Director at BNR Partners, Ian Raspin, CTA, discusses what he
is looking forward to at the event and why CPD events like this are crucial for
tax professionals.
is looking forward to at the event and why CPD events like this are crucial for
tax professionals.
Ian is a Certified Practising Accountant and a Director of
BNR Partners where he heads the firm’s Estates and Trusts Division. He will
also be speaking at this year’s Death…
& Taxes Symposium.
BNR Partners where he heads the firm’s Estates and Trusts Division. He will
also be speaking at this year’s Death…
& Taxes Symposium.
“
The speakers at this year’s event, are
unquestionable some of the most respected and experienced people in the country
on succession law and tax issues,” he says.
unquestionable some of the most respected and experienced people in the country
on succession law and tax issues,” he says.
“We have an aging population and are witnessing the
start of the largest intergenerational wealth transfer in history.
start of the largest intergenerational wealth transfer in history.
“Both estate and estate tax law are not straight
forward, and practitioners really need to be alert to the issues and risks in
this area, to be able to attend to their clients’ needs and manage the risks of
this area,” he explains.
forward, and practitioners really need to be alert to the issues and risks in
this area, to be able to attend to their clients’ needs and manage the risks of
this area,” he explains.
Ian says that by 2050, nearly 25% of our population
will be over the age of 65. This is a growing market with increased
complexities.
will be over the age of 65. This is a growing market with increased
complexities.
A lot of people now have self-made funds particularly in
businesses, a lot more structures, companies inaudible trusts, your family
trusts, all these sort of arrangements, making their affairs more complicated
than ever.
businesses, a lot more structures, companies inaudible trusts, your family
trusts, all these sort of arrangements, making their affairs more complicated
than ever.
Moreover, he says that 49% of our population are now either
first or second generation immigrants or migrants in Australia.
first or second generation immigrants or migrants in Australia.
“So all of a sudden we have all these international elements
that are out impacting people either through inheritances or offshore assets
that they need to now deal with,” he says.
that are out impacting people either through inheritances or offshore assets
that they need to now deal with,” he says.
“And so, in a market where there's a lot more scrutiny
around tax, and with all of this complexity in these areas, we are no longer
just dealing with the day to day meat and butter tax returns.
around tax, and with all of this complexity in these areas, we are no longer
just dealing with the day to day meat and butter tax returns.
“We are dealing with a lot of other tax issues that are residing
within these estates.”
within these estates.”
Ian thinks it is incumbent that tax practitioners on both
legal and accounting side understand what this really means; that
intergenerational wealth transfer, the “traps” that are in there.
legal and accounting side understand what this really means; that
intergenerational wealth transfer, the “traps” that are in there.
He
says he is looking forward to the
combination of listening and learning from so many reputable and industry
leading speakers. He is also excited for the networking and learning opportunity
of being around like professionals that either practice or have an interest in
this area of practice.
says he is looking forward to the
combination of listening and learning from so many reputable and industry
leading speakers. He is also excited for the networking and learning opportunity
of being around like professionals that either practice or have an interest in
this area of practice.
Never left an event thinking
it was a waste of time
it was a waste of time
Ian says The Tax Institute is the pinnacle body of
tax professionals in Australia. Made up
of a mix of senior lawyers and accountants advising and operating top end tax
issues, he says this is the professional body that tax professional should strive to
obtain membership.
tax professionals in Australia. Made up
of a mix of senior lawyers and accountants advising and operating top end tax
issues, he says this is the professional body that tax professional should strive to
obtain membership.
“Institute events attract high-level delegates and
speakers, which results in both amazing networking opportunities with senior
peers, but also attending presentations by some of the countries most
experienced tax advisors,” he says.
speakers, which results in both amazing networking opportunities with senior
peers, but also attending presentations by some of the countries most
experienced tax advisors,” he says.
“I have never left an Institute event, thinking that
was a waste of time.
was a waste of time.
“Rather, these events both challenge my thinking and
expand my understanding of often complex tax issues, not to mention an
appreciation of how complex this area really can be.”
expand my understanding of often complex tax issues, not to mention an
appreciation of how complex this area really can be.”
Why Death…and Taxes?
Ian
says delegates will leave the event
with a far broader understanding of
this area of practice, from both legal and accounting professionals.
says delegates will leave the event
with a far broader understanding of
this area of practice, from both legal and accounting professionals.
“It's no longer ticking, drawing up general ledgers and
producing tax returns,” he admits.
producing tax returns,” he admits.
“It's becoming a lot more than that. And that's where events
like this here are paramount that you understand, whether it's this, or it's
other areas of tax that you understand the nuances that around you.
like this here are paramount that you understand, whether it's this, or it's
other areas of tax that you understand the nuances that around you.
“But as somebody working in the zone, unquestionably, I'll take things away
from this, that I'll be able to implement or change in my practice here, pretty
much straight away.”
To Ian, CPD is essential. He asks, if you are not prepared
to invest in yourself, why should your clients invest in you?
to invest in yourself, why should your clients invest in you?
He says the pace of change and technological advances in the
world in incrementally increasing and our industry is no exception to
this.
world in incrementally increasing and our industry is no exception to
this.
“To stay relevant, in my view, one needs to pay even more
attention to their professional development and abreast of changes in their
profession,” he says.
attention to their professional development and abreast of changes in their
profession,” he says.
“When I am seeking the services or advice of another
professional, I want to know that I am dealing with someone that is credible
and current in their thinking and understanding.
professional, I want to know that I am dealing with someone that is credible
and current in their thinking and understanding.
“In my experience, today both clients and other professional
have often undertaken their homework on your business, yourself and the issues
they have at hand before they even call to make an appointment.
have often undertaken their homework on your business, yourself and the issues
they have at hand before they even call to make an appointment.
“Which means things can go quickly south if you’re not on
top of your game.”
top of your game.”
Advice to new practitioners: take a leap of faith
Ian says new practitioners need to get themselves out there.
“Expose yourself to this world that's outside of the
textbook sort of stuff and learn network, open your eyes,” he advises.
textbook sort of stuff and learn network, open your eyes,” he advises.
“I remember the first Institute event and I went to in Perth
on many years ago.
on many years ago.
“I really needed three boxes of Panadol!
“It was a real awakening to me and it really helped
spearhead the direction of my career, and the focus and discipline I needed to
keep moving forward.”
spearhead the direction of my career, and the focus and discipline I needed to
keep moving forward.”
