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Simon Says 
 
 
Generation XYZ – Why they are right! 
 
Hello all and I am back from helping out our national office. Please re-engage with us and have a look at our new premises. 
 
Talking of engagement I spend a bit of time travelling, and normally in economy I encase myself in all the defences that are required, headsets, book and perhaps even a Charter magazine, dare I say it. This time however I noticed the book my aisle buddy was reading and we somehow started the usual conversation about how cramped and crowded it is etc on flights. This conversation went further and I am so glad it did on a number of levels. My aisle buddy was someone who is still contributing to justice in the public sector around governance, interested in philanthropy and surprising a mum of a Chartered Accountant. The Chartered Accountant was in their thirties living in a very comfortable and well known part of London and married to someone who was working for an investment bank. Yes, you are beginning to think what I was, and did myself in my late twenties, another great chartered accounting success story, study, work hard and end up living the high life in one of the great capital markets in the world, just like our advertising campaign and a path that many of us have trodden. 
 
Nothing could have been further from the truth, and I saw in the eyes of my aisle buddy the anguish and the sorrow because her child has chronic, chronic fatigue and has had it for over eleven years. I won’t go into the details but those of you who have been close to someone who has suffered this; it is truly a difficult disease to manage and requires the help of a loving family and partner to triumph. What caused it, who knows, but a mother’s instinct in protecting her child and looking for answers always gets closer to the truth. Simply one of the main contributing factors I was told and I am sure there were others, was this bright young chartered accountant was fatigued, brought about by a large firm with a very strong and obviously unhealthy gender bias, pushing this kid to the limits with deadlines, who was more than keen to achieve these deadlines I am sure for the greater good of the client and the greater good of the firm and then SNAP, it all falls away, this was eleven years ago. 
 
There are a couple of lessons here for us all and I will leave you to work those out for yourselves. I thought, "Would the new generation XYZer’s put up with this? Frankly the answer is NO! and why should they!" 
 
I left that flight more enriched than ever and thanked my aisle buddy as we both drifted separately into our seemingly important worlds, but I will always be thinking of that Chartered Accountant in London and I wish Mum, Dad and the family every success that life can bring in this long recovery process. 
 
Prosecution of Trustees for Breaches against Trust Accounts Act 1973(Qld) 
 
I also wish to advise that prosecution against accountants who breached the Trust Accounts Act 1973, have been successfully pursued through the Brisbane Magistrates Court over the last two years. 
 
The Department of Justice and Attorney-General endeavours to provide flexibility and extensions on deadlines to encourage trustee compliance to the Act. However, prosecution action proved necessary against the very small number of trustees who, despite numerous requests from the Department, fail to meet their obligations. 
 
In order to encourage greater compliance, we have been asked by the Department of Justice to advise you of these prosecutions to avoid the inconvenience of fines that can run into the thousands of dollars and may result in conviction. 
 
They also informed us for the need for accountants who operate trust accounts in Queensland, to register with the Department of Justice and Attorney-General to ensure compliance to the Act and related Regulations. Any accountant who does register an existing trust account will not face prosecution action as long as the account is audited for the financial period ending 31 March 2007 and its integrity has been maintained. 
 
For further information on trust accountants visit our laws. Please contact Garry Hornby on 07 3239 6128 if you have any queries. 
 
Simon Grant FCA 
General Manager, Qld 
simong@icaa.org.au 
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State Chairman's News 
 
 
The Board, at its December 2006 meeting, reviewed the Institute’s Strategic Plan, which was developed in late 2005 following an extensive consultation process. 
 
A few amendments were made to reflect the changing environment namely the inclusion of a strategic objective around discipline, ethics and conduct, a greater focus on the Global Accounting Alliance, and on ensuring the Institute is fit for the future via operational efficiencies and continuous improvement. 
 
The strategic plan reflects our response to current and long-term issues and trends facing the Institute. In order to achieve our vision of Leading the Profession, the Institute continues to focus on ensuring its relevance to members and other stakeholders including doing for members what they individually cannot do themselves in the areas of training and development, brand promotion, lobbying, representing the profession and influencing the business community. 
 
In this article I would like to discuss two recent initiatives, which align with the objectives, documented in our strategic plan (which is available on the Institute’s website) and have also drawn the attention of members and the media. 
 
Broadening the pathway to entry to the Chartered Accountants Program 
 
The Board some time ago made the decision to broaden the pathway to entry into the Chartered Accountants Program while maintaining rigorously high entry standards. Members had requested the Institute to develop and broaden its educational offerings but not at the expense of quality and rigour. 
 
Most recently Deakin University has launched a post graduate program that has provided a third entry level into the Chartered Accountants Program for non-accounting graduates.  
 
