About the Australia Society

This page has been set up as the main platform for all members who are currently living in Australia or indeed simply considering a move down under. The main aim of the page is to provide up to date information and news on all social and networking events, whilst acting as the main social forum for all members living in Australia. The page also provides assistance with and information for those members who are considering migrating down under. An active jobs' board may also be integrated where members can post information on positions that are available in their respective cities.

 

Press release

Chartered Accountants Ireland launched its online Boot Camp programme to support Senior Cycle Accounting students at an event in Dublin on Tuesday. The programme, which is also being launched at events in Cork and Sligo as part of Chartered Accountants Ireland’s annual school engagement, is designed to help build a strong foundation in the fundamentals of accounting and will give students an understanding of what it’s like to be a professional accountant. Pictured are (L to R): Ian Browne, Deputy Director of Education at Chartered Accountants Ireland; John Munnelly, FAE Paper Development Executive at Chartered Accountants Ireland; Orla Aherne, Marketing Executive at Chartered Accountants Ireland; and Brian Feighan, ProTutor and creator of Boot Camp. The programme is currently open for enrolment. It is free for teachers and only €10 for students. To find out more about Boot Camp, please visit: https://chartered-bootcamp.teachable.com/ Recent independent research highlighted concern among accounting teachers that the new Junior Cert Business Studies syllabus does not adequately prepare students for Senior Cycle Accounting. This is despite the growing popularity of the subject at Leaving Cert level with almost one in every seven students now choosing accounting in Senior Cycle. Boot Camp solves this problem by providing an easily accessible online programme that teachers can run in their classrooms. Students who join Boot Camp can also take part in the Boot Camp Challenge, a national competition which gives students a chance to test their business smarts in a real-life business simulation. The regional and national winners of the challenge will be honoured at a special ceremony at Chartered Accountants House in May 2020. Ian Browne, Deputy Director of Education at Chartered Accountants Ireland, said: “It is great to see so many accounting teachers have already signed up to the Boot Camp programme and we look forward to welcoming many more in the coming weeks. Ultimately, our goal is that every student who chooses accounting for the Leaving Cert will benefit from the skills they will learn in Boot Camp and get a flavour for the profession.” Brian Feighan, FCA founder of online learning portal, ProTutor and the creator of Boot Camp, said: “Digital learning is fast becoming an essential part of the student experience in second level. Practical subjects such as accounting are a perfect fit for this trend. Under the guidance of their teachers, Boot Camp will help students master the fundamentals of accounting and develop their understanding of how to use financial information to make smart business decisions. We hope that Boot Camp will set the next generation of business leaders on their paths to success.” ENDS For editors About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888. The Institute, which is an all-island body, currently represents over 27,000 members around the world.  Reference Fiachradh McDermott | Gibney Communications | 087 655 7070 | fmcdermott@gibneycomm.ie Rachel Pattison | Chartered Accountants Ireland | 01 5233927 | Rachel.pattison@charteredaccountants.ie    

Nov 14, 2019
Tax

A lack of affordable housing coupled with a lack of supply in the wider market has resulted in the housing crisis continuing into another budget year. In an attempt to alleviate this crisis, the Minister promised to increase capital spending on all housing measures to €2.5 billion in 2020. Many of the measures are aimed at fixing supply issues, with the taxation measures involving the extension of the Help to Buy Scheme to 31 December 2021 and an extension of the Living City Initiative to 31 December 2022. Help to Buy Scheme In his speech, the Minister announced that he will be extending the Help to Buy (HTB) scheme in its current form to 31 December 2021. The HTB scheme provides for a refund to first-time buyers of income tax and deposit interest retention tax (DIRT) that they have paid over the previous 4 years (up to a maximum value of €20,000) to go towards the deposit on a house.  Social and affordable housing €1.1 billion has been allocated for the delivery of 11,000 new social homes in 2020. A further 12,000 units are to be delivered in 2021. An extra €80 million will be allocated for the Housing Assistance Payment in 2020 to provide an additional 15,750 new tenancies. An additional €20 million will be provided for homelessness services in 2020. €17.5 million is being provided to the Land Development Agency and €186 million is being allocated for the Service Site Fund and local infrastructure housing activation in 2020. €130 million in urban regeneration and development funding is being allocated for 2020 to support the rejuvenation of Ireland’s five main cities and other larger towns. €2 million has been allocated to the Residential Tenancies Board to support their increased powers to investigate and sanction non-compliance with rent pressure zone measures. Living City Initiative A scheme of property tax incentives for the regeneration of certain areas in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford, this initiative will be extended in its present form until 31 December 2022.  This is tax relief is available for money spent on refurbishing or converting residential or commercial properties in these areas.

