get smarter at it again using our heads to use robots potentially to manufacture items that is the future and that is shaped actually independent of location so to speak. The only thing we need is a good internet connection. Don't worry. That's an autopsy. I want into gonna touch that fighting for the NBA and at my house, you really yes, unfortunately, it's not good. So this is really natural progression. If we think that maybe ten twenty years ago, people started working from harm. We're able to do the dial up. We. Had access to us as but we've now gosh, inap-, proficient, tax return, preparation and other even adviser white Bain down in all sorts of like, including all schol-, that's raw even I we have to benefit especially for. Staff with children, obviously, you can work from home. You've got the flexibility that's another aspect. But as you already mentioned so offshore workers on this. If it costs pressure bay. Opposite Tim to alleviate cost pressures. We can tap into lower wage markets, and that's just the train engine. All that is happening. More and more that low and work goes out of a strike. Have we have to be aware of that? Because of that becomes more and more important at the signed town. However, what does that mean we have to focus on our skills and knowledge again to upscale and the services that we all find, unfortunately, when we offer these services Australia's very small country with small population, we need to market ourselves internationally. We are competing internationally with everything to its open. Borders for capitalism said we have no capital controls in the which is the organization for economic cooperation and development bicycling which country club. If we won we work with we tried with on a daily basis, and it's an outright competition for jobs, if you look at Google, Microsoft, an Amazon, let's be clear, it's large Martin. Nationals despite about how we feel about them in regard to text booth, and then how much excited I paint in a jurisdiction die create jobs on mass. It tights hundreds of small businesses to create the jobs that one of these big players creates you're saying, yes, we will open up an office in SRI. And for that reason, we want jobs and growth, that's the government's agenda, and for that reason, we need to make sure that we attract to capital, and therefore create those jobs, and that's where we are competing. Let's be clear because the capitalists are my Redon have capital controls, which is actually a legacy autumn. We noticed failure the on in the thirties and forties that capital controls detrimental to the world economy for that reason, we have to make sure that as a country we are competitive, and he made this move their capital to strike need to say that they actually get the returns that day. Attention could get elsewhere to that capital. Obviously. Then the question is. What is the text burden that invested pies in Australia, and therefore we need to have competitive tax riots? Let's have at the personal tech system to begin with. So it's moved around a lot. And I actually had a look at some tax rights recently guy. Why back to the now around eighty three eighty four the top tax rate was about sixty six percent, and it kicked in at about thirty five thousand dollars now bears Ronde average wages have gone up significantly since then nonetheless, it was a high rate at a fairly low threshold we compare that today we've got forty five percent kicking in above one hundred ninety thousand and that's g Deke either two hundred thousand in twenty twenty four assuming that the legislator techs cuts that already place do not change in the feature, and that's crystal-gazing. So where does that leave? We've got these rights at the moment has one hundred ninety thousand is the starting point campaign with other countries that we deal with and maps we look at the the US to start with. And of course, the. Ragion? That's fantastic question. Thank you. Matt. Metro. Obviously, we have to keep in mind that since this song, we had a significant amount of inflation Australia. Our target inflation right has always been kind regardless. Our thresholds have definitely increased that something we need to acknowledge. And I think overall it is just an acknowledgement to the fact that again libel at the high end of the spectrum the knowledge workers are almost as mobile as capital if we want to have these high quality jobs knowledge workers, which are have availow impact on the environment. Don't need too much in terms of infrastructure that is costly and his only single purpose that really only internet which is multi purpose that labor can easily be kind to another jurisdiction techs right is high on one scenario of one location, which many or two locations, which many of our listeners familiar with would be Singapore and Hong Kong, and we're looking at effective tax rates of eighteen percent. From one hundred eighty thousand dollars roughly Singapore dollars, our strain those at this point in time. If you have top model right of eighteen percent, any employees in Austria whose offered to relocate to Singapore, many employer get significant tax breaks and a much lower corporate tax, write the employee will probably be happy to relocate because they have twice the tycoon celery or even more due to low margin rights, again, keep in mind, it's the