6 Burst results for "Senior Tax China"

"senior tax china" Discussed on Tax Yak

Tax Yak

02:11 min | 6 months ago

"senior tax china" 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.

"senior tax china" Discussed on Tax Yak

Tax Yak

10:57 min | 8 months ago

"senior tax china" 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
"senior tax china" Discussed on Tax Yak

Tax Yak

13:58 min | 1 year ago

"senior tax china" Discussed on Tax Yak

"Today. I'm joined by one of my colleagues here. At Tech Spanta Leeann Saunders who is a senior tax China based in Brisbane. We add has a twenty five years of experience in the text proficient prior to becoming a text China Lien was a specialist. I tax consultant providing advice to a diverse range of clients on a wide variety of Texas. She's she commenced her career. In the big four environment in Sydney before moving to the Gulf coast we she managed the tax consulting division of a lodge sticking to you in the end has masters in taxation and a diploma in Financial Studies and as a chartered tax adviser of the Texans to cheat Leeann welcome to Texas Tech. Thank you great heavy here sickly down in Melvin and chilly wake to come to this today the agreeing to discuss issues affecting Rachel practitioners. Why are we having a conversation about this because we felt this is a huge segment of the accounting population? We wanted to recognize the issues that if I spy regional practitioners and not just taxi she's I think there's often an assumption or a perception that the conversations about texture often gatewood city-based ribbon based accountants and the options and availability of resources and we'll talk about all of that we also wanted to acknowledge the contribution that regional practitioners make to the profession there's enormous amount of work and often do it pretty hodge along with their clients and these drought affected areas so what we're going to cover up some of the issues issues that they confront and throughout this conversation we Amman full that we have by city-based dip and based accountants as well as regional practitioners so for those of you who are original practitioners you will mojo heads in furious agreement onto you will understand the issues with coming across and you will deal with many of these issues every day on a day-to-day basis the city-based ribbon based accountants for those of you that don't do these issues. Maybe this isn't a winners and we'll introduce you to some of the things that you do have to confronting your original practitioner so what we will start with is running through bracelet because there are a lot of provisions he had that actually affect racial accountants. We could be hours talking about the unique techs implications for regional practitioners additionally the deal the things that they deal with on a day-to-day basis now are for chewing because you travel a lot as we often do as trainers but you've had a particularly large exposure to regional absolutely yes. So what do you generally say when you're asking about well. Oh I say from a tax perspective a lot of issues in the product production area a lot of our tax rules regulations. I'm taking to account the unique nature of primary production because was it can be whether impacted it can be economically impacted. There are so many factors that impact primary production and perhaps other industries also than other industries because of course everyone deals with imports exports. What's an economic exchange rights and all of those things primary producers have all of that but they also have the uniqueness of Australia's weather conditions they can be in drought? They can have flood-affected situations. The drought flooding rains bushfires smells so I'm so things like the income averaging provisions allowed primary producer to average their income over a five year period to meet a gate from the effect of tax tax changes across heave as in the level of tax payable across differ years some years. They'll be very profitable. They have great crop. Production are the years not so good fair to say that when a family does well they do very well and when they do poorly they do really really hard they do really hard here. That's right so so to have to have the ability within our tax rules to be able to even out those taxing packs and the cash flo impacts farm management depositor another tool that primary producers can use to mitigate the effect of changing income levels microphone management deposit. You get a tax deduction in the year. It's mind and then when you pull the money out at assessable as long as you hold onto it for more than twelve months in the famed then it helps to mitigate the cash flow as well as the federal tax really just talking pretext olas Karan out of the system until it comes back into your tax return and yet when you need it. That's that's right. Do you have a view on whether income averaging rules work or should they be improved or are they too narrowly focused at the moment. I think one of the problems for Bose F._M.. Days and income averaging is that they can only be used by individuals if the business he's been having own in a company there is no access torch rosters concessions beneficiaries of trust if they individuals can use them but again. It's the business that has the changing the changing parameters. It's not the individual so I think that the conditions should be extended to the business rather than to the individual that would be a policy which quite a significant policy feeling all right what about one of the fundamental rollings ninety seven eleven regular China's when is an individual carrying on a business or primary production and it's becoming a whole nut rulings that we use right throughout the taxes. It's not only applicable to product producers. It's across the board. When do you carry on business and of course that ruling takes you through all of the normal hallmarks repetition regularity profit making purpose carrying out your activities in business like manner all of the things that you would expect to see with somebody that is carrying on business business rulings now twenty two years old and it hasn't been updated over the one of those very significant and long standing rulings capital ounces their range of provision specifically available department produces and I'm referring to fortieth and forty Jay? Can you give a quick overview of what we say within each of those provisions and again from a from a policy perspective this is important things like immediate tax-deductibility for expenditure on water facilities you talking dames tanks and boys immediate deductability for financing construction and assets and finally immediate deductability since the nineteenth of August last year but immediate deductability for expenditure John for the storage just cleared because when I speak to the groups that I've gone visiting Rachel New South Wales we don't understand what fodder storage assets I walk into a city by spam and said you not a storage is and they go so what I just means food stories food fruitful livestock and so for the story said is high shade a grain silo something that stores food for the farmers livestock. I'm recognizing that recognizing that that these rescind shoe to businesses primary production and things like your water sources. They're there for hard