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3rd Annual Tax Forum

Published on 18 May 2010 | Took place at Hilton Sydney, Sydney, NSW

While there are important changes and issues that will affect many advisers and their clients in 2010, TOFA, the decision in Bamford and the Henry review for instance, there are many other simple and complex topics that require your attention from day-to-day and mean you need to keep up-to-date.

This event covered three topic streams – corporate, SME and hot topics, which will included over 40 technical sessions that were structured to ensure that the Forum was a “one stop shop” to bring you up to date in mid 2010.

Please note materials are currently being uploaded for this event. This message will be removed once all papers and presentations are available.

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Individual sessions

Consolidations for SME's

Author(s):  Paul LYON This paper covers:

  • tax consolidation
  • beware of what is behind the door - the common traps on entry
  • the allocation conundrum
  • losses
  • the reluctance to use tax sharing/funding agreements
  • interesting case studies.
Materials from this session:

Recent decisions directly impacting on corporate taxpayers

Author(s):  Bob Deutsch This paper covers:

  • the in-house finance company saga
  • tax consolidations
  • the bank cases
  • the never ending saga of Part IVA.
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Budget review - Setting the scene for the future

Author(s):  Matt HAYES,  Tony MULVENEY This presention covers:
budget review
Henry review.

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Structuring a professional practice

Author(s):  Greg HAYES This presentation covers:

  • common practice structures
  • considerations in selecting a structure
  • demographics of the accounting profession in Australia
  • impact of the demographics
  • regulatory requirements
  • risk management
  • taxation efficiency
  • ATO attitude
  • the business model
  • entry & exit of partners
  • structural evolution
  • succession planning.
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An update on the consolidation regime

Author(s):  Helen WICKER This paper covers:

  • legislative changes currently before parliament
  • other announced changes, not yet released in legislative form
  • bad and doubtful debts
  • recent consolidation cases
  • recent ATO rulings, determinations and decisions
  • board of taxation review.
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Update on deductibility under section 8.1

Author(s):  Mark FRIEZER This paper covers:

  • capital - substance over form (revisited)
  • nexus to the production of assessable income.
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Superannuation

Author(s):  Mark WILKINSON This paper covers:

  • Cooper Reveiw preliminary report released
  • superannuation rates and thresholds for 2010/11
  • rulings and interpretive decisions
  • other issues
  • AAT case 7/2009, 2009 - non-complying fund.
Materials from this session:

Exiting a consolidated group - Traps for the unwary - What about GST?

Author(s):  Deborah Jenkins This paper covers:

  • what has GST got to do with it?
  • differences between GST grouping and income tax consolidations
  • traps when exiting a GST group
  • proposed changes to GST grouping.
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Issues for expatriates - Are you still a resident ?

Author(s):  Sanjay WAVDE This paper covers:

  • the narrowing of section 23AG
  • resident of Australia
  • when do you start and stop being a resident?
  • the consequences when a person stops being an Australian resident.
Materials from this session:

The Tax Laws Amendment (Research & Development) Bill 2010: Response to second exposure draft

Author(s):  Kris GALE This paper covers:

  • history of the R&D program
  • our concerns with the Easter draft
  • analysis of the examples in the Easter draft
  • our proposals to improve the Easter draft.
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An introduction to the TOFA regime

Author(s):  Simon JENNER This paper covers:

  • introduction to TOFA rules
  • do I bring in existing financial arrangements?
  • other considerations.
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Current payroll tax issues for employers

Author(s):  J AFFORD,  Judy SULLIVAN This paper covers:

  • engagement of contractors
  • grouping issues
  • cross border issues
  • options and shares
  • dealing with the OSR.
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Part IVA - Mature anti-avoidance regime - A review of recent cases

Author(s):  Adam GIBBS This paper covers Part IVA - mature anti-avoidance regime.

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The state of trust tax play

Author(s):  Ken SCHURGOTT This paper covers:

  • Bamford and trust distributions
  • children and franking credits
  • guidance from Bamford
  • streaming of income
  • concerns remaining
  • ATO actions before 30 June 2010
  • unpaid present entitlements and companies
  • timing - date of effect
  • accepting the ruling - going forward
  • UPEs of earlier years
  • section 109RB application
  • timing
  • the lifestyle asset amendments
  • interposed entity amendments
  • disclosure requirements
  • TFN withholding.
Materials from this session:

Recent tax & FBT issues arising from remuneration packaging and arrangements

Author(s):  Elizabeth LUCAS This paper covers:

  • salary packaging in general
  • salary deferral arrangements and employee savings plans
  • living away from home allowances
  • employee share schemes
  • Australian's working offshore
  • minor benefits and entertainment.
Materials from this session:

ATO guidelines for accessing professional accounting advisors' papers

Author(s):  Peter Poulos This paper covers:

