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ConTax Newsletter - February 2014

Careers Related Article: Your first years in tax

Contributed by Andrew Simpson - Client Manager - Grant Thornton

Once you’ve landed that sought after graduate position in tax, you will want to make the most of the opportunity. What you do in the first few years after graduation can make a remarkable difference for your career. Below are a few of the key areas that should be kept in mind.

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Sample Exam Question

Contributed by Catherine Brown  - Lecturer - Queensland University of Technology 

Mary Smith is a talented designer of clothes for young adults. In May 2012, Mary was approached by “Red Rag Fashion Designs” (‘the company’) who were wishing to release a new range of designer clothing in Australia. The company was very keen to employ Mary to design this range of clothing, and therefore offered Mary a one off payment of $10,000 to move to Australia and join the company. Mary accepted the offer.

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Member Profile

Name:  Andrew Simpson
Employer:  Grant Thornton
Position:  Client Manager

Short bio - I studied commerce and law at UQ, and have been at Grant Thornton since I graduated in mid-2009. I'm 27 and in a relationship with someone who also works in tax, funnily enough. I bought a townhouse in 2012, which is a short bus ride from work.

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Feature article: Taxation of Trusts – The Problem of Aligning Concepts of Income

Contributed by Catherine Brown - Lecturer - Queensland University of Technology

The Australian government is currently considering options for the rewrite and reform of the current provisions which apply to the taxation of trust income. This article provides a discussion of the current regime and the proposed reforms. It is suggested that a major revamp of taxation of trust income in Australia is problematic and a simpler approach may be to leave the law as it is, with modification where necessary to address key issues as and when they arise.

Please note: this article should not be reproduced or distributed further without permission from the author!

© 2013 IBFD. Originally published in 19 Asia-Pac. Tax Bull. 5, Journals IBFD. Asia-Pacific Tax Bulletin is available online, please visit . Reproduced with permission.

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Recent Tax Cases of Interest

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