times. They're there to store water your father storage. I said at their store food for the event that there is a drought and that there's no food no water so hence the reason why subdivision forty if tells us that those things are immediately deductible to primary producers now the provisions on the apply if the text by themselves in case the expenditure so five by mom and yes it's already I can't hide pot of the pitchers price to those assets and then get immediate Russia's for them. No you don't miss the previous person was not entitled to a deduction which normally of course the previous owner if they spent the money on the asset they would have been entitled. Even they're not playing. They would have been entitled Climate Action So then it's not it's not available to the nixed on five in recent years. We've seen quite a shortening or even removal together of a fifty lives so in the past we had fifty or fit. We've live for some assets and we had fifteen years or three years. Not many of these have now come down to immediate deductability so do you say this is acknowledgement by the government that in order to sustain these businesses they've got to provide deductions for expenditure in the band as opposed to spreading this time yes yet the effective life of the asset might be fifty years but the reality is you spend the money in one year and then that will that will secure better ETA profitability for Your Business for over fifty years to come so it makes sense that in the year that you actually spend the money you should be entitled to the deduction. The drought is something that continues to plague significant parts of Australia and. Often in the city were a bit removed from I'd say what's going on. <hes> there's a very technical way of determining with an areas eligible for relief Korean government declaration made <hes> but certainly when I've traveled up to ten Morris and and I also got a baptist regulate but if I think time with I've been going there for I've if they needs and Ivan Is Different Times of the year it will sometimes be yellow will touch him brain. It's usually Brown again and you get a sense of an era. When you fly into watch? Yes I remember last time I was up I looked around and I walked into these sessions in both bathurst and ten wes installed smoking too bad out there at the moment and they buy a sit Davis. It's called grain draft and I haven't heard that expression before but green drag as where you get a touch of rain and makes the nature strips come back everything starts to look a little bit rosy but it silently surface date and if you go beneath the surface you still got incredibly dry ground. That's right which if you're trying to grow crops very difficult yeah more issues things like livestock numbers. Tim called natural increase. Can you explain what that meant well. Natural increases normally when you run a business you purchase your trading stock with natural increase. You have lots talk. You don't need to purchase rather livestock correct. I'M NOT GONNA I'm not GonNa give you the keys that that's natural ingredients and so there's a different mechanism for accounting for trading stop them what you would see in our traditional so you would have obviously your sales and your purchases actresses it would depend if you're in the business of selling lot stalker without using it to tip yuks such as you pay for your dairy but obviously there's another way that start can come into fruition here ranked putting it delicately insurance this philosophy livestock so how does this work well in insurance. The loss of livestock is if you've been able to claim deductions for the cost of livestock then you're going to have an assessable over couldn't climb on the policy until it's going to depend on again how you hold that trading. Will you hold your livestock as trading stalker with your holding it for breeding purposes or some other now this next one. I'm not sure that you see too much of this. Coins probably be warned not do much clipping in quaint sloughed in Victoria and if we got onto the western districts area there's obviously a lotta sheep and New Zealand would have the same a double wool clip Simon. You'll shearing shape there would be of course assessable income that comes from shearing depending on the season and how fast will grow them what's going on. You might actually have to do in in one year and this is it allows you to spread the tell us. He is correct so it's a small income averaging variation but yeah just it's ours something else mine residency exemption not specific department produces but in urban dwelling you don't often get out of the two Hick Daryl whereas you regularly get over to Tim's so again. How would this work if I've got ten or twenty old three thousand acres of land but my farmhouse is on a part of it and then I sell it? I'm still entitled to the main reasons exemption but only for a maximum of two hectares of land only if that land is used in relation to your private use of your residence so you don't automatically get to automatically get to Hickson misconception that that's the case but it's not the council and the two victims doesn't need to be literally the area around the house it could be area it could be another Hickman somewhere else. Privately correct correct okay the distributions out of trust and Padma Sheep's. We've got some special labels the texture chains and I'm sure everyone will say at some point but not that many actually feel the meeting necessarily carrying the primary production Edison yeah so it will probably production is your income from farming activities. Yunan in primary production is basically anything that is not it could be that you <hes> that that you receive assessment because part of your farmland is rented to another farmer for the livestock <hes> so <hes> that's not income from primary production and this then allows a costing the averaging rules to provide correct absolutely noncommissioned loss rules so just a reminder to everyone. That's only where an individual makes a loss it doesn't apply to any other talk of entity the couple of wise where if losses being made in business and you may not pass one of the other tests the twenty thousand dollars simple income tastes or the one hundred thousand other what are some otherwise tickly in primary production could benefit benefit from the provision when first of all I would say most of the time private producers would pass the five hundred thousand dollars worth of real property assets kissed however that might not be enough to give them access to the losses a smaller firm or they may have a smaller farm and not pass that test so of course we have the overarching tasteful all tax payers that adjusted taxable income needs to be lower than two hundred..

producer Leeann Saunders Australia Tim Texas Texas Tech China Lien Brisbane Melvin consultant China Gulf Sydney hodge Padma Sheep Bose Amman
"senior tax china" Discussed on Tax Yak

Tax Yak

10:20 min | 1 year ago

"senior tax china" 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
"senior tax china" Discussed on Tax Yak

Tax Yak

11:45 min | 1 year ago

"senior tax china" 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
"senior tax china" Discussed on Tax Yak

Tax Yak

07:17 min | 1 year ago

"senior tax china" 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