Oct 08, 2019
Tax

This year the Minister has again reaffirmed Ireland’s commitment to retaining the 12.5% corporation tax rate amidst the changing international tax environment. Recognising the volatility of such receipts, the Minister has published the Fiscal Vulnerabilities Scoping Paper which examines corporation tax over-performance and policy options aimed at ensuring the sustainability of the public finances. The measures introduced are enhancements to the R&D tax credit for small and micro companies, as well as a number of anti-avoidance provisions with immediate effect. As expected, anti-hybrid rules and updates to Ireland’s transfer pricing rules will be written into Finance Bill 2019.   Anti-hybrid rules As outlined in Ireland’s Corporation Tax Roadmap, Finance Bill 2019 will introduce Anti- hybrid rules with effect from 1 January 2020 as required under the EU Anti-Tax Avoidance Directive (ATAD). These rules are an anti-abuse measure designed to prevent arrangements that exploit differences in the tax treatment of an instrument or entity under the tax laws of two or more jurisdictions to generate a tax advantage. According to the Minister, consequential provisions are also being introduced to ensure that the existing treatment of stocklending and repo transactions – and of investment limited partnerships – is clear in legislation. The detail of these measures will be included in Finance Bill 2019. Transfer pricing As expected, the Minister confirmed that Ireland’s transfer pricing rules will be amended to transcribe the OECD 2017 Transfer Pricing Guidelines into Irish legislation. The rules will also be extended to cover cross-border non-trading and material capital transactions, and to extend the application of transfer pricing rules to SMEs, subject to a Ministerial Commencement Order. The detail of these amendments will be included in Finance Bill 2019. Research & Development tax credit The Minister announced a number of changes to the R&D tax credit, with a particular focus on small and micro companies accessing the credit. The R&D tax credit will increase from 25 percent to 30 percent for micro and small companies. The Minister also announced the introduction of a new provision that will allow these small companies to claim the credit before the business commences to trade. The credit will be limited to offset against VAT and payroll tax liabilities only. These provisions are subject to state aid approval. Another change to the R&D tax credit is that the limit of outsourcing to third-level institutions of education will be increased from 5 percent to 15 percent of R&D spend or €100,000 (whichever is greater). The Minister outlined that this measure is aimed at benefiting smaller companies who rely on outsourcing to undertake R&D, and also to support R&D activities in the third-level sector. Exit tax The Minster announced that a technical amendment to the exit tax provisions will take effect via a Financial Resolution from Budget night. This amendment is being made in order to ensure that the rules function as they are intended to. The exit tax provisions were amended in last year’s Budget to bring them in line with the Anti Tax Avoidance Directive (ATAD), where a new exit tax regime of 12.5 percent was introduced on any unrealised capital gains arising when companies migrate or move assets offshore. Anti-avoidance measures Announced were several anti-avoidance measures aimed at Irish real estate funds (IREFs), real estate investment trust companies, section 110 companies and capital expenditure on scientific research. The Minister outlined in his speech that “institutional investors have an important role to play in terms of increasing supply of both commercial and residential property”; however, he also outlined how “it is essential that an appropriate level of tax is paid by such investors”. Irish real estate funds and section 110 companies The Budget papers highlight that Revenue, following an analysis of the first sets of financial statements filed by IREFs, has identified aggressive activities by some IREFs, including the use of excessive interest charges to avoid the payment of tax in respect of profits from Irish property. To address these issues, limitations on interest expenses based debt to property cost and on an income to interest ratio are being introduced. These measures will come into effect on Budget night via a Financial Resolution. Anti-avoidance provisions in section 110 of the Taxes Consolidation Act 1997 (TCA 1997) are also being strengthened to ensure that they operate as intended. These changes will be brought in as part of Finance Bill 2019. Real estate investment trust companies A number of amendments are also being introduced regarding real estate investment trust companies (REITs) to ensure that an appropriate level of tax is being collected, particularly in the area of capital gains, and also to ensure such companies operate in line with the original policy intention of encouraging stable, long-term investment in the rental property market. The following amendments were announced: The distribution of proceeds from the disposal of a rental property will now be subject to dividend withholding tax upon distribution. An existing provision whereby a deemed disposal and re-basing of property values occurs should a company cease to be a RIET is being limited to apply only where the REIT has been in operation for a minimum of 15 years. These changes will take effect from Budget night via a Financial Resolution. Allowance for capital expenditure on scientific research Section 765 TCA 1997 provides allowances for capital expenditure on scientific research. According to the Budget papers, an anomaly has been identified whereby the interaction of this section with other provisions could create the potential for unintended additional claims to relief. The Budget papers outline that this was not the policy intention of the legislation, and the anomaly is being corrected in Finance Bill 2019.

Oct 08, 2019