  • why an accountants concession?
  • what documents are involved?
  • processes for claims
  • your rights and remedies
  • how can the process be made more certain?
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Business succession and SMEs

Author(s):  Scott TREATT,  Bill SHEW This paper covers:

  • why don't owners plan?
  • following a structured approach
  • assess strategic and wealth enhancement opportunities
  • design, develop and implement a succession plan
  • review and monitor
  • succession planning step-by-step
  • taking action is the most important first step
  • taxation issues.
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Role of accounting standards in TOFA

Author(s):  Tracey RENS This presentation covers:

  • context and objectives of TOFA
  • accounting definitions and concepts
  • application for TOFA tax timing methods
  • group disclosures and arrangements
  • outlook for TOFA.
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NSW duties I - Landholder duty and changes to transfer duty

Author(s):  Anastasia TSEKOURAS This paper covers:

  • New South Wales landholder duty and changes to transfer duty
  • the landholder entity regime - A brief history
  • current round of reforms
  • changes to transfer duty
  • the anti-avoidance provisions .
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Estate planning

Author(s):  Andrew FRANKLAND This paper covers:

  • structure of testamentary trusts
  • testamentary trusts and super
  • tax and testamentary trusts
  • asset protection and testamentary trusts
  • other Division 6AA trusts.
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TOFA and tax consolidation interactions

Author(s):  Julian CHENG This paper covers:

  • joining entity with financial arrangements
  • leaving entity with financial arrangements
  • hedging
  • other interaction rules.
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NSW duties II - Introduction of general anti-avoidance provisions and changes to mortgage duty

Author(s):  Andrew Rider This paper covers:

  • introduction of general anti-avoidance provisions
  • changes to mortgage duty
  • interplay between general anti-avoidance provision and mortgage duty.
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Implementing TOFA in a large corporation

Author(s):  Mark BRADFORD,  Gavin MARJORAM This presentation covers:

  • broad overview of TOFA outcomes
  • a corporate taxpayer's perspective
  • a plan to implement TOFA
  • some practical issues arising from TOFA implemention.
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CGT treatment of earn-outs

Author(s):  Grant ELLIS,  Tim SHERMAN This paper covers:

  • earnouts
  • issues with the Commissioner's approach to earnouts
  • reverse earnouts
  • issues with the Commissioner's approach for a reverse earnout
  • how does overseas experience compare?
  • what are possible alternatives?
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Australia's international tax system - Outbound investment

Author(s):  Jane MICHIE This paper covers:

  • background to Australia's current international tax system
  • what will change?
  • repeal of FIF provisions.
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Managing losses - Traps for the unwary

Author(s):  Dale BOCCABELLA This paper covers:

  • reminder of some structural aspects of the loss recoupment rules for entities
  • continuity of ownership test
  • continuity of control test
  • anti-income injection test
  • continuity of business test.
Materials from this session:

Liquidations

Author(s):  Richard J FRIEND This paper covers:

  • liquidators distributions: dividends
  • liquidators distributions: CGT issues
  • winding up vs dividends
  • share buy-backs
  • Archer Bros principle
  • informal liquidations
  • interaction with Division 7A
  • dealing with Division 7A loans
  • CGT concessions on liquidation
  • alternative to liquidation: using CGT SB concessions to access cash from companies
  • winding up trusts: use of CGT SB concessions.
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Tax administration without borders

Author(s):  Howard ADAMS,  Glenn WILLIAMS This paper covers:

  • international co-operation
  • international co-operation and the OECD
  • what does this mean?
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An update on changes to Australia's international tax system - Inbound investment

Author(s):  Tony CLEMENS,  Jonathan Malone,  James Nickless This paper covers:

  • Myer/TPG overview
  • the revenue/capital distinction
  • treaty benefits and fiscally transparent entities.
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Thin capitalisation, transfer pricing and debt deductions

Author(s):  Christian HOLLE,  James Nickless,  Robert PFEIFFER This paper covers:

  • the interaction of the thin capitalisation rules with the domestic transfer pricing rules
  • can the applicability of a DTA containing an associated enterprises article affect the analysis?
  • what impact does parental affiliation have?
  • what impact do parental guarantees have?
  • what level of protection does the rule of thumb concession provide?
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GST - The changes operating from 1 July 2010

Author(s):  Gina LAZANAS This paper covers:

  • Tax Laws Amendment (2009 GST Administration Measures) Act 2009
  • Tax Laws Amendment (2010 GST Administration Measures No 1) Act 2010
  • Tax Laws Amendment (2010 GST Administration Measures No 2) Bill 2010
  • May 2010 budget announcement with effect from 1 July 2012
  • other changes postponed to 1 July 2011.
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Property

Author(s):  Scott McGill This paper covers:

  • property development and investment
  • distinction between revenue and capital
  • income tax implications where the sale of land is on revenue account
  • other considerations.
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