high income earners who will be offered that relocation potentially. Dave we need to be competitive in competitive in our high module rights and why we went from sixty six percent to forty five percent to be mindful of making direct comparisons. Because we could say well thinking in at eighteen percent are hundred ninety thousand whereas waking late forty five percent up. Let's go completely different jurisdiction. Scandinavia? It is well known that they have raise nably high rights of Jesus Tayo value. At attacks and their income tax rates. Not low bash that provide some action, the why government services education hills transported cetera. So it's important to look at the big picture. I will it's not just how much taxes being paid. But what's being provided Becky in return? So when we might the comparison between Singapore Nostra isn't reasonable to say, we'll guess this low attacks getting things that way not for that. That's right way. That's right. That's an excellent point. And that's where it comes down to policy which policy does I government or cross all parties, which policies us than I wanna put wanna pursue obviously Scandinavia as an example has I much stronger inclination towards I government providing services than I private entity that his cultural reasons partially as well. The recent one is going to navy regions can afford much bigger social spin as well is that a lot of money was actually Saif from raw materials and commodity. Tease put into sovereign investment funds, which are now yielding return, but a design point in Tom as you pointed out, there is just a general belief that we want to take more in order to spend more is that a luxury that we have on a luxury. But do we have the ability to do that in? I that is the big question because I think deal straying public knowledged about ten fifteen years ago in general that are Strang is part of idea when not part of Europe for that reason, and therefore our direct competition east potentially broad next door in Asia and not at the other end of the planet. The thing another comparison, China, China's tax rates are and I'm not familiar with this. I how does this compare with our strategy and rights? That's an interesting question on the way that in China tech sites are partially negotiable. I don't think many taxpayers actually pay to hate line. Right. You'd probably more look at the individual taxpayer at a lower marginal level, high income earners. This can always negotiate. They right of day. It is interesting that you mentioned China because toners itchy pursuing the belt and road policy. And what that means is that China is spending heavily on capital investment are each Bill infrastructure, not only in China alone. But also in many countries where they have an economic interest farming interests in Africa, for example, knowledge IP interests in Europe, natural resources in Australia and ports airstrips railway lines phone them on. So I to export. And that is the road which will die onto bicycling. Relaunch the silk road, two point just to get those resources at the same time during these they actually trying to establish a dependency economically. And that is the belt Riyadh getting them. Closer to the thing. Just Michael I have come across this concept of built and road twice this week. And basically it's about rate ninety. A relationship or connection to what they regard is because trading Patna Europe and the questions obeying asked that if you've got this trading regain reopened. It's the old cried if we think back to the time when basically was that trading route from China are through to Russia. We gotta have potentially strategy obeying on the Ayrshire of this particular negotiation, and they tried deals. That's exactly Ron if Chana trust to real on that can only interest to Europe, and China, we have to be clear, well is trying to pursue a modern economy less energy and resource intensive why because that was not a focusing the past coal power was used air is unbelievable. We've all seen the pictures from China Carl industry, for example, where highly dependent on them as one of our major trading patents. That is exactly derived question. And sits on the BBC investor in solar power, not only as in absolute numbers. But also in. Relative number per household citizens Reno that that she will eventually change China as is significantly investing internationally power, which means that eventually call pal which is only a makeshift solution. Because it's quick to build easy to start up. Probably not beat the resource of the future, the energy resource of the future because that enables China become more self sufficient again, whereas for strenuous, our energy and general commodity exports will probably SAFA, and let's be clear that's a big part of our economy for that reason. Do we need to absorb that reduce demand by offering goods and services skills to the world in general to try it as I said earlier manufacturing where small country we have to ship everything manufacturing itself, unless it's bay very high end is not the solution. We have saying therefore it needs to be high and manufacturing again, skills and knowledge, and that's why we need to make sure that we. Attract those skills and knowledge that multiplies that we attract necessary capital to deploy those skills and knowledge and the answer to that