Tax for Trusts has a new industry expert Convenor and refreshed content focusing on SMEs
In response to changing circumstances in the tax environment, we’ve refocused our Tax for Trusts content so that it’s more relevant to our current and future economic landscape. From Study Period 3 2022 onwards, you can benefit from a new industry-expert Convenor, refreshed content that addresses complex trust issues in the SME space, and special modules on contentious topics, such as 100A and Div 7A.
In this article, we interview Brian Richards CTA, Convenor of Tax for Trusts: from an SME perspective, to understand exactly how the subject differs from its previous version, what the key learnings are, and who would benefit from enrolling in the subject.
Can you tell us about yourself and what brought you to become the Convenor of Tax for Trusts?
I have more than 40 years of experience providing tax advice to accounting and law practices and my qualifications include a Bachelor of Business in Accountancy, Bachelor of Laws (LLB) degree and I am a Chartered Tax Adviser. Over the last 15 years, I have applied my wide-ranging knowledge and experience to developing tax training and mentoring programs for The Tax Institute and other accounting and law practices. I’ve also contributed to The Tax Institute Higher Education’s CTA3 Advisory subject as a Program Coordinator for ‘Small Business CGT’ and ‘The Trusts and Small Business CGT’ topics.
How does this Tax for Trusts subject differ from the previous version?
The refreshed Tax for Trusts subject focuses on the dynamic aspects of evolving and contemporary tax for trust issues, particularly for practitioners who deal with SMEs. The materials provide tax professionals with the need-to-know knowledge to offer practical and thorough advice to clients who are facing a range of trust-related issues. While the foundation modules have remained largely the same, we have reduced estate planning content and increased our concentration on contentious everyday tax issues.
What are the key learning outcomes for the subject?
- Establish a solid foundation of the rudimentary taxation regime for trusts and beneficiaries
- Identification of the taxation for trusts issues
- Contemporary knowledge of the present issues and how to appropriately advise taxpayers in relation to these issues
What skills and knowledge will candidates take away from the subject, that they can apply to their day-to-day practice?
- Practical knowledge of tax for trusts
- Knowledge of the contemporary and contentious tax issues in relation to trusts
- Awareness of the statutory requirements to correctly advise on tax for trust matters
How does the subject present contentious issues such as 100A and Div7A, considering the Commissioner’s recent change?
These matters and the relevant ATO rulings are addressed extensively during specific modules within the subject. We have presented the ATO view in a way that respects the law and allows for professional judgement. We understand there are differing views of how the law applies and aim to give you the education to make your own informed decisions.
Who would benefit from enrolling in the subject?
New-to-market tax professionals looking to expand their understanding of tax nuances for trusts would benefit from this course. Given recent developments concerning tax for trusts, experienced professionals would also benefit from refreshing and updating their knowledge.
While we recommend that you have completed CTA2A and CTA2B Advanced, you can also choose the course as a single subject, if you have sufficient skills and experience. We will provide the relevant materials from both CTA2A and CTA2B Advanced within the Tax for Trusts subject, so you’re able to refer to this content during your studies. We encourage professionals at the intermediate or advanced accountancy/lawyer level to apply.
Does the subject still include content in relation to estate planning?
Yes, it does but to a lesser extent. We have designed course content to address complex trust issues that are most often encountered by a professional in the SME space.
Tax for Trusts: from an SME perspective is your insight into the skills and knowledge you need to successfully plan, deliver and advise SME clients on a range of trust issues. It would be appropriate for accounting practitioners, lawyers and other financial professionals wanting to expand their scope of services to high-value clients.
Ready to continue your education in tax?