Looking at and reviewing changes to the tax law in Australia can be both simple and difficult at the same time for accountants. It’s simple because, as experts, when you come across a proposed or introduced change, you are able to quickly grasp the concept and add it to your inherent knowledge base.
But it’s difficult because it can take additional time out of your work day finding everything that is important as well as sorting through all the changes that won’t make a difference to your clients. It’s also difficult to master the message to affected clients, in particular those clients that you don’t personally speak to often.
The clear objective when constructing an event for CCH iQ is for the editor to understand the key message that accountants would want to tell their affected clients. Once the understanding of that key message is formed, the potential revenue opportunities grow for an accountant.
Constructing an event
The message itself is the most important part for an accountant to use when moving away from providing solely compliance work for their clients, towards providing future-looking advisory services.
Principally speaking, the easiest way to move towards providing advisory services for clients is to move into an area which you are already an expert. Becoming a tax adviser means completing a laundry list of academic requirements fused with on-the-job training to create an individual who is able to interpret and decipher sometimes complex tax matters into a simple answer.
Interpretation of the tax law is a skill you all possess. However, as mentioned above, all of us are short of time in practice and everyone could always use a little help with getting the message out there to our clients.
As the message is constructed, what flows to help you further is our editor’s goals to provide quality commentary. Simply put, quality commentary gives you the information you need to do your job.
Quality commentary saves you time and effort that you would otherwise spend on reading and analysing complex and voluminous legislation and other information sources, trying to understanding it and its potential application to your work.
These values that the editors hold dearly don’t just apply to proposed legislation. CCH iQ also delves into other materials, such as court cases, ATO rulings, and media announcements from all regulators.
Further value is enhanced by accurately distilling and presenting the essential features and messages of the source material and link these connections and relevance to your clients. On top of this, CCH iQ moulds the message to be client-facing, rather than legislative-based, which provides a more subtle approach to enhancing advisory services.
A key distinction between iQ and other CCH resource materials is the interaction of the different tax laws, including how the provisions interrelate to provide an opportunity. The overwhelming majority of your clients operate across many pieces of the tax laws, as well as multiple different laws themselves. So why not have reference materials that do the same?
That’s how CCH iQ adds value; by being client-facing. Having access to this type of platform provides necessary assistance in the two cornerstones of tax advisory consulting work – tax planning and tax compliance.
CCH iQ will assist you in guiding your clients through the uncertain waters of tax changes, so that your clients will be able to:
Pivot, and take advantage of a proposed change, or
Implement systems and awareness so that any potential future problems are mitigated.
The client match software in iQ works behind your practice management software, so that you can potentially provide this added value at scale.
By using the tax return data that already exists in the database, you will be informed which specific CCH iQ events that have occurred recently affect each and every client. This means you won’t miss anyone, and every one of your affected clients will get that key message regarding potential changes to tax law.
As it works with tax return data, you can use the events in iQ as a final touch point of information for those clients you only speak to at tax time. Keeping them informed of situations in their industry is imperative in consolidating the relationship of trust between client and accountant.
Secondly, by working with potential changes to tax law, you are able to get in touch with clients more often during the year to offer them opportunities to pivot or create awareness. And using the client match means that you are not relying on your memory to get that message out to all the affected clients.
To use a current day example, it would have been great to get a message out to the rental property landlords and explain the removal of travel deductions from 1 July 2017.
It would have been awful to have that specific conversation with them when completing their 2018 income tax return, explaining to them that their deduction is no longer available.
The service is marketed by CCH, (a registered business of Wolters Kluwer Australia Pty Ltd, ACN 095 325 643) and the service is provided by SmartCorp (a registered business of Company Dynamics Pty Ltd ACN 058 086 169 and called Smartcorp in these terms).
The terms “You”, “Your” and “Yours” mean the entity, organisation, person or firm placing on behalf of a client, an order for a company with Smartcorp, and if more than one, jointly and severally.
The term “CCH” means the company marketing the service and responsible for invoicing the entity, organisation, person or firm placing an order for a company.
Smartcorp is the organisation providing the company service and facilitating ASIC registration and it does so as Your agent.
Each party referred to above is bound by and must comply with these provisions in accordance with these terms.
CCH is appointed as agent for You and in that capacity CCH will receive an invoice from Smartcorp and CCH will invoice You the same amount for which You are liable to pay including the reimbursement of the amounts paid by Smartcorp to the Australian Securities and Investments Commission (“ASIC”). Smartcorp pays CCH a fee for your order.