usually and specifically narrow city has been lower Tex rides. Now, this comes back to the government's policy in twenty sixteen introduce the corporate tax rate their whole thinking behind this was we need to drop all right to be intellectually competitive because we're starting to stand out of the thirty percent, right. So it same too simple enough policy drop the right by five percent over ten year period. Now, we have spent previous time in other tech percents talking about the corporate tax cuts on the delays, and the Sokha and the four bills that took one of which was phase in the Senate to actually implement those tax cuts. So when I've been talking about this link of over the last months with ended up with a situation where? On the fifty million companies that base right into these are now on reduced Tech's rash. And we'll continue to fall out of the next fees to twenty five percent. Those cost fifty million more remind on the high thirty percent, right. But if we look at these in the sorts of Tim's that we're talking about the smoking the companies that are under fifty Milton. I've tend not to ply on the global stage. They are typically I'm by mom and dad, or at least resident shareholders, which means that a company is just holding passion until it pays at the end. And then top tax payable at the module. Right. So ironically, any text cash that is available to those companies is really just a deferral of additional tax payable. By the residents shareholders contrast that with fifty mill Ohio who are on the global stage who do want to attract international investment who are often by international shareholders. And they're not getting the law. Right. So has this policy actually the complete opposite result of what the government saw? That's raw porn ERM. I. I think we need to be away that we always talk that headline right of thirty percent. Unfortunately, most of the discussion including consultations of taxation government policies often ignored topic of an effective ride. What we need to factor into our company tax rate as well as the other autumn's such as speed of depreciation and Dr incentives, for example, aren't offsets Batori about Andy offsets in the region of thirty to forty percent in our country. I'm seeing offering two hundred percent where would you set up? You are the incentives. Comparing effective corporate tax rates actually shows that are striving somewhat still in the top range of most countries in UK probably stand out to bid with I believe nineteen percent ride Canada. I somewhat competitive America has been traditionally not as competitive, however, recent tax cuts under the Trump government have obviously changed slightly towards a lower ride. The important thing is how you Rodley pounded. The important thing. However, as you rightly pointed out is that in Australia. We have an imputation system for company Tex which only exists in a similar form in New Zealand nowhere else. So even though as the body corporate actually pice that Tex in the first place, very often. It's refunded to residents or non residents. Get phone offset in their jurisdiction. Is obviously I'm very pivotal and controversial topic of compensation, and I think today, we can go into the whole labor policy, nor frankly, I've got off the plant. How however it means it our effective protects New Straits. And she lower than most people think whether that franking credits that are applied against our role. We arising less corporate text than we actually think we do and that is a policy area, which would need further discussion. I think an educated discussion because most legislators aren't even aware of the fact, the Nate outcome is treasury will certainly be way, but probably isn't telling the broad story the whole story and the public is not educated. And for that reason that is something we need to look into. But that's a topic in itself the bottom on halide east. I that we need to be competitive with our takes right? Whether we want to encourage that through offsets faster depreciation or through text ride of all headline takes right? That is the big question again that is a large and lengthy discussion that depends on policy. However, we need to be aware that our headline right is actually quite hind comparison and reporting not always talking about the big banks, which should not get a tax cut. Do we want to attract foreign capital? Yes. Or no to attract these quality jobs or create those quality jobs as well. That is the question we have to ask ourselves and not too long ago on individual tax payer front. We have actually taken steps with debris in seven six eight hour, which traits temporary residence differently to attract that foreign talent in the sense that they are only assist on train so's income while they are takes of triumph for that matter. We actually have another policy again, which is the backpackers writes doesn't separate category of taxpayer in terms of the way that they're assistant on the rights. I subject. Does we sometimes get too caught up in really fine data at the end of the day detracts from the broader conversation about international policy, and what we should be chasing that Texas some of the exchanges that we deal with an training sessions, aside, finicky and sew micro in Dade Heil and often that is timing differences. Or it's on the victim number of