The Institute totally rejects comments made in the Australian Financial Review on Friday 1st June regarding the Chartered Accountants entry standards. Contrary to the article "Who wants to be an accountant", the Institute has not downgraded its entry rules by offering the Deakin University Graduate Certificate for non-accounting graduates. 
 
The standards of the Chartered Accountants Program have not been reduced. The Institute proudly maintains its rigorously high entry standards. Those entering the Chartered Accountants Program via the Deakin Graduate Certificate must meet the same standards as those entering through more traditional routes. 
 
Those entering the Program through this route still have to: 
  • have a recognised undergraduate degree
    •  
  • be employed full-time in an accounting-related position (with a letter from their employer)
    •  
  • meet the 26 weeks relevant work experience requirement
    •  
  • have a Chartered Accountant mentor supervising their three-year practical experience.
 
 
Furthermore, the Program's Education Board, an independent group of academics and practitioners with responsibility for the academic standards of the Program, will maintain close oversight of the candidates.  
 
Broadening the pathway to entry does not challenge the quality and standing of the Chartered Accountants Program but it does extend the pool of talent available to employers, who have found it challenging in recent years to fill accounting roles. 
 
Institute co-funding proposal of para-professional body 
 
The Institute, together with CPA Australia and the National Institute of Accountants (NIA) has proposed $1 million development funding of the Association of Accounting Technicians (AAT) that will be put to the vote at an extraordinary general meeting of the AAT membership. 
 
The AAT is a professional body that represents para-professionals in accounting. Its 1550 members include bookkeepers and accounting support staff. At present the majority of para-professionals are not part of a professional organisation and there is no one body to represent this industry, to shape standards, lobby government, develop education and create a recognised accreditation. 
 
The AAT was established in the UK in 1981 by four UK chartered accounting bodies. The body has more than 100,000 members worldwide.  
 
The involvement of the Australian accounting bodies in the AAT membership will seek to achieve the success of the AAT UK that members and the overall profession have enjoyed, by utilising a similar organisational structure and creating a formal interface with the accounting profession. 
 
The Institute, together with CPA Australia and NIA believe it is in the best interests of the profession to be involved in the development of the para-professional level in Australia. Accountants are under mounting pressure due to increased regulation and the scope of services provided to clients that para-professionals have become the vital link in the accounting services supply chain.  
 
Andrew Arkell 
State Chairman 
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Draft Legislation on the new legislative framework for tax practitioners 
 
A recent open feedback forum held in the Queensland offices by Ali Noroozi, Tax Counsel for the Institute, highlighted the need for Members to take time to read through the Draft Legislation on the new legislative framework for tax practitioners. 
 
This draft framework, which has been at least 13 years in the making, is intended to protect consumers principally in their dealings with the Tax Office, and in doing so proposes a number of elements which practitioners will need to be aware of. 
 
Some of the initiatives proposed in the legislation are as follows: 
  • A national Tax Practitiioners Board to replace the existing state Tax Agents Boards
    •  
  • A new Code of Professional Conduct for tax practitioners
    •  
  • A wider range of disciplinary sanctions
    •  
  • Registration and regulation of Business Activity Statement (BAS) service providers
    •  
  • A safe harbour from penalties for taxpayers
 
To read the draft legislation, please visit the link below: press releases 
 
Since the new framework will impact all Practitioners, Ali urges Members to take some time to read through and digest the Draft Legislation, and please provide any comments or feedback to him in order to facilitate the compilation of the Institute's submission before 20 June 2007. Please direct all comments to Tax_Group@icaa.org.au 
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Business Forum 
 
 
This year the Queensland Business Forum took place in the spectacular new Institute premises on level 32 of Central Plaza One. 
 
With the lights of Brisbane as backdrop, the event opened with a VIP session the evening of Monday 14 May with guest speakers Ben Ikin and Alistair Lynch who shared their experiences in managing change in high profile sports arenas. Guests were also treated to the ever-glamorous "Joan Collins" (AKA Leonie Collins) and indulged in delicious cocktails concocted by Drinx specialist cocktail staff. 
 
The 2007 4-day program featured an exciting range of speakers and topics including: Dr Chris Caton, Chief Economist from BT Financial Group who presented his post-budget economic update; Jenny Hutson, Director, Wellington Capital who talked of risk, innovation and success; Len Scanlan FCA and former Auditor General spoke to the issues and challenges facing auditors; David Miller, Legal Counsel - Workplace Relations, Australian Industry Group provide information and understanding of the IR laws; and the inspirational Greg Tomlinson, Queensland State Director, Stephenson Mansell Group challenged delegates to move from great to awesome. Plus much, much more. 
 
Many thanks to all the speakers, who gave their valuable time to present at the Business Forum and also to the Business Forum Panel for their valuable input into this year's program. 
 
