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2006 Financial Services Taxation Conference: From every angle

Published on 15 Feb 2006 | Took place at Hyatt Regency, Sanctuary Cove, National

The theme of this conference, Financial Services From Every Angle, covers a wide range of topics across banking, general insurance and wealth management sectors. These include major tax reform issues such as the integration of IFRS, COT, and SBT reform, and the introduction of further tranches of legislation in relation to RITA/NITA and TOFA.

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Individual sessions

Interpreting and applying the tax regime in practice - a legal perspective

Author(s):  Jennifer DAVIES

This paper explores interpretation of legislation in practice including:

  • unclear definitions
  • inappropriate outcomes
  • application of Part IVA where transactions are modified to fall within specific provisions
  • Interpretation (general and Part IVA), self assessing discretions, promoter legislation, role of policy, explanatory materials
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Interpreting and applying the tax regime in practice - an ATO perspective

Author(s):  Ashley KING,  George HITTI This presentation provides an overview of the ATO's approach to determining its view on technical issues that arise in the financial services industry.  Also included is a practical example illustrating the process involved in the resolution of industry technical issues.

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Taxation of financial arrangements

Author(s):  Neil WARD Are we now finally reaching a conclusion on this long outstanding tax reform?   This paper covers the implications of implementing this tax reform and offers a comparison with other jurisdictions.

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Capital raising and the debt/equity borderline

Author(s):  Tony FROST

After a brief overview of the regulatory capital rules for ADIs, this paper then considers the key Australian income tax implications relevant to the issue of various types of instruments which qualify as some sort of regulatory capital.

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Indirect taxes and insurance products

Author(s):  Sonia SPIROPOULOS This paper discusses stamp duty issues relating to general insurance products.  It also discusses recent GST developments applicable to general insurance, common pitfalls, as well as areas of ATO audit focus.

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Capital protected products

Author(s):  Jason KING This paper offers a definition of "capital protected products', as well as a summary of the current marketplace, key considerations for investors and product manufacturers, and observations on the Product Ruling Process.

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Rationalisation of legacy life and funds products

Author(s):  Andrew MILLS

What is product rationalisation and why is it necessary?  This paper discusses issues and problems including an overview of IFSA proposed process for product rationalisation; the impact of rationalisation on trusts, life products, superannuation and IDPS.

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Tax relevant products - current issues

Author(s):  Phillip COLE

This paer discusses within a banking context, the development of retail products with tax features, including:

  • current trends and issues
  • product development process
  • controls over marketing and risk management
  • implications of promoter legislation for front-office staff, back-office staff, including in-house tax advisers
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The tax effects of IFRS for banks

Author(s):  Richard BUCHANAN

The move from AGAAP to AIFRS will affect most, if not all reporting entities in many ways.  In many respects the banking industry will be the most affect by the move to AIFRS, given the combination of the nature of its business, and the overall size, complexity and global scale of the organisations within the industry.  This paper outlines the major differences between AGAAP and AIFRS and sets out some of the key financial reporting, tax and systems factors that affect the banking industry as a result of its move to AIFRS.

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IFRS for insurers and fund managers

Author(s):  Grant PETERS This paper deals with the implications for life and general insurers by considering the impact of AASB 4 and amended versions of AASB 1038 and AASB 1023, taking into account the latest decisions made by the IASB and AASB to 31 December 2005. Also discussed are the related AASB 112 Income Taxes implications and notes certain related tax implications associated with the introduction of IFRS in the context of insurers and fund managers under either ITAA97 or ITAA36.

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Distributions of excess capital

Author(s):  Geoff GIRVAN This paper covers an historical perspective of the law; excess capital for Financial Services Groups; measures to return excess capital; taxation rules; the ATO's influence - anti-avoidance provisions.

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Mergers and acquisitions in a post-consolidation world

Author(s):  Martin FRY

This paper provides commentary on the following topical issues affecting M & A transactions involving tax consolidated groups:

  • the effect of an SBT ceiling on the ability of a bidder to acquire the carry-forward losses of a target entity
  • the effect of an SBT ceiling on the ability of a bidder to claim bad debt deductions for debts "inherited" from a target entity
  • the characterisation of the sale of membership interests in subsidiary members, particulary in having regard to the quantum of capital losses currently existing in the tax system
  • whether a consolidated group will be denied a loss on the sale of a loss-making subsidiary member , if the subsidiary member is sold to another consolidated group


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International tax reforms affecting the funds management industry

Author(s):  Greg LAZARUS Australia is the fourth largest mutual fund marketplace in the world. This paper examines the rapid growth in Australia's funds management industry, a development largely fuelled by the Government mandated employer superannuation contribution arrangements, leading to a growth in superannuation fund assets, many of which are invested in managed funds.

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Developments impacting thin capitalisation for financial institutions

Author(s):  Jeff SHAW There have been a number of recent developments affecting the thin capitalisation position of Australian financial institutions.  These developments stem from a variety of taxation, accounting and regulatory reforms that are presently converging to make the effective management of a financial institution's thin capitalisation position a far more difficult and uncertain task than it has been in the past.

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Transfer pricing - practical issues in the Asia Pacific region

Author(s):  Agnes LINGANE This paper discusses practical issues of transfer pricing as applicable to financial institutions.  Key issues in Asia-Pacific include dealing with revenue authorities, effectively managing the audit/review, and the impact of VAT regimes.

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Managing tax risks in other jurisdictions arising from acquisitions

Author(s):  Neil BILLYARD This paper discusses perspectives on managing tax risks in other jurisidictions. It identifies and assesses risks on acquisitions and operations.

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Australian taxation aspects of investment in Asia

Author(s):  Tony CLEMENS This paper explores Australian issues surrounding investment into Asia. Subjects covered include investments into regulated financial institutions, RHQs etc

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