Tex payers, but really should be looking at the big picture about wack me as Texas to make it robust and attract investment and generate jobs and productivity, and they're all great buzzwords. But at the end of the day when we're trying to generate productivity in work and make sure that we're going this moment and confidence in the economy. I'm just wondering if we're getting it right with that Texas them that is a very good point. And I couldn't agree with you more, Robin. We have to ask ourselves. What do we want to shave? Do. We want to make sure that one hundred percent every takes is with complied with and we think about every possible scenario and no mid of what the compliance costs. We will make sure we will recover the last dollar, even if it costs one hundred dollars to do so or do we actually want I easy to understand Texas them? I mean for those of you who did they texted studies recently, you will know that the basic purpose of every system is to raise government or to meet revenue raise revenue to meet government expenditure at the same time that two key features to make any takes a good Texas number one that it's universally. Understood. I think we don't have that at the moment industry all a number two that it gives certainty. We don't have that either with retrospective taxation and especially in the field of universally. Understood on notice that a lot of not only takes but also agents out there struggle with our residents rules, unfortunately, our residency rule state back partially to the eighteen hundreds betoken about a concept of domicile, which is defining domiciles act. And unfortunately, it defines your domicile is where you. Was born. My father was born in Germany yet. He's American and almost try I grew up in Singapore wise. My Holland Germany or deny for that. But that is what medicine how takes ice necked, and we have to funny example of the Harbin cash recently attacks pair that had lived for many years in Austria had been renting service department in behind beforehand in Saudi Arabia way. Everything moves included between about the internet cable, TV day, housekeeping, the room service and the through service, and what not and because of that it turned out as the second of our section six Schwann. What makes takes incident in Australia? Now, the poor gentleman who had not said foot into schreier for many months was he only on holidays was into text resident because he did not pay his own internet himself because it was into not have that he didn't have a permanent place of abode why because he didn't on his own. Furniture shoot. We looking at our overall finishing of resident for Tex purposes theft. Look at hiring hip in San fans of sixteen had Spain for all but three years. We're actually not the taxis in question before the court. And I think what's really interesting with hiding is east bike humility our the concepts of docile. Now, the board of taxation is currently looking at the residency rule. So they've identified issues without concept of what is resonant place of domicile our old fashioned concepts. They died back to a time where somebody moved overseas you went by ship because there was no commercial airline travel. You packed up your whole life in crates. You spent three months on a voyage. And it was pretty clear where you living these days in the case at hiding. He was a fourteen flash away from the Middle East his wife and kids living back here at the time. We talk about this mobile workforce. And because he's mile wasn't being delivered to say it was being delivered to his straighten. Chris and his wife, and he happened to be inefficient apartment where that is fairly standard, by the way to be leasing finished apartment in the Middle East. He was deemed to be a resident of stranded because he hadn't established this place about I've assays and clearly with the board of Tex with moved on from those old days, those concepts and yet our tax law hasn't kept up with the modern my ball worker who is able to work anyway, engage anywhere, and even families these days modern the idea that HAMAs where the wife and kids not long us. It's a case that's raw and two points. Absolutely stay now. Number one. Do we need to adjust our text to bring it up tonight? We inherited our definition of IT resident pretty much from the British. They got rid of the concept in the last five years. New Zealand had designed a finishing got rid of it as well Canada had similar definition about seven years ago, replace it with something simpler, the board of accession recommended. Actually, a very very simple headline to have you been in the country for hundred ninety three times if so you were textured, and if not you weren't they supposed to be a second supplementary taste to assure that there's a bit of integrity around this role. However, it would be really easy to comply you can count dice in your passport, not stems what the diets are. And you know, where they've been in the country one hundred ninety three days. What is the problem with that? However that probably the political will is suffering that would be a policy that would be very hard sell. And again, probably goes tau politics in general, why we create policy and communicate a policy should we'd probably be stopping bit of rhetoric on the policy and clearly identified. The issues facing offers me think