In this episode of Under the Hood, Accountants Daily journalist Carlos Tse is joined by Dianne Hanna, an accountant with more than 25 years of experience, and Lee-Ann Hayes, head of education at Accurium and TaxBanter, as they go back in time on the discretionary trust, how the government's proposals will impact the structure, and its survival post-legislation.

Carlos, Dianne, and Lee explore the evolving role of discretionary trusts in Australia's tax and business landscape, examining how proposed reforms could reshape their use and the decisions accountants will need to make for their clients.

They discuss the three options available to trustees if the proposed reforms become law: accepting the minimum tax, restructuring into another entity, or making an election to lock in distributions to beneficiaries in fixed proportions.

Dianne and Lee also examine why discretionary trusts may remain valuable beyond their tax advantages, particularly for asset protection, succession planning, and commercial risk management. They explore the complexities of restructuring, including potential stamp duty implications, and the growing pressure on accountants to keep pace with an increasingly complex and rapidly changing regulatory environment.

Tune in to hear more about:

• How discretionary trusts have evolved through key court cases and changes in tax administration.
• The proposed 30 per cent minimum tax and the three options available to trustees.
• Why discretionary trusts may remain relevant for asset protection, succession planning and risk management.
• How accountants can assess whether to retain, restructure or make an election for existing trust arrangements.
• Why the proposed reforms may not affect all taxpayers in the same way.
• The potential stamp duty and legal implications of restructuring discretionary trusts.
• Where the reforms could create new opportunities for accountants and their clients.
• How the pace and complexity of legislative change are affecting the accounting profession.
• Why education, professional networks, and collaboration are becoming increasingly important for practitioners.

In this episode of Under the Hood, Accountants Daily journalist Carlos Tse is joined by Matt Nolan, economist and senior research manager at the e61 Institute, to explore why GST reform is back on the economic agenda.

Carlos and Matt discuss the economic case for GST reform, including how Australia's ageing population, rising fiscal pressures, and inflation have renewed interest in rethinking the balance between consumption and income taxes.

They explore why the GST raises concerns about household budgets, fairness, and the potential impact on lower-income taxpayers.

Matt also examines how a broader GST base, combined with changes to income tax rates and targeted support for lower-income households, could improve the efficiency, simplicity, and consistency of Australia's tax system.

Tune in to hear more about:

• Why economists are continuing to advocate for GST reform.
• The relationship between GST and income tax.
• Why GST reform remains controversial.
• Why combining the tax reform and spending discussions can complicate the public debate.
• The potential benefits of broadening the GST base and reducing income tax rates.
• What Australia can learn from New Zealand's approach to its tax policy processes.
• How shifting the tax mix could reduce the distortionary effects of inflation.
• Why clearer communication and a focused, evidence-based case for reform are essential to building public support.

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.