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This paper focuses on the emergence of Islamic banking and finance in global financial markets and efforts by governments (through regulatory and tax initiatives) to facilitate it. Particularly, this paper focuses on the fundamental question as to whether it is constitutionally possible for Australia to implement such tax reforms to encourage and facilitate faith-based transactions.

Recently there have been calls for Australia to become a financial hub - particularly in south East Asia. One aspect of this is the recognition of faith-based financial alternatives in the marketplace. This consideration includes ensuring that tax laws are synchronised and do not unduly hinder or restrict the orderly development of such alternatives. The Islamic financial markets stand out as one example. In 2007 it was estimated that the market for Islamic finance products were worth in excess of US$700 billion associated primarily with the world's Muslim population.

However, one core element to the structure of Islamic financial transactions is the necessity to ensure religious compliance with, for example, not involving the usage of riba (interest). Being different to conventional finance, Islamic finance has attracted both interest and scepticism, partially because of the paucity of academic research on the subject - with Australia being no exception (Amin, 2007). However, the structural nature of some of these faith-based financial models can sit awkwardly with Australia's tax system. For example, housing finance using an Islamic product is, in certain circumstances, structured more like a pre-determined fixed sum hire purchase agreement compared to an outright conventional purchase with payment of interest on the amount borrowed.

To read this article in full, please click here.

Contributed by:

Dr Brett Freudenberg FTIA • Senior Lecturer, Griffith Business School • Griffith University

Dr Brett Freudenberg is a currently a Senior Lecturer at the Griffith Business School at Griffith University (Australia). In addition to his taxation teaching, Brett is enrolled in a PhD focusing on Tax Transparent Companies. In 2006 Brett received the Fulbright Award, which saw him conduct research at the University of Illinois to analyse the proliferation of new business forms in the United States and their potential for application to Australian businesses.

Dr Mahmood Nathie • Lecturer, Griffith Islamic Research Unit • Griffith University

Mahmood is interested in pursuing the desirability of Islamic equity investment in Australia and the introduction of Islamic cooperative home financing in Queensland. His research interests focus on evaluating Islamic banking and financial service models; past performance and future directions, as well as fostering collaborative initiatives with global academic and financial institutions for researching and teaching all facets of Islamic finance.

He founded the first Islamic micro-finance entity in South Africa in 1985 and has practiced accounting, auditing, taxation and financial management since 1970.

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Barb is an individual resident Australian taxpayer and conducts a small IT consulting practice out of her apartment in Paddington Brisbane. Barb is currently employed by Google and she conducts the IT business in her spare time. Barb's aim is to save enough money from her employment and at the same time to build up her IT consulting practice so that she may eventually give up her full-time employment and run her own business.

For the moment, Barb's business is small in turnover, however if things go to plan Barb expects that the business will need a premises separate from her home. There is some chance that when Barb terminates her employment, Google will ask her to do some consulting. Advise as to whether Barb is conducting an IT business.

To see the remainder of this question and tips on preparing a solution, please click here.

Contributed by: Dr David Morrison FTIA • Senior Lecturer, TC Beirne School of Law • University of Queensland

David Morrison is a senior lecturer in law at The University of Queensland. He holds the degrees of BCom, LLB, MFM, LLM, GCEd and PhD (Qld). He holds the professional qualifications of Barrister-at-law, Chartered Accountant (CA) and is a Fellow of the Taxation Institute of Australia (FTIA). David teaches taxation law, insolvency law and administrative law - fields in which he has published widely. Dr Morrison is co-author of Crutchfield's Voluntary Administration and his book Taxation Law in Principle is in its second edition, the first edition being part of the winning series of the tertiary book series category 2003. Dr Morrison's primary academic interests are in revenue law, corporate and insolvency law and economic analysis of law.

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Name: Sanja Ajzerle
Employer: Aspire Financial Planning
Position: Trainee Paraplanner
Member Since: 2010

Short Bio:

My commitment to life-long learning has began since I arrived in Australia 17 years ago without knowing how to speak, read or write English language. With persistence and effort, I learnt these skills while adapting to my new life here in Australia.

After completing English classes at the Gold Coast Institute of TAFE, I began volunteering work at The Migrant Centre Inc where for my involvement and dedication to help other migrants I received a Statement of Appreciation.

Having had experience as I was a bookkeeper in Croatia, I enrolled and completed a Certificate III in Financial Services 2002. After that I completed a Certificate IV in Business (Small Business Management) where I learnt the importance of planning and exceptional customer service.
This was followed by Diploma of Accounting where I developed a passion for tax procedures. At the moment, I am studying towards obtaining a Bachelor of Commerce (Professional) degree at the Griffith University, Logan, majoring in Financial Planning.

Describe your current role

Currently I am employed as a trainee paraplanner at Aspire Financial Planning where I have been learning everything from using the Xplan software to preparing Statements of Advice.

What are your career highlights?