Of course, such an event would be impossible without the support of our wonderful sponsors. 
 
A big thank you to: 
 
Platinum Business Partners 
  • Optus
    •  
  • Allphones
    •  
  • American Express
 
Gold Business Partners 
  • Perpetual
    •  
  • CCH
 
Silver Business Partners 
  • Accountants Super
    •  
  • Banklink
    •  
  • Praemium
    •  
  • Robert Half International
 
Bronze Business Partners 
  • Quinn & Associates
    •  
  • Gadens Lawyers
    •  
  • Thomson
    •  
  • Blue Broking
    •  
  • Shelco
 
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Training & Development Update 
 
CA Tax Update for Public Practice - 2nd Quarter 
Date: Tuesday 19 June 2007 
Venue: Central Plaza One, Level 32, 345 Queen Street, BRISBANE 
 
Stay abreast of ongoing changes and developments occurring in taxation, and obtain guidance on how to best identify new risks. Providing ideas and opportunities for your clients, this series is designed especially for the Public Practice sector.  
 
New for 2007 is an additional half hour of training each month examining a case study to demonstrate practical application of leading tax issues. The case studies are especially selected to address the most topical and relevant tax issues.  
 
Who should attend? Members in Public Practice. 
 
Further details & online registration  
 
Public Practice Program 
Self Learning commences: Monday 9 July 2007 
2-Day Face to Face workshop: Monday 3 & Tuesday 4 September 2007 
Venue: Central Plaza One, Level 32, 345 Queen Street, BRISBANE 
 
This year the Institute's Public Practice Program has been revised and updated, and is now based on a contemporary view of leadership.  
 
In response to member feedback, the increasing demands of education and business and the scrutiny that the accounting profession has been under, the Public Practice Program has been reinvented. After extensive consultation with members and key stakeholders, the redevelopment project was put out to tender and won by Holloway Consulting. Headed by Chartered Accountant Mandy Holloway, the team’s brief was to work closely with stakeholders to develop a robust and well-rounded product that meets the educational needs of members and both the regulatory and product standard needs of the Institute.  
 
What they have come up with is a challenging, engaging, high-quality program. It now provides some key learning competencies, recognised assessment and will stand alone as an invaluable learning experience. 
 
Who should attend? The Public Practice Program is a compulsory course for: Members seeking a Certificate of Public Practice (CPP) from the Institute of Chartered Accountants; and Professionals applying to the Institute of Chartered Accountants affiliate status for the purpose of entering into partnership in a firm of Chartered Accountants within the next five years. 
 
Further details & online registration  
 
Partner Program 
 
Courageous conversations are critical to the future of your firm as less people in our industry aspire to partnership coupled with increased competition to retain talents and attract new graduates into the profession.  
 
We invite partners with at least 5 years experience to participate in this exclusive two-day forum designed to help you challenge, share and explore issues and experiences with your peers. This is a unique opportunity for you to be exposed to new tools and knowledge to arm you for the future.  
 
Brisbane Workshop - November 2007  
 
For more information contact Kelly Scavuzzo on 07 3233 6508 or email: kellys@icaa.org.au  
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Winter Tax School - A year's worth of knowledge in just 1.5 days 
 
Hurry: the Chartered Accountants Winter Tax Schools are only days away. Don’t miss out on your chance to hear the latest changes to superannuation legislation, the latest ATO rulings, key court decisions, succession planning strategies, and much more.  
Practical and relevant, the Chartered Accountants Winter Tax Schools are highly regarded for accounting and tax professionals. Innovative workshops and seminars will provide you with information that translates to valuable advice. 
 
Join your peers and colleagues to enjoy practical insights into the changes challenging the industry. The Tax Schools provide a valuable opportunity to network and discuss issues on an informal level with colleagues and expert presenters. And with each School offering nine Training & Development hours, they’re a cost-effective way of contributing to your annual professional education requirements.  
 
Location and Date 
Gold Coast Thursday, 21 - Friday 22, June 2007 
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Take a fresh look at your career 
 
Are you at a crossroad in your career? Not sure if you should specialise or generalise? Want to develop, but don’t know where to start? Finding it hard to maintain passion in your work? 
 
Take a fresh look with MINT, an online assessment tool designed to breathe new life into your career. 
 
Structured around five modules that cover job satisfaction, career aspiration, competency assessment, professional development and planning, each component gives you a different perspective on how to optimise your career opportunities. 
 
MINT can help you to understand what is important for your job satisfaction, explore the career paths open to you and compare your current competencies with those required to reach the top of your chosen career stream. This information can then be used to build a comprehensive career development plan. 
 
