The Best of 22 So Far... Hot Topics

Included sessions

Negotiation Techniques for Tax and Non-Tax Situations - Prof Jasper Kim, University of Melbourne

Session 2B from the Tax Disputes Masterclass

The use of effective negotiation techniques and strategies can turn potentially long, protracted and adversarial disputes into effective win-win comprises. This presentation highlights some of the main and cutting edge negotiation-related strategies and principles — applying theory, practice and psychology — as it applies to both tax and non-tax matters in diverse business settings.

Early engagement with the ATO - Sandra Farhat, FTI, EY, Nadia Alfonsi, ATO

Session 5B from the Tax Disputes Masterclass

It is always preferable for both taxpayers and the ATO to engage in early conversations with the common goal of resolving uncertainty arising in tax matters. This session covers the key considerations and benefits of proactively engaging with the ATO to such resolve issues. Discussion focuses on the various ways taxpayers can engage with the ATO throughout the course of a review or audit, including:

• Use of voluntary disclosures,
• Assessing a taxpayer’s assurance level prior to a Combined Assurance Review or Top 500 Review
• The ATO’s New Investment Engagement Service program
• What it seeks to achieve.

Agribusiness business transition - Putting success into succession - Frances Becker, Hamilton Locke, Brett Heading, Hamilton Locke

Session 3 from the Agribusiness Intensive

While business transition and succession is forced upon death, better outcomes and greater flexibility can often be achieved when planning commences early. This session provides practical insight into the benefits of building a complete succession and business transition plan early and outline a range of tips and traps that require careful consideration. It includes:

• An outline of key issues in succession and transition planning, and an introduction into motivating factors for building and implementing such plans early.
• An overview of practical considerations in building a well-rounded succession plan from considering the fundamental concept of who is responsible for management and control of the business during the various transition phases, how to prepare the business and structures for each stage of transition, through to the core and ancillary documentation that is essential to achieve a smooth transition.
• An array of traps to look out for and practical tips to overcome issues encountered in building transition plans for agricultural businesses and specific issues targeted at this sector.

This session will be focused on agricultural businesses, involving multiple entities and generations as is common in the industry

The world of digital assets - are you ready? - Tracey Dunn, RSM Australia

Session 6A from the WA Tax Forum

From cryptocurrency to NFT’s, digital assets are flooding onto the market at an exponential rate. This insightful session will take a practical approach to the foundational as well as the latest tax issues in this space. Using practical examples, you will be taken through the current issues at play, available ATO guidance and an outlook of what we might see in 2022, including:

• Blockchain and cryptocurrency 101 with practical insights and war stories
• What is digital art and NFTs
• Inheritance of digital assets
• ATO guidance and compliance
• Foreign Currency or not - is TR 2014/25 still valid?, and
• Update on Senate recommendations.

Trust me ... Trust me not, John Carrello, BRI Ferrier

Session 9 from the WA Tax Forum

This session will look at Trusts from an Insolvency Practitioner’s perspective and will include the following:

• Trusts in Conflict and the strategies employed
• Trusts and their interaction with asset recovery/voidable dispositions under the bankruptcy/Corporations Act
• Trusts in Family law/disputes and Bankruptcy
• Tax Advice versus Wealth protection, and
• Practical tips for Advisers.

Succession and Estate Planning considerations - Michael Flynn QC, CTA (Life)

Session 7 from the Trusts Intensive

Trusts are undoubtedly one of the most popular vehicles for carrying on a business, holding family wealth, and planning for intergenerational succession. A proper understanding of the trust-related tax consequences that may arise on an individual’s death is vital for any practitioner advising on estate planning, preparing wills, and managing deceased estates (and of course, testamentary trusts). This session covers some of the more central concepts such as testamentary trusts and when to use them, the rights, powers, duties and liabilities of LPRs versus trustees, and transferring control of trusts and potential taxing points, as well as addressing recent developments including the new rules for taxing distributions from testamentary trusts to minors.

Gig economy and payroll tax implications - Andrew Rider, CTA, Level 22 Chambers

Session 3C from the NSW Tax Forum

With many implications to consider about the gig economy, this session discusses:

• Who is an employee/who is a contractor
• Employment agency rules and other commercial arrangements
• Jurisdictional nexus issues
• Related payroll tax impacts.

Residency in a Post-COVID world - Chris Ardagna, CTA, Pitcher Partners

Session 5C from the NSW Tax Forum

This session provides an overview of:

• The impacts from COVID-19 on Australian tax residency of individuals, companies and super funds
• Employees stranded in a foreign country – does this create a branch?

Build to Rent - Matt Ervin, KPMG, Rebecca Lawrence, CTA, KPMG

Session 6C from the VIC Tax Forum

In recent years the Build to Rent (BTR) sector has emerged as a key growth area within Australian real estate markets, and has often been hailed as a potential solution to many of the supply and affordability challenges currently being experienced within our major cities. The asset class is well developed overseas, and operates within enabling tax frameworks, however the current position in Australia is more complex.

Whilst we have seen significant amounts of capital being invested into these projects, there are challenges and complexities from a GST, income tax and state taxes perspective that must be navigated. In this session we work through a series of practical examples to explore the GST and income tax outcomes of these projects.

High wealth private group ATO reviews: Top 500 Next 5,000 and the next 180,000 - Paul Hockridge, CTA, Hockridge Advisory

Session 9C from the Vic Tax Forum

In recent years the ATO have had an increasing focus on ensuring high wealth private groups are correctly managing their tax affairs. This has resulted in the Top 500, Next 5,000 and Emerging Private Group tax review programs. This session will cover:

• Who is targeted in each review program and the concept of justified trust
• How the ATO approaches these reviews and key issues they particularly focus on
• What the ATO are finding from completed reviews
• How to make written tax governance frameworks practical and affordable for small private groups
• What advisers should do when notified of an ATO private group review
• Evidence gathering, risk identification and voluntary disclosures and
• How an adviser can escalate matters if they are unhappy with the ATO’s conduct during a review