Studying towards a commerce degree and working in the financial planning industry is a huge highlight, especially when you consider English is my second language. Having the opportunity to make a difference and assist people to achieve their life goals and secure retirement is extremely rewarding. Last year I also received the Bachelor of Commerce Financial Planning Scholarship from AXA.

Why I'm a Member of the Taxation Institute of Australia.

The Taxation Institute provides an excellent opportunity to expand your knowledge, get exposed to current tax books and meet new people. I haven't been a member for a very long time but I certainly have enjoyed my involvement so far.

What advice can you give graduates?

• Welcome constructive feedback. Although feedback is not always easy to receive but it is crucial for self-development and growth.
• Enjoy your work and be enthusiastic. When you love your work, you will wake up every morning excited about going to work instead of dreading it. You will also have so much passion and energy that nothing will be too hard to accomplish.
• Find a mentor. Mentors can offer you a priceless advice that you won't get from reading books. And they are there to give you support and guidance whenever you need it.
• Set goals. This is really important because knowing exactly what you want to achieve will give you a sense of direction that will help you stay focused, motivated and recognise possibilities and opportunities when they come your way.
• And most importantly, believe in yourself.

Who or what inspires you?

I am inspired by all positive and persistent people who never give up achieving their goals and dreams, regardless of how long it takes.

What do you do to unwind?

Going out for a walk or having a coffee in our favourite coffee shop with my husband every Sunday.

Favourite holiday destination?

Croatia, which is one of the most beautiful counties in Europe with more than 1000 islands draped along the sparkling Adriatic Sea.

Think about how tax can help your career Tax is a dynamic area in which to work and is the centrepiece of business. To build their competitive edge, many students are choosing the Taxation Institute of Australia to provide the vital tax training they need to succeed in their careers. Foundation Tax is a course with an excellent reputation with employers because it provides you with hands on experience to be able to confidently complete the tasks you'll need in your tax roles. "I found that Foundation Tax provides a clear and concise introduction to the Australian taxation system. The materials were easy to comprehend and were very practical. I can easily apply the concepts learnt from Foundation Tax at work, which is very useful for new practitioners." Veronica Yow Business Services Consultant Warnocks Chartered Accountants (VIC) Foundation Tax Graduate Use summer to accelerate your study! The next intake for Foundation Tax is closing on 26 October. The course commences 2 November and concludes early in the New Year. Perfect timing to capitalise on your break and increase your credentials!Courses are available via face-to-face lectures in capital city regions and some regional areas or via distance study. For more information visit www.taxeducation.com.au Differentiate yourself and secure your future in the tax profession today!

Some Recent Cases of Interest

• Cooperative Bulk Handling Ltd v FC of T [2010] FCA 508
• Virgin Blue Airlines Pty Ltd v FC of T [2010] FCA 631
• Tingari Village North Pty Ltd v Commissioner of Taxation [2010] AATA 233
• Darrelen Pty Ltd (trustee of the Henfam Superannuation Fund) v FC of T [2010] FCAFC 35
• Commissioner of Taxation v BHPB Finance Limited [2010] FCAFC 25
• Commissioner of Taxation v Bamford; Bamford v Commissioner of Taxation [2010] HCA 10

Legislation

Places to locate legislation include the following sites:

• Austlii - Federal and State legislation
• ComLaw - Official Australian Government site
• ATO - Exhaustive site for tax and superannuation and related legislation; Includes EM's and Second Reading speeches
• Federal Parliament - Bills, EM's and Second Reading speeches; No Acts (go to ComLaw for these)

ATO

www.ato.gov.au

This website is extremely useful for students and practitioners and will reward your efforts to become familiar with the contents and how they are arranged.

• Public Rulings, Determinations etc.
• ATO Interpretive Decisions
• NTLG Minutes
• Tax, superannuation and related legislation. Also includes EM's and Second Reading speeches

Journals

• Taxation in Australia
• The Tax Specialist
• Australian Tax Forum

The Treasury and Ministry Websites

• Treasury
• The Hon. Wayne Swan - Treasurer
• The Hon. Chris Bowen - Assistant Treasurer & Minister for Competition Policy & Consumer Affairs
• The Hon. Nick Sherry - Minister for Superannuation & Corporate Law

Related websites

• Taxation Institute of Australia
• ATO
• Board of Taxation
• Austlii
• ComLaw
• Treasury: Ralph Review
• Treasury: Review of Income Self Assessment
• Inspector-General of Taxation
• Federal Parliament - Canberra

Education Websites

You may have access to one or more of these sites via your educational institution - it's a good idea to check this out.

• Thomson - Subscription needed for access
• CCH - Subscription needed for access
• LexisNexis - Subscription needed for access

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The Taxation Institute of Australia has several special offers that are available to Student Members. These offers can benefit both your professional or personal life and add significant value to your membership with the Institute. Participating organisations include Accountancy Insurance, CCH Australia, HSBC, Reckon, Thrifty and Thomson Reuters. To access these special deals, please click here and have your member log in details handy.

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