The document provides summaries from the presentations given on Day 3 of CPA Congress 2014. Key topics covered include global leadership and competitiveness, corporate tax updates, cashflow strategies, diversity and inclusion, financial performance, innovation through collaboration, doing business in China, using LinkedIn, reinventing the ATO, and frontline leadership. The summaries highlight the main points made by each speaker.

1. Wrap up
DAY THREE: WEDNESDAY OCTOBER 15

2. Augusto Lopez-Claros
Director Global Indicators Group, Development Economics, World Bank Group (USA)
Global leadership conversation – competitiveness, trade and the G20
Key points:
1.When you get a budget right it leads to growth,
when you get it wrong it leads to instability.
2. The 2008 crisis interventions for the Global
Financial Crisis were 60 times larger than the
Marshall plan of 1948.
3. Population ageing and climate change is going
to put pressure on budgets around the world.
4. Countries need to be more honest about their
fiscal situation.
5. Upskilling workers is essential for countries to
develop and compete in the global economy.

3. Crockett
Tax Services Director, William Buck
Corporate tax update
Shane Crockett
Tax Services Director, William Buck
Key points:
Jonathon Larosa
Senior Tax Services Manager, William Buck
1. It is the obligation of a director to an in the best interests of the company and not of the share holders or self.
2. Being a 'sleeping' or inactive director is not a defence against DPNs
3. Foreign Tax offsets are subject to:
- Foreign taxes must be paid.
- Must be correctly imposed under foreign law.
- Must relate to income or profits or gains.
- Not available for taxes imposed on percentage of asset sale proceeds.
- From 1 July 2008 - 'use it or lose it' .
4. Tax treaty definition of PE does not automatically satisfy 'carrying on a business' requirements
5. Changes to legislative include:
- Repeal of MRRT.
- Budget repair of levy.

4. John King FCPA
Managing Director, AJK Consulting Pty Ltd
Winning cashflow strategies
Key points:
1. Companies need to think about prices
which are not sustainable.
2. Timing of cash inflows and outflows
underpins cash flow management.
3. Self-funded growth does not depend
on external parties, making it
advantageous.
4. Companies need to focus on
sustainable cash flow when thinking long
term and free cash flow for short term.
5. Drivers of sustainable cash flow are
profit performance, debt levels & debt
servicing, capital efficiency.

5. Troy Roderick
General Manager, Diversity and Inclusion, Telstra
Clare Lezaja FCPA
Finance Director, Telecommunications, Telstra
Inclusive leadership and valuing diversity
Key points:
1.There are different types of diversity:
Cognitive diversity - Differences in how we think.
Affective diversity - How we feel and believe.
Behavioural - How we behave.
Identity diversity - Differences in who we are.
2. Diversity is about differences. Inclusion is about the action you
take to include difference.
3. Some organisations are more inclusive than others, the best are
intentional and active about it.
4. Telstra is pulling a way from thinking about special groups and
moving towards thinking of ‘everyone’
5. All roles at Telstra are flexible so it is important to make sure
even the CEO and executive team act as role models for flexibility.
6. Plenty of technology available to support flexibility. If you let staff
know what the expectations and deliverables are, you can let them
manage their work routine flexibly.

6. Shayne Elliott
Chief Financial Officer, ANZ
Changing the conversation:
From enablement to performance driver
Key points:
1. ANZ's finance team aims to drive the financial
performance by shaping strategy, allocating resources and
ensuring decisions are based on facts.
2. Key resources at ANZ - operating expense, project
investment spend, funding gap and capital.
3. ANZ has a huge focus on banking technology with 250
projects on the go at any one time. There's a minimum
spend of $5million for each.
4. The people who work at ANZ are the most important
asset. Finance is less about numbers and more about
influence.

7. Dave Carden
National Manager – Unified Communications, Solution Sales, Telstra Business, Telstra
Innovation is a function of collaboration
Key points:
1. Invention is one thing but to truly innovation, collaboration is key
2. The essential ingredients to innovate are: Vision. Proximity. Language. Purpose. Trust.
3. The measures of collaboration effectiveness are: Customer engagement. Employee engagement.
Talent acquisition and retention. Idea to execution.
4. The human factor is the key measure for innovation
5. Using the cloud opens up new collaboration possibilities

8. China’s economic development and cross-border issues facing the
accountancy profession
Key points:
1. China was considered one of the poorest countries in 1979, but is now on track to become the largest economies in
the world. China may continue to grow dynamically for another 15-20 years.
2. There are around 200,000 qualified accountants in Australia servicing 23 million Aussies. But only 99,000
accountants in China servicing 1.3 billion people in China. Only 11 firms in China are licensed and qualified to do
cross-border work.
3. We tend to look at China as one central government, but there are many regional authorities in charge of
interpreting, implementing and enforcing policies. Problems with inconsistancies in standards exist around the
country.
4. Because China is a big place the only way to regulate it is through numbers. Which means quantitative audits.
Size requirement of licensed firms that want to conduct audit has increased since 2013.
5. Ministry of finance and security regulator assess and inspect companies - even foreign ones.
6. Archives for audits and regulation can not be taken out of the PRC. Auditors must adhere to Archives Law and
State Secrets Law.
Speakers: Jessie Wong CPA, Director in Public Policy and Regulatory Affairs, Quality Control and Risk Management, KPMG
China; Len Jui, Partner and Head of Public Policy and Regulation, KPMG China

