Accountants Daily Podcast Network

In this episode of Under the Hood, Accountants Daily journalist Carlos Tse is joined by Matthew Burgess, co-founder and director at View Legal, to unpack the government's proposed 30 per cent minimum tax on discretionary trusts and why comprehensive reform of Australia's trust taxation system is needed. Carlos and Matthew discuss the proposed minimum tax on discretionary trusts and the uncertainty surrounding the government's approach to reform.

They explore the growing complexity of Australia's trust taxation system, including the risks associated with family trust distribution tax (FTDT), family trust elections, and interposed entity elections.

Matthew argues that a more effective approach would involve a comprehensive, collaborative review of trust taxation, with input from key stakeholders and a focus on addressing specific problems rather than introducing further complexity.

Tune in to hear more about:

• Uncertainty surrounding the government's proposed 30 per cent minimum tax on discretionary trusts.
• Why successive layers of tax reform are adding complexity to an already challenging system.
• The risks associated with FTDT, family trust elections, and interposed entity elections.
• How the proposed changes could affect business decisions, estate planning, and intergenerational wealth transfers.
• The growing compliance burden on accountants and the challenges of delivering the additional advice required.
• Why a collaborative, bipartisan approach to comprehensive trust tax reform could deliver better outcomes.

Editor's note: This episode was recorded prior to the government's latest tranche of discretionary trust reforms on 14 October.

In this episode of Under the Hood, Accountants Daily journalist Carlos Tse is joined by David Montani to unpack the complexities of family trust distribution tax (FTDT), the challenges accountants face when navigating family trust rules, and why reform is needed to address unintended tax liabilities. Carlos and David discuss the complexities of the family control test, identifying how administrative oversights and misunderstandings can trigger significant tax liabilities, even when there has been no tax mischief.

David explains why incomplete historical records, changes in advisers, and gaps in practitioners' understanding of family trust elections can create risks of tripping FTDT. He also discusses the impacts on clients and practitioners' lack of transparency around whether the ATO uses data to identify potential FTDT liabilities and the importance of investigating trust structures and past elections when taking on new clients.

They also explore the voluntary disclosure process, the available interest remission for eligible disclosures, and potential reforms to make the rules more flexible and better suited to modern family business structures.

Tune in to hear more about:

• Unintentionally tripping FTDT through failing the family control test.
• The significant tax risks incurred from incorrect or overlooked family trust elections and interposed entity elections.
• The importance of diligence in the face of incomplete historical records.
• The impacts of potential ATO data matching.
• How accountants should approach advising their clients on voluntary disclosures.
• The unnecessarily restrictive nature of the current rules surrounding FTDT.
• Why it is so important to understand the rules.

How can accountants play a more strategic role in their clients' wealth journey? In this special episode of Accountants Daily Insider, produced in partnership with InvestorKit, we explore Arjun Paliwal's strategies for wealth creation and the role of accountants in supporting clients' growth. Host Jerome Doraisamy speaks with The InvestorKit Group CEO Arjun Paliwal about:

• InvestorKit's story and how its clients have generated over $500 million in equity.
• His three-phase strategy: acquisition, optimisation, and consolidation.
• Where accountants can add the most value in a client''s property journey.
• Common traits among clients who have built significant equity.
• The opportunities for accountants to be more than compliance advisers.

To learn more about InvestorKit, click here.

In this episode of Under the Hood, Accountants Daily journalist Carlos Tse is joined by Eddie Senatore, principal at Eddie Senatore Advisory and fellow at the Institute of Chartered Accountants Australia and New Zealand, to explore how accountants can move beyond traditional compliance work to specialised work, identify business risks earlier, and rethink the way they advise their clients. Carlos and Eddie discuss the changing role of the accountant and why advisory needs to go deeper than simply analysing historical financial information.

Eddie explains why traditional insolvency indicators are often lagging signs of trouble, and how understanding the business clients and their industry is key to providing proactive advice.

They also explore the opportunities AI presents for the profession, the value of industry specialisation, the importance of pricing and operational efficiency, and rethinking practice structure and how accountants serve their clients.

Tune in to hear more about:

• Why most insolvency indicators are lagging.
• How accountants can spot potential problems earlier.
• Why understanding a client's business and industry is critical to providing meaningful advisory services.
• How AI is changing the relationship between professional advisers and their clients.
• Why accountants need to rethink their practice models and focus on the areas where they can provide the most value.
• The importance of getting organised, understanding pricing, and improving operational efficiency.