that this action crazy integrity of our Texas them it would achieve simplicity the ability to comply and the certainty around Texas them, however, can obviously mention the cry from the public if such a policy was announced. But that's where we're coming back full circle to our ec- comparisons our competitors in regional neighborhood, and in Europe, and obviously in the United States where do we want to go as a country to reward to be I hide texting high-spending economy? And even if we are that is foreign, however, how do we make sure that we attract foreign talent libel and capital in the first place. How do we make sure that foreign investors get their return that they seeking on the capital to make sure that captain comes into the country, the two I'm on not necessarily conflicting, and we have actually gone a long way in the sense that we have final rites of Tex, for example, your strain. Company tech spite that is a fun right of tanks. Four non residents in we have higher moderates. For those residents restraints income, we need to have the discussion is actually the planet. And we need to highlight the risks of higher taxation without a plan. It's easy to sign a Texan non-residents at a higher, right? Like, for example. The main residents exemption, which is on the topping block unfortunate has been four wall with no suit and the ad calm. And we can do that the ideas, obviously, then on residents they probably don't have vote. Therefore, it's easy to Tex. But we also need to be honest with the public in regard to what will be the ultimate result. It's nice to say we're going to tax nonresidents atop much, right? But if no resin non-resident action Mason strike regaining top module right of their income. Looking from another perspective way. Also have a straight into EPA saves to skill up geisha experience pliable stage and a strategy. Benefit if skills and experiences back to a straighter and with the con- proposals to deny the mine resins exemption for foreign tax payers. There is a big issue with the strategy expats who and I've had a number of them contact me through link deny the pass Chia people in Hong Kong and New York and London who've said, we have high ministry INA we've been living in working as for a number of years. We can send about that. Depending what happens with this government policy that reminds before the session we could end up with a significant tax Bill. They've already solved these properties and this on the basis of announce much, so basically cleared out of Australia. They've said to me we have financial ties there any long they may have parents they might not they might come back to visit as the case may, but this why would become back. So it's an important issue. Not just about people coming in -tracting international investment. But we need to make sure that these are going to get this experience. Come back again said that I bring my skills and experiences to us. Benefit from that. That's all it and doing my sincere at the discussion with a lot of fellow Stratton experts and the bottom on was always all we miss our barbecues. We miss friends, but at the end of the die the whole tryin, Texas them autumn want to have to deal with that anymore. Those were comments from high income is certainly there are considerations. And while it is always easy to complain about something that you have. We forget about the things that we have. We don't mention them however, comply with those laws is actually quite difficult in Singapore accountants for individual taxpayers, you text message it in of the year dividends on textile interest is not taxable as capital gains tax Hewlett told bottom this income because it was no pace with holding please pie. For example. I eight thousand dollars in three months, and that's the end of you face to contrast. If I look at the start of the system, and I haven't got a complete list here. But they just some of the considerations that some would need to think about as a my ball workout moving in and out of a strand. Of someone coming in or someone else's moving. The tax writes, the temporary resident rules the working hold. I Mike roles. This particle the seasonal lie about my -bility program. So we attract on one because things like picking Frisian and so on. Withering comes exempt in a strenuous treatment farm losses. Subject to the Medicare Levy, they're non resident withholding taxes the train of foreign tax offsets taxpayer Davis. As is really interesting that we're discussing at the moment where I credit for Tex in the US been denied to the extent of half because the relevant Texas tied on capitol game that costs only half is subject to Texas strata, and that's generated a lot of discussion incisions treatment, double Texaco moments say JT of anti one when someone leaves the country's a resident Dame tube disposed of your foreign furnace. It's said GT on foreign assets when you come into the country Dame to acquire them train a franking credits. The CJ discount the main residency exemption farmers capital gains, withholding roles departing starting superannuation payments. And then you control your entities. I mean, that's a completely exhaustive least. And that's an awful lot to think about when you walking through customs your wary. You tied wanna JJ defray shopping. You wanna get new? Soon as possible and continue on to