Whether you are just starting out or are at the pinnacle of your chosen field, visit charteredaccountants.com.au/mint to find out how these interactive tools can make a real difference. 
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Member Benefits 
 
Ever dreamt of having a cinema experience in your own home? With HD grade pictures, amazing sound and luxurious design creating an intimate theatre just for you? 
 
With thanks to Chartered Accountants Electrical and Electronics, this dream can be made a reality sooner. For a limited time, members can purchase the Samsung 127cm high definition plasma television for half price (member price $2,749, RRP $5,499).  
 
This award winning television is jam packed with state of the art features to help create the cinema experience in you own home.
  • 10,000:1 contrast ratio
    •  
  • Over 170 degree viewing angle
    •  
  • 2 year warranty
    •  
  • Digital video broadcasting
    •  
  • Smooth motion driver
    •  
  • FilterBright™
    •  
  • Game mode
    •  
  • DNIe™
    •  
  • HDMI™ digital connectivity
    •  
  • Integrated SRS TruSurround XT™ speaker system
    •  
  • 549 billion colour expression
    •  
  • 1366 x 768 HD grade panel
    •  
  • Optical output for digital audio to home theatre systems.
To make your home theatre dream come true, visit Electrical and Electronics at Member Benefits.  
 
Important information: 
 
The sale item is the Samsung 127 cm high definition plasma television model number PS50Q7HDX. This offer is available until stock runs out. 
Chartered Accountants Advisory Group 
Are you facing unfamiliar or challenging professional circumstances, uncertain about a career decision or under pressure to act unethically?  
 
Talk to someone who knows. Contact the Chartered Accountants Advisory Group in Queensland. This is a confidential and free service, staffed by highly experienced and specially trained senior Chartered Accountants from the local region.  
 
If you have a professional or ethical issue you are unsure how to address, please do not hesitate to call and discuss it with one of the group members.  
 
To be placed in contact with a Chartered Accountants Advisory Group counsellor for guidance, contact Robina Lawson on 07 3233 6516 or email: robina@icaa.org.au  
 
(The Chartered Accountant advisory group counsellors will not address technical matters or personal issues.) 
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Chartered Accountants Local News – Queensland 
Contents
     
  1. Simon Says 
  2. State Chairman's News 
  3. Legislation framework tax practitioners 
  4. Business Forum 
  5. Training & Development Update 
  6. Winter Tax Schools 
  7. Fresh look at your career 
  8. Member Benefits 
  9. Chartered Accountants Advisory Group  
  10. New Members 
  11. Certificate Presentation Evenings 
  12. Seminar with Professor Peter Weill 
  13. Office space available
 
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Editor: Wendy Perriman 
Ph: 07 3233 6515 
Email: wendyp@icaa.org.au 
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New Members admitted in April 
Lisa Bowman 
Steven Kuzma 
Preeya Ramritu 
Sarah Terlich 
Cordelia Min Foong Wong  
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Certificate Presentation Evenings 
 
Brisbane - Wednesday 25 July 2007 
Townsville - Thursday 26 July 2007 
Cairns - Friday 27 July 2007 
 
The Institute of Chartered Accountants is delighted to host special receptions in Brisbane, Townsville and Cairns to celebrate the achievements of new members, Fellows and Merit Award recipients. Invitations will be sent out shortly. 
 
For further information please contact Louise Collins on 07 3233 6504 or email: lcollins@icaa.org.au 
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Seminar with Professor Peter Weill 
As part of its research activities, the Enterprise Information Infrastructure (EII) Australian Research Council Network (of which the UQ Business School is a member) is excited to present an afternoon seminar program with Professor Peter Weill, MIT Sloan Senior Research Scientist. Professor Weill is an internationally acclaimed expert in the areas of IT governance and IT investment by firms.  
 
Together with other renowned colleagues, Professor Weill will present the results of his extensive research on IT governance and IT investment. We will be concluding the afternoon with a panel session involving Professor Weill, other academics, and Mr Tony Hayes, Executive Director, Service Delivery and Performance Commission. This panel will be followed by an opportunity for attendees to network.  
 
The seminar will be held on Thursday 19 July at the Downtown Campus of the UQ Business School, Level 19 Central Plaza 1, 345 Queen Street, Brisbane. For full details please click on the following link: Registration 
 
Please note that seats are limited. 
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Office Space available  
Office Space for occupancy at Camira Brisbane.  
Approx. 3x4 metres, airconditioning, gym next door. 
Close to everything.  
For further information please contact Stephen on 0423 005 223 or Email: smackay@startinertnational.tv 
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The official e-newsletter of the Queensland region of the Institute of Chartered Accountants in Australia 
Level 32 Central Plaza One 
345 Queen Street 
BRISBANE Qld 4000 
Ph: 07 3233 6515 
Email: wendyp@icaa.org.au 
ABN 50 084 642 571