In March, Matthews Steer associate and specialist tax advisor Charith Mandadige attended the Tax Institute's National Convention in Cairns.
The Convention assembled a diverse range of high profile, expert presenters from across the profession including Commissioner of Taxation Chris Jordan, and Assistant Minister for Finance David Coleman, who delivered valuable technical sessions.
With the ATO is currently repositioning itself as an administrator of tax law rather than a ‘tax collector’ Jordan outlined the strategic education process currently being undertaken by the tax office to ensure people are aware of their tax obligations and are meeting those obligations by making a fair contribution.
David Coleman spoke of Australia’s need to proactively seek new sources of economic growth to ensure our economy remains competitive globally, and highlighted the ways tax policy can facilitate growth. He asserted that a more transparent approach to taxation is going to be a key driver of economic prosperity moving forward, and stressed the importance of people paying their fair share up front, rather than being discovered evading tax when audited.
The conference candidates discussed the potential impact of proposed changes to the Small Business Capital Gains Tax (CGT) at length. If these changes are adopted as proposed they will be backdated to July 1, 2017 and will have a dramatic impact on business owners, as they will limit who can access SBE CGT concessions. There was also a key focus on future of trust taxation in Australia and how it may impact taxpayers.
The convention also touched on the growth in popularity of crypto-currencies, pointing out that people need to understand the tax implications of trading in these currencies.
In its 33rd year, the Tax Institute’s National Convention was developed by a team of tax professionals to deliver a program that is technically relevant and practical to meet the needs of tax professionals in all industries, at all stages of their career.
To speak to Charith about the potential impact of the proposed changes to SBE CGT concessions, and trust structures, contact him on 03 9325 6300.