all these Texas. She's it is fascinating. And we have to keep him on. When a an expert returns often, they bring an audio with them. They probably want to themselves up in business and one of my favorite artists is Jesus GST obey efficient topic, obviously a very efficient Tex which is not distorted like for example, payroll tanks. And then even if it's only small cafe that they want to set up probably say, China move to coastal whatever it is and refined that a Muffin can have different GST treatments, depending on whether it has not owned knots, Soltan us or nuts. Chocolate chips. I mean, you wanna comply with the textile, but it is just too complex. That is definitely a deterrent simile all international tax issues are so sometimes bespoke that many accountants even struggle to work it out themselves again is it even feasible because the texture is different. We need to apportion certain amounts. We need to at back foreign depreciation. We can't take the amount from. The foreign takes men can climb on foreign income offset only when the Texas pied what is the amendment period, we need to amend his return again as you highlighted earlier. We might have sold. Our main residents, we still don't know two years after the policy announcement with Bill actually proceed and in which form it will proceed. What have we done? Unfortunately, most taxpayers actually want to comply, but unfortunately, might situation just lodged texture term and hope the amendment periods IVA, and let's just hope we get away with it. I want to share with this. I went to a discussion great this week. And we had a guest speaker can fairly his a j expert in strata, and it just highlights to me the fickleness of some of our laws, and I don't remember the days of sales tax where we had the load inconsistent treatment for different products. But he was telling us under GSA if got to identical lasagna's Fresno venues on the market, one of them is justified a graph of. Face of lasagna. In other words, it's a complete meal, and you take it home, and you take it out of its repping stick it in the back alive that is taxable because that is ready made meal. I mean know it's not fresh food, but the other product which has a few vegetables as a serving suggestion on the side that lasagna becomes an ingredient in a broader meal, and therefore it now becomes GST free. Now, there is no ramen raisins to why that particular product should have a different texture just because one has a graph of some additional ingredients on the back of the packaging, but that's implanted with some of these roles that's away international tax, just highlighting that when you've got inconsistent treatment and people trying to comply with it awkward up. A postal dean yesterday. It was almost a bit of Topi. Wouldn't it be lovely to have Texas with things happen efficiently? Laura's clear where we made thousands of pages of God's from the tax office every year to explain to us. Why? What the provisions in the act actually mainland where we need to spend thousands of dollars to professional advises to interpret the laws and comply with applications and are entitlements. And of course, I should if not years to Klay paliament, and that again is actually our comparison to the look at for example, we always can just happen leave and move to New Zealand Tamar. Yes, the weather wouldn't be as good bad. Do you see would be a lot simpler? And so absolutely city would not be an issue anymore at all ROY. We would have a higher rate of tanks. But most importantly, quite a lot of Texas actually rice from that additional because it is applied to pretty much everything. And for that reason the business and complying with older rules and regulations around exciting would be so much easier. A small cafe with three employees always on you have three more jobs in Auckland rather than in Sydney that is the bottom on here. And we need to look at this. We've been chatting for half an hour. I'm not. Convinced with actually reached any solutions. But it's great to have a chat of at where we have at this, Texas, and how in this internationally. Absolutely. And it is a start. Maybe we look back in twenty five years people will say, you know, what Robin Jacobsson Markham as now they made it happen. Michael. Thank you so much for joining me today. Thank you very much for having me before this episode would like to thank you for your support, so far and all the great feedback. You've given us with a special offer on Wednesday. The third of pro tech spent will be conducting annual webinar on the federal budget and more. Offering all listens. A ten percent discount. When you register with primary card techs yet nine that's tech one nine this offer is only offered heater valued tactlessness, and we continue to enjoy our podcast, if you're enjoying podcast place tech amendment, right? And review the show wherever you are. Because it will help to improve the pri- followed the shar you can use Siri to find out shy by simply saying play Taxila or subscribe to taxi if you like to connect with us on social media, and let us my what she think all suggest feature topics speakers, you'll find linked in and Twitter or we can. Podcast at tech, Spanta dot com dot AU. He can also find regular blog articles at tech Spanta dot com dot EDU slash Banta hyphen blog with fourteen joining us next time.

