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2006 North Queensland Convention: Beware - crocodiles

Published on 18 May 2006 | Took place at Southbank Convention Centre, Townsville , QLD

The program from this convention included:
- presentations on a wide range of tax topics from some of Queensland’s and Victoria’s finest tax professionals
- assorted hot topics and recent developments in trusts, superannuation and property.

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

Individual sessions

Tax update

Author(s):  Stephen GRAW

This paper covers:

  • recent cases, rulings and legislation
  • major income tax developments in 2005.
Materials from this session:

Trusts 1

Author(s):  Heather WATSON

This paper covers:

  • default beneficiaries - Idlecroft Pty Ltd v. FCT
  • the appointor and settlor of trusts
  • trust ownership and divorce
  • Federal Court view v. the Family Court view
  • adding or excluding beneficiaries.
Materials from this session:

Trusts 2

Author(s):  Arthur ATHANASIOU

This paper covers:

  • splitting trusts / cloning trusts - TR 2005/D15
  • electing to be a family trust
  • what if the trust deed is lost?
  • trust distributions
  • testamentary trusts
  • resettlement issues.
Materials from this session:

What if the top marginal tax rate drops to 30%?

Author(s):  Brian J RICHARDS

This paper covers:

  • impact on tax planning strategies - income splitting structures
  • relevance of tax related investments
  • Division 7A and franked distributions
  • changes to CGT concessions?
Materials from this session:

Effective strategies for using superannuation in succession planning

Author(s):  Paul BANISTER

This paper covers:

  • when to establish self managed funds
  • using self managed pension rules - use of market linked annuities / allocated pensions / Treasury review documents released on 24 January
  • variations of contribution strategies
  • RBL compression and other useful strategies / RBL strategies
  • planning for efficient taxation of death benefits
  • use of binding death benefit nominations
  • use of offshore superannuation structures.

This was also presented on 3 December 2005 at the repeat 13th National Tax Intensive Retreat. It includes some minor updates made for presentation on 19 May 2006 at the North Queensland Convention, held in Townsville.

Materials from this session:

Tax effect accounting under IFRS

Author(s):  Murray GRAHAM

This paper steps through the concepts and processes that you should be applying to your clients or business and to allow you to:

  • learn the key requirements of AASB 112 - Accounting for income taxes
  • understand the impact that adoption of the standard will have
  • apply the standard, prepare a tax balance sheet and formulate the necessary journal entries.
Materials from this session:

Review of self assessment

Author(s):  Craig BOWIE

This paper discusses the Treasury report on aspects of tax self assessment, better known as ROSA, the Review of Self Assessment.

This paper was also presented on 19 May 2006 at the North Queensland Convention in Townsville.

Materials from this session:

GST - where are we now?

Author(s):  Damian WELSHE

This paper covers:

  • resorts, units, apartments and holiday houses - the GSTR 2000/20 re-write
  • update on the margin scheme and going concern rules
  • when is an enterprise being carried on?
  • conversion of use of property
  • GST audits and penalties.
Materials from this session:

Primary production transactions

Author(s):  Harry M RIGNEY

This paper provides an update on developing tax issues in contemporary primary production transactions, with a key focus on tax planning strategies for primary producers. Key transactions considered are:

  • tradeable water rights
  • commercial fishing
  • non-commercial losses
  • derivation of income - forward sales, farm management deposits and averaging.
Materials from this session:

Property

Author(s):  Russell BEER

This paper covers:

  • Divisions 40 and 43
  • capital v income considerations
  • common duty implications of various property transactions including off the plan, nominee contracts, and leases
  • structuring joint ventures
  • options, including put and call and consideration and structuring issues.
Materials from this session: