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Welcome to the December edition of ConTax.

Thank you for your Membership throughout 2006 and for using the Taxation Institute as one of your reference points whilst studying at University.

We genuinely hope that you will continue to consider the Taxation Institute as one of your most beneficial tax education resources whether you are staying at Uni or leaving to join the workforce.  We look forward to seeing you at future events or when you become a full Member, if you decide to pursue a career in tax in the future.

Remember, if you are considering pursuing a career in tax after leaving University, please be sure to provide us with your new contact details when you move on so that you can continue to access information from the Taxation Institute which will benefit you with your further studies and career advancement. To become a full member of the Taxation Institute please click here.

For those who will continue to study don't forget that as a student Member you are entitled to access benefits that are usually only available to full paying Members. You can obtain a 20% discount on the Australian Tax Handbook from Thomson and separately, an across the board 10% discount on the other tax and accounting products. Other benefits such as discounts on car hire with Thrifty can also be used by yourself and your friends and family. Please access the Business Alliance Partners link on Institute's main website www.taxinstitute.com.au. You are also entitled to attend any of the Institute's education events and courses at Member discounted rates. These same discounts apply to most of the Institute's products. Once again, please access the Institute's main website www.taxinstitute.com.au to find out more.

On behalf of everyone at the Taxation Institute I would  like to wish you and your family and friends all the best for the festive season and new year.

Yours sincerely,

Noel Rowland
CEO, Taxation Institute of Australia

 

In this Issue :


Issue highlights:

Regular Features:

 


A Research Guide to International Tax: An Australian Perspective

Colin Fong and Dr. Dale Pinto.

The attached article was included in the Australasian Tax Teachers Association Conference Proceedings of 2005 and has been revised for publication in the Journal of Australian Taxation.

International tax in Australia has largely been the poor cousin to Australian domestic taxation issues. This has changed recently, first, with the review of Australia’s international tax arrangements, and second with the enactment of the following Acts:

  • New International Tax Arrangements Act 2004 (Cth).
  • New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (Cth).

In light of these changes, it is timely to consider how one might go about researching international tax materials, using traditional library resources, as well as online resources, including the Internet.

It should be noted at the outset that some of the sources used in the compilation of this guide include the online catalogues of Curtin University of Technology, the University of New South Wales, the University of Sydney, the International Bureau of Fiscal Documentation and York University. Also, readers should be aware that most of the publications listed here were published in the past fifteen years.

Click here to read the entire article

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Partnerships - Profit and loss sharing - Sample Exam Questions

The following question is taken from CCH Australia’s publication, Master Tax Guide Examples.

CCH Australia is a Business Alliance Partner of the Taxation Institute of Australia.

Arnold and Barrett operate a flower business as partners. The partnership agreement provides that the profits or losses of the partnership should be divided equally after Barrett, the active partner, receives a salary of $60,000.

Calculate the partnership distributions for the following situations:

(1) Suppose the partnership made a profit of $30,000 after the payment of Barrett's salary.
(2) Suppose that the partnership made a loss of $80,000 after the payment of Barrett's salary.
(3) Suppose that the net partnership loss is $4,500, after payment of salaries to Arnold and Barrett of $22,500 and $12,000 respectively.

Click here to view the solution

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Young Practitioner Profile

Emma Carlile

What does a typical working day involve?

The normal working day begins at 7:30am when I arrive at my office, power up my computer and see how many emails have been received overnight! After responding to the emails it’s onto a quick brief with the partner I work for, regarding the work that is on and any issues that may have arisen.

The day then revolves around preparing financial statements and income tax returns for a variety of clients from Vineyards to Financial Planners. In between there is training for the graduates that work on my team, answering their queries and managing their work flow. Phone calls from clients are scattered throughout the day and dealing with the never ending ATO correspondence!

The day comes to a close very quickly as I’ve been on the go the whole time!

What has been your best achievement working in tax?

It’s a great feeling to expand your knowledge from when you first start and don’t really know anything to being able to deal with any job.

I was privileged to be asked to be a guest speaker at the tax institute’s Agribusiness Seminar in 2006. I was honoured to be asked and it enabled me to step outside of my comfort level.

How did you get where you are?

I graduated from high school in 1996 and then spent three years at Murdoch University, graduating at the end of 2000 with a Bachelor of Commerce, Majoring in Accounting and Management. 2001 saw me join the workforce for the first time as an accountant, at Pascoe Hudson Broom & Blythe where I stayed until the end of 2005. I was lucky to have been offered the job prior to having graduating. This was a load off my mind as I went into my final exams. This medium size firm provided me with enormous amounts of knowledge especially within the agricultural sector, the work ethic, procedures and ability to communicate with clients. While here I completed my CPA.

In January 2006 I started work with Barrington Partners, a similar sized firm but with a different type of client base. I’ve brought my knowledge and skills to this firm while being open to new work procedures which will benefit both of us!

The most important thing to remember is to balance work and life!

Where do you see yourself in five years?

I dreaded this question!

I see myself advising clients at a higher level as my knowledge base would have greatly increased in that time. I would like to take a bigger role in training graduates within the firm which is then advantageous for the firm.

I see myself advancing up the ranks within the firm.

What is your sport choice and why?

I have been involved with Equestrian sports at a high level for most of my life. I am currently on the WA Elite State Squad for Showjumping. The Australian National Showjumping Coach instructs us several times a year preparing us for the major competitions.

I have competed around WA, SA, VIC, NSW and the United States of America.

This sport requires dedication (the horse needs looking after constantly, they are not like a set of golf clubs that you can store away!), time management, confidence and determination. All these aspects are needed in your daily working life!

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Student Members are invited to attend the
Younger Tax Practitioner Seminar Series

These lunchtime events are great learning and networking opportunities

Contact your state office for more information
NSW : (02) 8223 0040 or email nsw@taxinstitute.com.au
VIC : (03) 9909 7730 or email vic@taxinstitute.com.au
QLD : (07) 3225 5200 or email qld@taxinstitute.com.au
SA : (08) 8357 8113 or email sa@taxinstitute.com.au
WA : (08) 9322 2004 or email wa@taxinstitute.com.au


 

Reading List

Suggested Reading Materials

Each semester we will endeavour to provide you with convenient links to relevant course material.

Legislation

You can find all the legislation that you require from the Austlii or ComLaw websites.

In the next issue we will be providing you with an extensive list of up-to-date legislation.

ATO Legal Database

Journals

The Treasury and Ministry Websites

Related Websites

 

Cases

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Special Offers

Various special offers from The Tax Institute's Business Alliance Partners can be accessed by clicking here


Feedback

We welcome your feedback about ConTax and the receipt of proposed content contributions (i.e articles) for future editions. Click here to contact ConTax



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