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17TH NATIONAL CONVENTION: TAX 2003 - A CHALLENGING VINTAGE

Published on 27 Mar 2003 | Took place at Adelaide Convention Centre, Adelaide , National

Recently practitioners have seen unprecedented change in the tax arena. GST has been at the front line followed by tax reform in its various guises of consolidation, capital allowances, new value shifting rules, demergers, a new international tax regime, etc. The challenge for 2003 is to absorb all the change without losing sight of the emerging issues for the practitioner.

This program focussed on the following areas:
- The role of the tax adviser in the current environment and moving to asset protection and appropriate structures for practitioners.
- We examined the ATO's focus on Division 7A and alienation of income.
- An overview of the preferred structures for carrying on a business was followed by a look at the tax issues associated with clients in specific industries.
- An examination of the recent developments surrounding Part IVA followed by an insight into the role of the Ombudsman and the ATO's response to provide improved services to tax agents.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Part IVA and the Tax Adviser - Don't Taint the Wine

Author(s):  Justice D Graham HILL This seminar paper provides an overview of the tax adviser's role in the light of recent cases - how far has the pendulum swung?

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Income Alienation - Reviewing the Big Picture

Author(s):  Gil LEVY With the now substantial gap between corporate and maximum personal tax rates, alienation of income is once again a major focus for practitioners and the ATO.

This seminar paper provides an analysis of the history and the current grey areas including:
- a review of the cases, rulings and determinations to date
- an examination of the dichotomy between APSI rules, personal services business determinations and Part IVA
- where to from here?

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Asset Protection for Professionals - Saving the Grange

Author(s):  Ken SCHURGOTT After years of tax combat, your livelihood and family home are seriously threatened by one perfectly explicable mistaken interpretation of the Tax Acts.

Your PI insurer has collapsed and you are fully exposed financially.

Or have you recognised that this could happen and taken early action to protect your essential assets? This paper considers the 'rules' of asset protection and what is achievable at an early planning stage.

An updated version of this paper was presented at the Asset Protection: Structuring for Asset Protection for High Risk Professionals seminar held in Sydney on 3 July 2003. Click here to view the paper.

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Service Trusts in the Future

Author(s):  David W MARKS The names of some cases have slipped into our daily vocabulary. Phillips' Case is one of them. But have you read it recently? And why is the Commissioner so anxious about so-called Phillips service trust arrangements? Pierce through the legend, and revisit the true story. Is it a tale with a happy ending?

- 'Phillips' case revisited
- Is your service fee commercial?
- ATO and practitioner perspectives
- Calculation methodologies and examples.

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Division 7A Issues - being prepared to survive an audit

Author(s):  Peter RILEY This seminar paper focusses on the practical and technical issues affecting private company distributions, in particular the traps for the unwary.

The paper covers:
- recent developments and ATO focus
- section 109UB & 109T issues and anomalies
- multiple tax potential in the event of failure
- distributable surplus, issues with internally generated goodwill.

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Structuring a Business to take advantage of CGT Concessions

Author(s):  Gordon S COOPER This seminar paper considers the various alternatives for structuring closely held and family owned businesses with a view to maximising access to the CGT Concessions. Specifically the paper covers:
- structuring to maximise asset protection
- structures for holding investments either negatively or positively geared
- comparison of structures suitable for family owned business as compared with 'partnerships' between unrelated parties
- issues with repatriating the concessions to the underlying beneficial owners.

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Self Managed Superannuation Fund Investment Rules

Author(s):  Mark PIZZACALLA The commercial and tax issues which affect SMSFs continue to be one of the least understood areas by trustees and advisers alike. Using a case study approach, this seminar paper considers several SMSF investments and whether they meet the relevant SIS requirements.

Topics covered include:
- dealing with the ATO and its current move from education to compliance
- formulation of an appropriate Investment Strategy
- sole purpose test considerations
- investment restrictions and exceptions (including lending issues, acquiring assets from members, borrowings, 'in house' assets rule)
- interaction between SMSFs and interests held in unit trusts
- Financial Services Reform Act implications.