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"robin jacobsson" Discussed on Tax Yak

Tax Yak

07:17 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"And taxi tech spent podcast. We love your king about techs. So we've invited range of Texas bits and practitioners including colleagues at tech Spanta with Martin consulting and Texas to have a chat with us. We hope you enjoy the episode of taxi on Robin Jacobsson, a senior tax China with tech Spanta and your host of today's podcast. I'm joined by Simon Calabria director of with Masha consulting Simon. Welcome to check. Right. Heavy here site today. We're going to have a chat about the role of contracts when it comes to dealing with tech, suppler Gatien's, and in particular the state. It's a bit of a field that ever since juice to came in the whole advent of looking contracts, and particularly geez has been. Not necessarily too difficult. But it's just a constant reminder that you've got to look at every close look at the transactions and determine what the anybody Epson Astara night Jay tasted bundle. I take thousand of Kohl's. And that was a game changer for drafting contracts, particularly when it comes to property sales. So maybe just a brief comment your experience into his tape. Then as I'm once, it was an interesting time as we started have to Kohl's into contracts. Infected started sort of even before so Jesus twos. In December ninety in fact, since that there was there was tweeting Tom through. The immplementation Jays today. But certainly on your two thousand came around JC clauses were willing truly embedded in contracts and finally enough. I've improved of improved over those first couple of years, and what we see I standard form contract and a standard form Giusti clause. In those contracts are typically if you looked at the components look at does as to applaud deploy and in these contexts, let's look at this purchase or sale us our contract and for looking at it from the purchases vaunt point of view, the venues point of view. But stated components you would typically get in jase close would be does. Jeez. To applaud apply if it does. And there are just moments. So some contracts have expenses that are taking you can't do we take into account the jeez. The after the Credito before the credit and those kinds of adjustments. The contract and the other standard Todd of them forms. We find in air bed, gums, applause of a going concern and all farming found land exemption, you'll see the standard foams for. Margin screams will and in digital that you're therefore you'll savings Texan voices. And some of those mechanic under the contracts will those those clauses did serve. Improve this first few years, Boise. Now is essentially the sign, of course with more gruesome more recent. Announcements and changes to the laws such as the foreign resident capital gain, withholding was saying those being krypton as specific clauses will and more recently again, Victor from July eighteen is these new resident withholding rules. So those evolve pretty quickly. There was a whole also in that transitional phase it was a period of Tom hall. There was contracts that we're grandfathered and didn't have JC on them until they were using contracts then along on that was the first five years, but. Today. The importance of those contractors general, stay closes have no China. What probably obscene more recently in a what we know where they need after they come in place that there are still load of potties to transactions with the actual potties themselves all their advisers that help them that there is still. Lack of importance on those. But is a very big importance on understanding what the transaction action is what the objective of the each of the parties. And and remembering they might be an advisor who's advising VIN Dornan vase is who's giving advice to the perjure study objectives won't be slightly different. But when it wants the parties entered into an agreement or entered into a general that agree to enter into deal, then draft contracts command when the draft contracts come out in the potty start to finish what I do want out of these clauses. Some what I find interesting is we are a chain nearly nineteen into these roles, and I'm talking about the foreign resident capital gains, withholding the J state property with helping but the original game and going consent. And yet Saimaa the litigation relating to stay still involves property. There are still contracts that we deal with in cases in our training sessions with. People. Get it wrong with. I haven't contemplated the right outcome with misunderstood or a box hasn't been take has been take. But they mis interpreted I'm still surprised at how many basic air is being made when it comes to stay and property contracts. It's not that surprising because the standard clauses deal with the standard situation and mice taunt and so an analogy used win Jay sewage bay implemented is that for ninety percent of transactions the standard contract and a stained clothes, probably works. But but there's no one in ten percentage as ten percent. But that's just a ninety ten rule. We used to use it the Tom and whether it's tints fifteen percent, it doesn't matter. But there's a small a small proportion of contracts, which tend to have that Daikin standard contracts dunk it covered. Boy, stand close and therefore need some sort of. China your minimum, which is way special conditions coming. And it's and I think what you fall on this way. You get the dispute is all the because the parties what the parties have set out to agree in the transaction has not necessarily incorrectly reflected bothers closes would understand what they trying what from the text viewpoint with which commercially. And so a lot of what we see and stems from when people ask advises to look at contracts, they tend to give them the full picture. So he's j two as opposed to sign he's with bodies of. Agreed. He's what the draft contract says, he's all the special conditions side. Had that were does that were with the staff close and fetes that possibly one reason why he still disputes. But the rumors is dispute is that the parties agree. My omen have been reflected. They didn't train. We'll have been amazing the minds potentially that is will

