We find solutions to a minefield of issues
Because of the September 7 election announcement, the last sitting day of parliament was in June and no new legislation can be enacted until the new Government is sworn in and then not likely to sit before November.
Therefore, we have the situation of past announcements by the Labor Government being implemented or rejected or varied from their original form.
One such announcement was the controversial proposal of a $100,000 cap on tax-free earnings in the pension phase. This means that account-based pension accounts with earnings above $100,000 may not reappear.
Another was the self-education deduction cap whereby the Government would introduce a $2,000 per income year cap on tax deduction claims for work-related, self-education expenses per person.
Nexia continues to remain informed about other issues yet to be acted upon ... there are GST changes, reviewing Trust rules, preventing loopholes around dividend “washing “, Division 7A reforms, changes to the medical rebate tax offset for future years, and more.
Our role is to assist you through this minefield. Never has it been more relevant when undertaking transactions, whether they are big or small, than to contact your Nexia partner as one simple call can alleviate the concerns.
The world is getting smaller by the minute
I recently returned from the Nexia Asia Pacific conference in Kuala Lumpur, where some 60 delegates from 20 countries attended.
Our network has expanded to more than 100 countries and this has enabled our clients to move their businesses across borders to establish new markets or change traditional supply relationships.
Since my return we have been asked to assist Nexia clients from other countries in establishing operations in Australia. In doing so, we conduct all business dialogue in English either by email, phone, Skype or video conferencing.
The benefit of such conferences is that we get to know our fellow partners in countries such as Vietnam, Korea, Japan, etcetera as if we’re dealing with a partner in one of the cities of Australia.
With the tightening of the tax laws on an international basis in regards to transfer pricing, most countries are falling into line with each other. The ability to swap information between taxing authorities of different countries is staggering.
Subsequently, Nexia International Chief Executive Officer Kevin Arnold has shared in our International Accounting Bulletin his knowledge of running a growing global network.
“The key to referral activity is mutual trust between members and confidence in a firm’s ability to deal with referred clients,” he wrote.
“Member firms that get the most out of being part of a network are those that are proactive and committed to developing the international capabilities of their own practices, as well as genuinely helping other members around the world meet the needs of their clients.”
If you are looking to transact business overseas, Nexia has the expertise and capabilities to assist you and understands the complexities, along with the new opportunities that can emerge.
Ian Stone, Chairman
