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2005 North Queensland Convention: Performing in the Tax Circus

Published on 19 May 2005 | Took place at Southbank Convention Centre, Townsville, QLD

The 2005 North Queensland Convention program included a selection of hot topics, including recent developments to keep you abreast of latest changes.

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

Individual sessions

Tricks with trust deeds

Author(s):  David W MARKS

This paper covers:

  • when can I distribute trust income to another trust?
  • how do I get the distribution minute right?
  • what if the beneficiary doesn't want the income after all?
  • is the unit trust a 'fixed trust' for trust loss rules?
  • whatever happened to 'trust splitting'? Can I do it?
  • who is the trust's 'appointor'? Does it matter for small business CGT concessions?
Materials from this session:

Dealing with government, Treasury and the ATO - a three ringed circus?

Author(s):  Dr Michael DIRKIS

Michael Dirkis, Senior Tax Counsel for the Tax Institute focusses on the practical impact of a number of key issues currently being progressed by the Tax Institute with Government, Treasury and the ATO.

Materials from this session:

Recent developments in the GST treatment of property

Author(s):  Lachlan R WOLFERS

Issues covered in this paper include:

  • small scale developments constituting an enterprise - MT 2004/D3
    • sale of vacant land 'in the course or furtherance' of an enterprise new GST treatment of retirement village accommodation
    • the application of GST to the sale of separately titled serviced apartments and holiday accommodation - the rewrite of GSTR 2000/20
  • deposits for Division 99 purposes, and consequences on release or forfeiture
    • changes in use of property and Division 129 adjustments.

This paper was also presented on 20 May 2005 at the 2005 North Queensland Convention held in Townsville and on 8 July 2005 at the 34th Queensland State Convention held on the Gold Coast.

Materials from this session:

Buying and selling a business - don't clown around: case studies 3 & 4

Author(s):  Vince BAILEY

These case studies cover:

  • CGT - small business concessions and other issues
  • Queensland transfer duty issues (including planning)
  • GST - going concern and other concessions
  • protecting the goodwill - the dos and don'ts
  • contracts, warranties and indemnities - drafting tips
  • due diligence issues
  • asset purchase v entity purchase.
Materials from this session:

Roll up, roll up - the tax update

Author(s):  Stephen GRAW

This paper covers:

  • recent cases, rulings and legislation
  • major income tax developments in 2004
  • major cases
  • recent rulings
  • critical legislation.
Materials from this session:

Getting cash out of corporate structures

Author(s):  Paul SOKOLOWSKI

This paper covers the intricacies of distributing or liberating wealth from continuing companies including:

  • the advantages of schemes of arrangement in complex client structures
  • what to do to deal with value shifting traps
  • dealing effectively with possible debt forgiveness implications
  • structuring and optimising capital reductions / buybacks - avoiding assessable dividends
  • capital benefits and dividend streaming implications.

This paper was also presented by Michael Hennessey at the 'Roadmap to Business Structures' seminar held in Brisbane on 19 November 2004. Michael also presented a large proportion of the paper at the 'My Client the Retiree/Investor' seminar held in Maroochydore on 8 April 2005 and at the '2005 North Queensland Convention' held in Townsville on 19 and 20 May 2005.

Materials from this session:

Service entitites

Author(s):  John NEWBY

This paper answers the following questions:

  • are the fees commercial?
  • what is the Tax Office view?
  • is Phillips case still relevant?
Materials from this session:

Swallowing the consolidation sword

Author(s):  David MARSCHKE

The consolidation decision - to consolidate or not:

  • is consolidating beneficial?
  • what happens if you don't consolidate?
  • have you left your run too late?
  • new entity joining a consolidated group
  • what happens on sale of a business?

Looking after your losses:

  • bringing losses into the consolidated group
  • using losses post tax consolidation
  • acessing previously trapped losses
  • mximising loss usage
  • potecting losses going forward.
Materials from this session:

Loans - don't fall off the high wire

Author(s):  Richard J FRIEND

What safety nets are available?

  • tips and traps for loans from companies and trusts
  • loans to companies and the debt/equity rules
  • debt forgiveness issues: when they are not a problem

Interest deductibility issues: a balancing act

  • when negative gearing becomes 'too' negative
  • getting your interest deductions in the right entity - issues with on-lending or funding related entities
  • dealing with non-deductible debt - any magical disappearing acts?
Materials from this session:

The estate planning process

Author(s):  John DE GROOT

This presentation covers:

  • working within a framework
  • identification of assets, liabilities and beneficiaries
  • drafting a tax effective will
  • enduring powers of attorney, guardianship and advance medical directives
  • when and how to use discretionary trusts
  • emerging trends
  • practical traps and tips.

This was also presented at the 2005 North Queensland Convention in Townsville on 19 May 2005.

Materials from this session: