Empowerment for lifelong learning: Embedding information literacy into the Business curriculum

Success in modern business demands effective information literacy to address the ever-changing business context. This context includes changes in Government policy reflected through legislation and regulations, developments in case law and expectations of professional associations and the public. Students require the skills to continue their own learning beyond the completion of their degree, since learning the subject content of a course alone sufficient. This paper considers the methods utilised to embed information literacy, in the context of generic skills and graduate attributes, into a Business degree’s curriculum. The paper describes how information literacy has been embedded in two sequential third-year Taxation Law courses, allowing for the explicit development of information literacy. Through the development of legal reasoning and research skills, students are empowered to continue their lifelong learning, which successful professional practice demands. The study will draw upon the experience of the course convener in designing, teaching and evaluating the courses, and on students’ experiences as illustrated through evaluation questionnaire responses and interviews. The findings of this study could be relevant to other business courses, especially company law and auditing

Contribution and Distribution Flexibility and Tax Pass-Through Entities

The way jurisdictions design their tax systems for business operations can be a contentious issue, as they try to balance the competing goals of raising sufficient tax revenue without unduly inhibiting commercial investment and activities. Such tax design can be of particular importance for small and medium enterprises, which due to their size, inherent characteristics, and resources can struggle with tax compliance. Those attributes can also make business tax regressive. A number of countries around the world have adopted business entities that utilise corporate characteristics, such as liability protection for members and separate legal entity status, but have the characteristic of tax pass-through, with members assessed directly on the income and losses of the entity. Examples include limited liability partnerships (LLPs) in the United Kingdom, look-through companies in New Zealand, and limited liability companies (LLCs) in the United States. In some jurisdictions, these tax pass-through entities have been extremely popular, which in part has been attributed to flexibility for the members in terms of governance and the facilitation of contributions and subsequent distributions. This flexibility is arguably a desired commercial feature of business entities. However, such flexibility with contributions and distributions is seen as a potential risk to tax revenue as there is concern with artificial engineering in order to lower the overall tax burden. This has led to tax integrity measures, which by their very nature can potentially restrict flexibility. For example, LLCs and their members are subject to greater (and potentially more complex rules) when it comes to measuring the cost basis of their membership interests; this then influences members’ ability to utilise allocated losses and the tax treatment of distributions. The flexibility of contributions and distributions for LLPs in the United Kingdom has also raised concerns with the introduction of tax integrity measures. By comparison, the United States’ older tax pass-through entity, the S Corporation, with only one class of membership interest, has fewer integrity rules governing allocations. This Article will critically assess how the flexibility of contributions and distributions by these tax pass-through entities affects the tax rules that apply to their members. We argue that the flexibility of contributions and distributions appears to be a key characteristic demanded by business entities both for commercial and tax reasons. However, investors need to be cognitive of the inherent complexity and costs that this flexibility may entail. Additionally, it is important for governments and revenue authorities not to unduly restrict flexibility with complex tax integrity rules as it is a fine balance between commercial and revenue needs

Is Financial Capability Related to the Effective Use of Debt in Australia?

Australians’ high use of personal debt is, in part, attributable to the relaxation of the financial services regulation. There is concern that while debt has the potential to increase a person’s wealth, if used ineffectively it can have the opposite effect. This paper details a study of 680 Australians to ascertain whether their financial capability is related to the effective use of personal debt. The findings suggest that it appears people with greater financial capability are more likely to use debt effectively

Work ready graduates for Australian small and medium Accounting firms

Approximately 40% of graduate recruitment in Australia is by small and medium accounting (SMA) firms, firms which can face different constraints compared to their larger counterparts. Given the attributes of SMA firms it is important to appreciate what they consider makes a work ready graduate. This article reports the findings of a study that explores what makes a graduate work ready when commencing employment within an Australian SMA firm. The findings suggest that a work ready graduate for an SMA firm has a working knowledge and understanding of business accounting software programs, taxation knowledge and tax software skills. Additionally, there is a high emphasis on communication and interpersonal skills. This raises the question as to whether current university degrees are providing adequate technical and generic skill development for those graduates seeking employment with SMA firms

Emerging from the shadows: tax as a research discipline [Editorial]

More than ever, research is playing an important part in supporting proposed tax reforms and finding solutions to Australia’s tax system. Also, for tax academics the importance of quality research is critical in an increasingly competitive tertiary environment. However, life for an academic can be an isolating experience at time, especially if one’s expertise is in an area that many of their immediate colleagues do not share an interest in. Collegiately and the ability to be able to discuss research is seen as critical in fostering the next generation of academics. It is with this in mind that on the 5th of July 2010 the Inaugural Queensland Tax Teachers’ Symposium was hosted by Griffith University at its Southbank campus. The aim was to bring together for one day tax academics in Queensland, and further afield, to present their current research projects and encourage independent tax research. If was for this reason that the symposium was later re-named the Queensland Tax Researchers’ Symposium (QTRS) to reflect its emphasis. The Symposium has been held annually mid-year on four occasions with in excess of 120 attendees over this period. The fifth QTRS is planned for June 2014 to be hosted by James Cook University

The current Australian tax treatment of the arts industry

In 2009, Arts Queensland will partner with the Centre for Social Impact, University of New South Wales to initiate a national research project which responds to key action areas identified by the Creative Australia Stream at the 2020 Summit (April 2008). Based on a robust analysis of existing models of arts support for individual artists, other regimes and their effectiveness internationally, this work will investigate new and improved financing and funding opportunities for arts in Australia. Particularly, it will explore the feasability of an Endowment of the Arts.This report provides an overview of the current Australian tax treatment of the arts industry, focusing on artists, art bodies and contributors and gives some insightful observations where the taxation system could change to benefit the arts industry