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2009 Tasmanian State Convention

Published on 16 Oct 2009 | Took place at Tamar Valley Resort, Tasmania, TAS

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This event focussed on issues and opportunities relevant to your clients in the current economic climate.

Note: Session 4 of this event "Getting your practice ready for the new Tax Agent regulatory scheme" by Dr Michael Dirkis was delievered in an updated form at the Tax Agent Services Regime event on 17 November 2009. The paper and presentation can be downloaded for free from that event listing.

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

Individual sessions

Working together to deliver good outcomes for the community - An update on the Compliance Program in a changing environment

Author(s):  Bruce QUIGLEY

This paper gives an update on the Tax Office's Compliance Program against the four main focus areas for 2009-10: supporting people in financial distress, promoting a level playing field, paying a fair share of tax, and preventing abusive use of tax havens.

It also discusses how the Tax Office is seeking to enhance its relationship with tax professionals to respond to future challenges.

Materials from this session:

Tax issues in property investment

Author(s):  Arthur ATHANASIOU

Property transactions usually cause the greatest headaches for property investors and their advisors. Even the simplest act of subdividing land, building and selling residential premises, can give rise to different taxation outcomes depending on the circumstances. This paper examines some of the common tax issues that property investors can sometimes overlook, including:

  • when does a disposal of property give rise to a capital gain?
  • when does a property investor ‘cross the line' to property developer?
  • what are the key indicators that differentiate between passive investment and active development?
  • what differentiates a repair as opposed to an improvement, and why does it matter?
  • when is the joint ownership of land a tax law partnership?
  • when are expenses for the holiday home deductible?
Materials from this session:

Managing trust losses

Author(s):  Meagan O'CONNOR

This paper covers:

  • introduction to schedule 2F ITAA 1936 rules and operation
  • family trust elections planning issues
  • exceptions to the trust loss regime
  • passing the income injection test.
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Tax issue for companies (and their directors) when approaching, and entering, insolvency

Author(s):  Lachlan R WOLFERS

This paper provides a practical insight into the rights, obligations and entitlements of companies and their directors when insolvency is looming. It considers when a proactive approach is warranted in dealing with the taxman's debts, and the consequences of adopting a ‘head in the sand' attitude. The paper focuses on real life situations affecting SMEs in the Global Financial Crisis and covers:

  • tricks and traps for negotiating tax debts with the ATO
  • when personal liability attaches to directors for unpaid tax debts, and how to ensure personal liability does not arise
  • the (few) circumstances under which the ATO enjoys a priority over unsecured creditors.
Materials from this session:

Lost love and lost money - An incendiary combination: Current tax and trust issues in the Family Court

Author(s):  Arlene MACDONALD

NB: This is an updated version of Arlene's paper "Trust Busting" presented at the 2009 National Convention.

In Kennon v Spry, the High Court confirmed some of the powers of the Family Court to "look through" family discretionary trusts to the assets held on trust when determining the pool of property to divide between former spouses/de facto partners. The court's exercise of power to set aside transactions gives rise to significant tax issues for beneficiaries and trustees and the power to "look through" the trust is a major limitation to asset protection.

This paper discusses the tax and asset protection issues raised by the High Court's decision (including any developments) and also examines the implications of the Full Family Court's decision (and any developments) in dealing with a party's tax debt well in excess of the matrimonial property in FCT v Worsnop.

Materials from this session:

2009 tax update

Author(s):  Brent MURPHY This paper focuses on recent cases, rulings or announcements which are considered to be particularly relevant to the SME tax adviser.

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Building superannuation savings contributions and instalment warrants

Author(s):  Joan ROBERTS

This paper covers:

  • contribution caps
  • excess contributions tax
  • reportable employer superannuation contributions
  • what is a contribution?
  • gearing
  • borrowing structures and documents
  • guarantees
  • tax issues.
Materials from this session:

Aspects of estate planning for tax practitioners

Author(s):  Peter WORRALL

This paper covers a number of current estate planning topics of interest to tax practitioners, including:

  • trust distributions and risks for tax practitioners
  • the nature of testamentary trusts - and why they are not all the same - risks for tax practitioners
  • the value of having appointors in testamentary discretionary trusts
  • the risk for tax practitioners in holding down a formal (non advisory) role in clients' trusts.
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