Why I Don’t Bore You With Tax Updates

A regular reader of my articles recently asked me why I don’t write about more technical tax stuff.

You know … me being an accountant and all.

It’s a fair question and there are many answers I can give to this.

... the fact that I’m not very good at writing technical tax stuff;

… the fact that nobody except accountants and lawyers really like reading technical tax stuff;

… the fact that the perception is that accountants only deal with tax when some of us prefer to help businesses in other ways.

But never let it be said that I’m close-minded!

So I’m going to have a bash at writing some technical content.

A draft determination that was recently released by the Commissioner is to the effect that Subdivision 855-A ITAA 1997 (disregarding a capital gain or loss by foreign residents) does not disregard a capital gain that a foreign resident beneficiary of a resident non-fixed trust makes because of Section 115-215(3) ITAA 1997 (TD 2019/D5).

Did you get to the end of that all in one go and understand it perfectly?

I had to stop three-quarters of the way through and go to the garden shed to hit myself over the head repeatedly with a shovel because the pain was less than what I was experiencing writing that.

So I can only imagine what it must have done to a lay-person trying to understand it.

The reality is, most technical content is forgotten within 17 minutes after reading it.

And anything of importance from a tax perspective has probably already been discussed between an accountant and his/her client.

From what I’ve seen, most business owners don’t put tax at the head of the list of things they want to read about.

Sure, it’s important but it’s not the be-all and end-all.

They’re usually interested in anything that can sustain their business and help it grow.

In whatever way that works for them.

And sometimes that comes down to feeling comfortable with the people you surround yourself with.

Learning a bit about them and getting to know them better.

So when they talk to you about non-tax matters that may help your business, you’re more receptive to exploring possibilities.

It’s the difference between transaction vs relationship.

And as I’ve mentioned in the past, whatever value is provided in the 70 + articles I’ve written so far, will only be determined by whoever reads them … not by me.

But for the foreseeable future, I’ll stick clear of writing technical tax content.

Want to talk in a non-technical way about how to improve your business? 

Then put the shovel down and take a detour to www.sculptaccountants.com.au/contact/ so we can chat.

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Until next time.

Please Note: These articles are provided for education purposes only and should not be construed as specific advice. Always seek professional advice in relation to your personal and business circumstances.