Smartcorp will be dealing with ASIC as Your agent. Smartcorp will not be incurring liabilities with ASIC as principal, but will be acting as Your agent. You warrant and it is an essential term that You have authority from Your client (being the person for whom you act) to provide the order details to Smartcorp.
Credit terms are 30 days from invoice and You are personally liable to pay CCH for the service as invoiced to you.
The amount CCH will invoice you under paragraph 6, will be an amount that is inclusive of any goods and services tax (“GST”). Any GST that is payable for any taxable supply will be identified. The total amount that CCH invoices may include components incurred by Smartcorp on behalf of Your client upon which no GST liability has arisen.
All invoices to Your account must be paid whether or not You change Your name and whether or not You change the nature of Your legal personality, for example by reconstituting Your partnership or by incorporating or otherwise. These liabilities will only cease when the account has been paid in full or if CCH agree expressly in writing that someone else is responsible to pay and that other person has agreed in writing to do so in a manner that is enforceable by CCH.
These terms are governed by and construed in accordance with the laws of the State of New South Wales, without giving effect to any principles of conflicts of law. You agree that any action at law or in equity arising out of or relating to these terms shall be filed only in the state or federal courts located in New South Wales and You consent and submit to the personal jurisdiction of such courts for the purposes of litigating any such action. If any provision of these terms shall be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from these terms and shall not affect the validity and enforceability of any remaining provisions. This is the entire agreement relating to the subject matter and shall not be modified except in writing, signed by the parties.
A specimen of the current form of proposed Constitution is available on the website and has been read by You and You are satisfied and Your client is satisfied, that the company when completed in accordance with the information set out in the company order, will meet all Your and Your client’s requirements. On receipt of the company You and Your client will check it to ensure that it has been completed in accordance with those requirements.
The company Application for Registration is solely based on your Order and these terms. You and the Applicant (the person whose user name and user ID have been entered to access the Smartcorp system) agree that the Applicant having viewed the following declaration (in relation to the form 201, ASIC Application for Registration as an Australian company and any annexures, compiled electronically based on Your order) assents to this declaration and will comply with it: “I apply for the registration of a company on the basis of the information in this form and any attachments. I have the necessary written consents and agreements referred to in this application concerning the members and officeholders and I shall give the consents and agreements to the company after the company becomes registered. The information provided in the application and in any annexures, is true and correct at the time of signing.” Those consents are the officeholders’ consent to act, members’ agreement to take up shares, constitution and, if applicable, consent of occupier to use of registered office, blank copies of which are downloadable from the Smartcorp website.
You acknowledge and agree that; You are solely responsible for ensuring that Your instructions are correct and no other party is under any obligation to verify the correctness of Your instructions. Without limitation, Smartcorp is entitled to provide the requested company without further enquiry and You accept all responsibility and indemnify Smartcorp in respect of all claims by any person or company, including, without limitation, whether in respect of the type of company chosen, its suitability for You or Your client’s purposes or otherwise.
To the maximum extent permitted by applicable law, Smartcorp is not liable for and excludes all liability for loss or damage (including any indirect or consequential loss or damage) arising out of or in relation to any and all delays, errors, or omissions in providing the company; a failure to properly carry out Your instructions; negligence; acts of default or omission of any kind whatsoever and however caused; or any acts of default or omission or any fraud or negligence of any kind whatsoever and however caused whether or not caused by Smartcorp’s employees, agents or contractors. Smartcorp makes no warranties in relation to the company except to the extent that they are implied under any applicable law that cannot be excluded.
If an applicable law does not permit the limitation or exclusion of Smartcorp’s liability as provided in these terms, Smartcorp’s total liability in that event for all damages, losses, and causes of action whether in contract, tort (including, but not limited to, negligence), or otherwise shall not exceed the amount paid, if any, for the relevant company sought by You, however, Smartcorp may instead, at its discretion, re-supply the service or part of the service.
Smartcorp does not ascertain whether a proposed company name is already in use by another entity and accordingly Smartcorp does not accept responsibility for the registration of a name similar to an existing name. You and Your client understand that the onus is not on Smartcorp but on You to have regard to similar names or to names which may possibly be confused with or mistaken for another name. You accept that registration by ASIC does not give any rights to that name.
Smartcorp is not a legal or financial adviser, nor does it act as a legal or financial adviser, nor is it competent or qualified to act in, or in conjunction with, the carrying out of the functions of a legal or financial adviser.
In these terms the singular includes the plural and vice versa.
Every order is subject to the current version of these terms and conditions and every time You order You must accept the terms and conditions which are viewable by You with every order. If You do not accept when ordering, Smartcorp’s ordering system will not permit You to proceed further.
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