In this episode of Under the Hood, journalist Carlos Tse is joined by his colleague, Malavika Santhebennur, to unpack the growing pressures facing accountants and their small-business clients. Carlos and Mal discuss the cost, complexity, and consultation concerns surrounding the proposed 30 per cent minimum tax on discretionary trusts, the broader operational challenges facing practitioners, from rising software costs and ATO correspondence, and what small business clients have been facing.

Looking beyond the immediate challenges, the Accountants Daily journalists also discuss the accounting profession's talent shortage, the impact of AI, and why accountants may increasingly need to focus on strategic advice and supporting clients through periods of significant change.

Tune in to hear more about:

• The industry's thoughts on the 30 per cent minimum trust tax.
• Assertive ATO correspondence and the growing compliance and regulatory landscape for the profession.
• The operational challenges small business clients have been facing.
• What accountants are bringing amid legislative and economic changes.
• Reflections from accounting journalists.

In this special episode of Accountants Daily Insider, produced in partnership with SavvyWise, we reflect on the current landscape for AI for tax research, the current state of affairs for practitioners on the ground, and how firms can make educated decisions about which tech platforms to onboard. Host Jerome Doraisamy welcomes back SavvyWise chief executive Drew Pflaum, CPA to discuss his headline takeaways from The Tax Institute's recently-hosted Tax Summit and how accountants are thinking about their tech usage moving forward, how we've reached the point where accountants need to figure out which tech is most fit for purpose, the latest developments in AI for tax research, the great work being done by providers across the board, the questions that firms and practitioners should ask in order to make educated decisions about AI platforms for tax research, The Tax Practitioner's Library, SavvyWise's latest and upcoming offerings, and whether the provider has further crowdfunding plans.

To learn more about SavvyWise, click here.

Since she was a teenager, Heather Smith has viewed accounting as a "global language", and a vocational pathway that she could travel the world with. Here, she reflects on her experiences in different jurisdictions, what she's learned, and how other accountants can take advantage of the myriad possibilities available to those willing to be more digitally nomadic.

Host Jerome Doraisamy speaks with Heather Smith, a chartered accountant and Brisbane-based accounting technology expert, author, speaker, and community builder, about:

• The need for accountants to appreciate that their vocation is a global passport.
• How the practice of accounting is transferable across borders.
• Her experiences of living and working overseas.
• Gaining a more holistic perspective on what it means to be a good practitioner in Australia.
• Exposing oneself to the breadth of professional opportunities and events available overseas.
• The benefits that come with being a more global professional.

MYOB's Accounting Industry Monitor findings have shown that, if accounting professionals have not already made a strategic pivot to being trusted business advisers to clients, they urgently need to get on board. In this special episode of Accountants Daily Insider, produced in partnership with MYOB, we unpack the impact of new technologies on daily operations, and how accountants need to be positioning themselves for the future. Host Jerome Doraisamy welcomes back Liam Hindle, general manager of product at MYOB, to discuss:

• Why the move from transactional work to strategic advisory is accelerating.
• Technology as both the biggest enabler and the biggest source of friction.
• Why client expectations have been permanently reset toward real-time, proactive service.
• How talent shortages are driving investment in role design, not just recruitment.
• Why compliance burdens are the structural barrier holding practices back.

In this episode of Under the Hood, journalist Carlos Tse is joined by tax experts Lee-Ann Hayes and Michael Carruthers to unpack some of the most asked questions about the government's CGT changes.

Exploring the practical challenges surrounding option arrangements, instalments versus earnouts, partition arrangements, and foreign income tax offsets, Lee and Michael also discuss the complexities and upcoming challenges arising from the government's latest CGT and negative gearing reforms.

Tune in to hear more about:

• How CGT event D2 applies when options are granted, renewed, or extended.
• Why understanding the difference between instalment arrangements and earnouts matters for CGT.
• The interaction between small business CGT concessions and earnout arrangements.
• How unexpected CGT liabilities can arise from partitioning jointly owned properties.
• The interaction between foreign income tax offsets and Australia's CGT rules, and differing tax years overseas.

In this episode, Jarvis Archer, founder of Business Reset, discusses the current state of small business debt in Australia with the ATO recently indicating that small business debts are still on the rise. Tune in to hear about:

• The implications of Payday Super and what effect this may have on business debts.
• The biggest risk factors affecting business viability at the moment.
• The importance of businesses seeking proactive advice early.