9. Bryce Holdaway
Director, Empower Wealth, Property Advisor & Buyers Agent
Ben Kingsley
Chief Executive Officer, Empower Wealth
Property investment: How to build a passive income for life
Key points:
1.Only 1 in 10 investors buy 3 or more properties.
2. Investors need to consider asset selection, borrowing
power, cashflow management and defence.
3. Investing in property is a process, not an event – you
need to set goals, evaluate, develop a strategy and
tactics, implement your plan and measure and monitor
performance.
4. A good advisor will want to learn about you – your
current and future financial capacity, motivations, goals
and dreams and your skill set when it comes to property
investment.
5.It is important to defend your assets, income and
lifestyle as party of your property investment strategy.

10. Gillon McLachlan
Chief Executive Officer, Australian Football League
AFL Boss Gillon McLachlan – leading a new era of the game
Key points:
1. You can never be fully prepared for
every aspect of being a CEO in any
organisation.
2. No one can succeed in life without a
good work ethic.
3. 70% of the AFL's revenue comes
from the sport's broadcast rights.
4. There needs to be a balance
between AFL fan expectations, fixtures,
pricing and stadium entertainment.
5. The AFL needs to keep progressing
and evolving as a sport.

11. Sara Watts FCPA
Vice-Principal (Operations), University of Sydney
A CFO’s role in the digital economy
Key points:
1. Digital economy will become the economy - customers will
become more connected and demand more while
organisations will get flatter and be more agile.
2. By 2050 a trillion dollars will be added to the Australian
economy from digital technology.
3. Organisational models are changing due to global
competitiveness and c-suite collaboration.
4. 2.5 billion gigabytes of data is generated everyday - you
need to work out what is important to your business.
5. CFOs need to take the lead by understanding the
implications of digital disruptions, apply analytics to make
strategic decisions and embrace new ways of collaborating.

12. Steve Fousekas CPA
Head of Group Planning and Performance Management, Telstra
Perspectives on planning and forecasting
Key points:
1. It's all about people, process, technology
2. Guiding principles:
More detail doesn't mean better. Make change in steps.
Ask the right question (at the right time). Look ahead not
back. Finance and business as partners
3. Strong leaders is essential to effect the change.
4. Statistical measures of progress : Reduction of systems
and hardware. Simplified planning dimensionality.
Improved timing of data. Simplified job families
5. It's about people, collaboration and governance

13. Practical considerations of doing business in China
Key points:
1. China may be the second largest economy in the world but there is pessimism: Income disparities.
Corruption. Pollution. Relation-based society vs. rule of law.
2. Starting a business in Australia takes 3 days on average. Starting a business in China takes 33 days
on average, and involves 13 procedures.
3. When doing business in China, foreign-owned and private-owned enterprises cannot avoid doing
business with State-owned enterprises.
4. Doing business in China is all about relationships. Saving face, or “mianzi” is very important
5. Great resource: US-China Business Council publishes an annual China Business Environment
Survey which shows trends, challenges and opportunities regarding doing business in China.
Speakers: Jessie Wong CPA, Director in Public Policy and Regulatory Affairs, Quality Control and Risk Management, KPMG
China; Len Jui, Partner and Head of Public Policy and Regulation, KPMG China

14. Jillian Bowen
Content and Social Media Manager, CPA Australia Leveraging the power of LinkedIn
Key points:
1. Personalise your connection requests with a short note that
provides the context of why you want to connect.
2. Don’t promote your other social media platforms to your
LinkedIn connections.
3. If someone views your profile, don’t mention it or ask them
why.
4. Unless it is from someone you don’t know, try and respond
to messages within 1 -2 days.
5. Keep things professional on LinkedIn and don’t share
personal information

15. Chris Jordan AO
Commissioner of Taxation, Australian Taxation Office
Reinventing the ATO
Key points:
1. Reinventing the ATO is a purposeful program of work to
change the culture of the ATO and improve the client
experience.
2. Commissioner Chris Jordan says ATO is designing for the
majority of people who do the right thing - strategies based on
risk, transparency and behaviour.
3. Project Do It closes 19 Dec - 1200 people have disclosed
more than $120 million of previously unreported income and
more than $700 million in assets.
"Reinventing the ATO is a purposeful program of work to
change the culture of the ATO & improve the client
experience"

16. Benjamin Roberts-Smith VC MG
Victoria Cross recipient
Frontline leadership: The battle for success
Key points:
1. Leadership is about making the right
decision, especially those which are not
easy to make.
2. A good leader has courage, an endless
pursuit of excellence and must lead by
example.
3. In business when you feel like you're
losing control, this is the time when you
need to focus on the goal.
4. Decisions must always be based on the
facts and personal experiences.
5. To empower people you need to
articulate the intent.

17. Find the daily wrap ups of
CPA Congress 2014
at cpaaustralia.com.au