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Research and Development for SMEs

Author(s):  Terry LEWIS There have been significant changes and issues arising in relation to Research and Development (R&D) for business in Australia. This seminar paper covers:
- tax concessions - general principles
- mandatory R&D Plans from 1/7/2002
- tax offset for small companies (cashing out)
- premium deductions (175% tax deduction)
- schedule for tax returns
- start grant program - where is it at?
- other grants and assistance available for SMEs.

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My Client the Primary Producer - Breaking the Drought

Author(s):  Barbie CHIRO Primary producers are facing difficult times so it is essential that all available tax concessions are used by them. This seminar paper gives a practical overview of the main deductions available as well as considering appropriate structures for conducting the business. Matters covered include:
- vineyards/horticultural plants
- water facilities/Landcare operations
- drought and deferred profits
- access to Government benefits
- farm management deposits
- effects of tax and environmental issues
- structuring/non-commercial losses.

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My Client the Expatriate - Secrets of 'Old' World Vintages

Author(s):  Paul ELLIS This seminar paper covers the issues with residents leaving Australia to work overseas either temporarily or permanently. Similar issues with non-residents seeking permanent or temporary residence in Australia will be covered.

Specifically the seminar paper examines:
- residency: when does it start and stop?
- superannuation issues and retirement planning
- tax planning for international assignments
- temporary residents regime.

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My Client the Writer/Performer/Sports Person

Author(s):  Bill BAILLIE The Tax Act has some sympathy for 'special professionals' but generally it is a hard tax planning road for the individual sports person, entertainer or creative artist. Case law, the Act itself and the ATO's rulings combine to make it risky, at best, to assign or alienate personal income, but there are some opportunities amongst the pitfalls!

- Getting started - structures, tax concessions, planning
- Personal income (IT 2121) vs PSI issues
- Intellectual property, copyright and endorsement income
- Planning for growth - tax residence, foreign income
- Travelling, LAFA, FBT issues
- PAYG and GST - registration - prize money, appearance/performance fees.

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My Client the Divorcee - Grapes of Wrath

Author(s):  Arlene MACDONALD Paying tax is difficult enough when it is compulsory. How much worse is it when it could easily have been avoided by using tax concessions available in many circumstances when your client's marriage or other domestic relationship ends? This seminar paper looks at the available concessions and their practical application. It also examines the new superannuation splitting rules. It includes:
- CGT rollovers
- stamp duty (for all states and territories)
- GST issues (for shared business assets)
- superannuation splitting
- planning
- what if both fighting parties are your clients?

Arlene Macdonald presented aslightly revised and updated version of this paper at the My Client the Divorcee seminar held in Adelaide on 16 September 2003. It focusses on the matters from the SA practitioner's perspective. Click here to view that paper.

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Demerging, Retiring and Rolling Over

Author(s):  Tony BAXTER This seminar paper looks at demerging options for SMEs. It considers the potential benefits and explores simple mechanisms for achieving better SME structures.

- How SMEs can benefit from demerging
- The demerger rules
- Demerging options and mechanics
- Potential traps and pitfalls.

An edited version of this paper was published in two parts in the July 2003 and August 2003 editions of Taxation in Australia. Click here for Part I and click here for Part II.

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Part IVA at age 21 - Has it Reached Maturity?

Author(s):  AH (Tony) SLATER This seminar paper contains a practical consideration of the potential application of Part IVA and its impact on advising clients.

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Fixing your tax problem: where to go for what and why?

Author(s):  Dr Michael DIRKIS,  Peter HAGGSTROM The recent debate on the appointment of an Inspector-General for taxation has placed the spotlight on the processes within the Australian taxation system for resolving disputes, reviewing legislation and streamlining administration.

This seminar paper includes a summary of grass roots concerns and a robust analysis of:
- the distinctive roles of the Ombudsman, an Inspector-General and the ATO
- particular problems versus general problems
- alternatives to conventional objection and appeal procedures.

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