Date posted: 14/02/2018 2 min read

Tasmanian Regional News February 2018

Updating you on recent and forthcoming activities in Tasmania.

In Breif

  • Update from Andrew Quinlan, Deputy Regional Manager
  • Update from Paul Breen, Tasmania Chair

February Paul Breen update

With the Christmas and New Year break behind us, kids back at school and most people back on deck it is time to get stuck into 2018. I and the entire Tasmanian Regional Council look forward to a busy year working with our Tasmanian members and there is a lot happening.

I am excited to announce that three new faces will be joining our Council this year, and with them bring a wealth of knowledge and experience from right across Tasmania. Jason Binder CA, Managing Director of Respect Aged Care joins us from Tasmania’s North West, Leah Orr CA Head of Capital Management at IOOF Holdings re-joins the Council after some years away and Stuart Dare CA, Partner of Deloitte Launceston comes on board as well.  I’d like to take this opportunity to formally welcome them to the Council and look forward to working with them to represent the interests of Tasmanian small businesses in 2018. 

I’ll be taking the opportunity over the next few updates to introduce you to our Council so you can get to know us and the experience we bring to help represent your interests and tackle issues that impact your business. Starting with myself as Chair, I commenced working at an accountancy firm in Hobart in the late 80’s while I completed my commerce degree. After some time in Sydney, the pull of Tasmania was too much and I returned to Hobart. I have been at BDO since 2002 and was admitted as a partner in 2008 with my specialist fields including transport, food and agribusiness, professional practice and property and construction. 

We’ve got an exciting year coming up, kicking off with our first meeting on Thursday February 15 in Launceston with special guest, CAANZ President Jane Stanton FCA. With over 15 years’ professional accounting, finance and risk experience I welcome her to the position of President of CAANZ and I know the Council are looking forward to hearing her perspective on a range of issues.  We’re also thrilled to be welcoming the CAANZ Board and Council to Tasmania in May and hope our members can join us for a cocktail function in Hobart on 17th May. More information about this event will be circulated soon. 

All the best for 2018 and I look forward to working with you throughout the year. As always if there is an issue you would like the Council’s view on or assistance with, do not hesitate to get in touch.

Paul Breen FCA

Deputy Regional Manager - Andrew Quinlan update 

Happy New Year and I hope you have had a great break and start to the year.

As mentioned in Insight articles in 2017, I have setup 3 segmented groups on LinkedIn for CA ANZ members in Tasmania to share content and articles that may be of interest to you:

If you would like to join any of these groups please firstly invite me to connect with you on LinkedIn here and then I will invite you to join the group(s) of interest.

On another topical note and relating to our Professional Standards Liability Capping Scheme in Tasmania, I thought it would be valuable to provide an update on run-off cover and Professional Indemnity Insurance.

In terms of run-off cover, this requirement is when Certificate of Public Practice (CPP) holders cease to be a participating member of the CA ANZ’s Professional Standards Scheme. If a member ceases to practice or retires or there is a merge of the member’s practice entity with another practice then the member is required to hold “run-off cover” for the amount that they were insured for when they ceased practicing for a period no less than 7 years.

As an example, a CPP holder retires and prior to retirement he/she had Professional Indemnity Insurance (PII) covering them for $2million. When he/she retired, he/she went onto a PII that was run-off cover for $2 million. If a member ceases practicing it does not mean a claim cannot be made against them for work conducted prior to ceasing practice.

There are PII providers that provide automatic run-off cover once a member ceases to be a participating member of the Professional Standards Scheme. It will be invaluable to check with your broker if your PII has this automatic cover.

Prior to the existence of the Professional Standards Liability Capping Scheme, CA ANZ members in Tasmania were required to hold PII not less than $500,000. This is specified in Regulation CR2A -  Professional Indemnity Insurance in the Chartered Accountants ANZ Handbook which is available here.

Professional Standards Compliance team

If you have any additional queries in regards to the scheme or insurance cover, please contact our Professional Standards Compliance team.

Capping queries

Recap of last month's events/activity 

Our Certificate Presentation Ceremony and Networking Event on 15 February at The Sebel Launceston  was a great opportunity for members to hear from and meet with 2018 CA ANZ President, Jane Stanton FCA who presented certificates to recipients for Fellowship, Public Practice, service awards, merit, top of state and new membership. 

Upcoming events 

Leadership Outlook Series -1 March (Hobart) and 2 March (Launceston)

Member pricing of $50 has been extended to Chartered Accountants ANZ members. Please select Non-Member at registration and then apply the code ‘CAANZ’

Register now

Certificate Presentation Ceremony and Member Networking event – 5 April (Hobart)

As always, thank you for your support of Chartered Accountants ANZ in Tasmania and we look forward to working with you throughout 2018.

Andrew Quinlan CA
Deputy Regional Manager – Victoria & Tasmania

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