Tom China Simon Calabria Kohl Robin Jacobsson Martin consulting Tom hall Jays Texas Jay suppler Gatien director Todd Boise Daikin VIN Dornan advisor fifteen percent ninety percent
"robin jacobsson" Discussed on Tax Yak

Tax Yak

05:11 min | 1 year ago

"robin jacobsson" Discussed on Tax Yak

"And welcome to tax yet attacks Banta podcast. We love you king about techs. So we've invited a range of Texas, but it's practitioners, including our colleagues at tech Spanta with Masha consulting Entex it to have a chat with us. We hope you enjoy this side of Texas Tech. I'm Robin Jacobsson. A senior techs train with tech Spanta and your host of today's podcast. I'm joined by Alan FitzGerald. Allen's whipped in various business development account management roles at solution. Seeks nap pot of a Maya bay APS Thomson. Reuters in twenty fifteen Ellen founded practice connections, which wits with the canting films to source the best tax compliance part dismantlement software solutions he's nearly twenty of experience working with Texan accounting software, along with these industry. Incites makes the picked buys advocate Alamo context yet. Thanks very much beer. Now up has fist cross light last year. I was fulfilling a CPA evening. Talking about quick expenses with a good sized audience, and you one of my penalises, and we were work related expenses. And that was all five and the route of the into the eighth inning one of the fellowship in the audience asked about country by country reporting and the systems needed to comply with reporting rules and without hesitation, you jumped writing answer the question now, I can't think of many people who can swing so easily from work related expenses into country by country reported. Well, you might have seen that I was wearing my hive is work related expenses sucks. One of the things that I guess that I've been able to do over the years, I've had the privilege to work in a variety of industries, and in a variety of areas that has opened my I guess my perception the my awareness to a whole different areas. And by controversy reporting is is one of those e bring a great perspective tab, tactic podcast, must've era precise today to being more long lines technical discussions, but what I wanted to do today is have a chat about technology in tex-. What does it look like at the moment? What are the tools available to accounting and tax, practices and more excitingly? What does the future of the clock because this is changing faster than most of us can keep up with the way that technology is currently going is that more and more of it is going into the cloud? Now, the reality behind that is that the cloud allows you to work from anywhere. And it's a well documented what the cloud can offer. So the the dilemma. From an Australian perspective is that the size of the population. So roughly twenty five minute people when you start spring cutting down into the number of accounting firms in the number of people that are actually going to buy a piece of tech software. You've actually quite a small market. But in saying that you have a lot of indoors that challenge for that. Marketplace it must be at least five if not six that the challenge into the marketplace. In other words, he do have to lodge Tetra tens and now the report side there is a guaranteed market. He looks homes the government keep on changing the rules in. This was going to be a creek on a life young pretty sure too. So so you have you have elements of software that will work for the smaller firms in the sole practitioners. But then you also have the market which is the mid tier spice right through to the big four, and they each of those different verticals have different requirements within within what they have for their clients be. They small medium enterprises individuals right through to lodging the beach as of this world. Getting a corporate tax return and consolidate a Tex returns as well. I'd like to mention just for the pip of listeners that when not endorsing any products today was simply discussing the tops of tools that are available. The stakeholders in this whole market. If we come trust with authority heats with her BS, whether it be the tax office with be at Percy of funds. Whatever then we've got the advises the tech science, the lawyers got the digital service providers software developers, and then we've got the tax payer or the business. So a lot of stakeholders a lot of interests had he Jekyll these Hattie work out. What is the best tool for the right customer? Challenge that accounting firms, and I thought just focusing on accounting firms at the moment is that if you look at the gender or the Genesis of the softwares that we use today ordering in in public usage today a lot of them stem from softwares from about thirty years ago. So this been this generation several generations that have grown up using a particular brand of software. So that Brandon gets associated with that's tech. So for that we're going to use. As I said several other conversations one of the joys of why we like to deal with the canning firms is because the as my brother said, nobody likes spontaneous accountant. So the tendency to radically change systems is is limited.

Texas Tech Allen Robin Jacobsson Banta Texas Alan FitzGerald Reuters accountant Brandon Ellen twenty five minute thirty years