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  • 2010 Financial Services Taxation Conference

2010 Financial Services Taxation Conference

Published on 11 Feb 2010 | Took place at Hyatt Regency, Sanctuary Cove , National

There is little doubt that our financial services industry has suffered considerably over recent times. While the surviving financial powerhouses of London, New York and Europe may take serveral years to recapitalise and flourish, the increased regulation and governance standards will change our working enviornments for many years to come. Investors are increasingly reviewing the nature and extent of their investment into and out of Australia as regulators keep pace with the outcomes. Revenue authorities around the world are at the forefront to the reponse to cross-border debt and equity funding choices, as well as global financial management decisions. Added to these global influences is a monumental reform of many elements of the Australian taxation framework. The traditional relationships between direct and indirect taxes and Federal and State taxes all hang in the balance. This event covered some of the most important taxation issues of today's financial services environment. It also looked at the initiatives to position Australia as a leading financial services centre in the region.

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Individual sessions

Deferred purchase agreements, instalment warrants and protected loans

Author(s):  Tim KYLE This paper covers:

  • deferred purchase agreements
  • instalment warrants
  • protected loans.
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Preference shares and nonshare equity

Author(s):  Monica JORDAN This paper covers:

  • preference shares:
    • introduction
    • tax issues
  • non share equity
  • TOFA.
Materials from this session:

Sovereign investment in the financial services sector

Author(s):  Steven ECONOMIDES,  Steve O'CONNOR This paper covers:

  • sovereign investment and the GFC
  • Australian tax issues from recent direct Government intervention and SWF activity
  • sovereign immunity
  • other concessions for sovereign investment.
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St George Bank case update

Author(s):  Deborah HASTINGS This presentation covers the St George Bank case update.

Materials from this session:

St George Bank Ltd and the cost of structure capital

Author(s):  AH (Tony) SLATER The St George Bank case raised some fundamental questions about the relationship between capital and income expenditures. This paper covers:

  • "incurred in gaining"
  • "of capital, or of a capital nature"
  • Macquarie finance
  • St George Bank
  • loan capital cases
  • significance of the St George Bank case.

 

Materials from this session:

Product rationalisation

Author(s):  Tony MULVENEY,  Bernard FINNEGAN,  Louisa VAN This paper covers:

  • major income taxation matters to consider
  • life insurance companies
  • managed funds
  • superannuation funds
  • practical and implementation issues.
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Reforms to Australia's foreign source income anti-tax-deferral regimes

Author(s):  Haydn DAW This paper covers the reforms to Australia's foreign source income anti-tax-deferral rules.

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Australia as a financial centre: Building on our strengths

Author(s):  Jeremy DUFFIELD This paper covers:

  • why is it worth developing Australia as a financial centre?
  • what are the desirable characteristics of a leading financial centre?
  • how does Australia rate on these characteristics?
  • why is Australia's financial sector not more internationalised?
Materials from this session:

The MIT review - What's in it for you?

Author(s):  Karen PAYNE This paper covers:

  • the Government's response to the Board Of Taxation's interim recommendations
  • why is a specific tax regime and a deemed capital account election necessary?
  • defining the scope of a managed investment trust - What vehicles should be covered by a specific tax regime for collective investment vehicles?
  • trust as flow through vehicles
  • whether the allocation of gains and deductions in accordance with the trust deed may be relied upon for the purposes of allocating taxable income to investors?
  • tax treatment of fund expenditure
  • how unders and overs should be allocated and taxed
  • international issues.
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Islamic finance: The path to tax neutrality

Author(s):  Richard BUCHANAN This paper covers:

  • Islamic finance - religious, ethical and moral considerations
  • common Islamic financing structures
  • experience in other jurisdictions
  • taxation of Murabaha and Sukuk al-Ijara
  • the path to tax neutrality.
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Proposed R&D tax credits - Credit where credit is due

Author(s):  Serg DUCHINI,  Sukvinder HEYER This paper covers:

  • the changing definition of R&D activities
  • claiming R&D tax credits
  • other tax related matters
  • changes to innovation Australia.
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The Obama tax reform proposals

Author(s):  Chris MORRIS,  D SNOWDEN This paper covers:

  • recently proposed legislation
  • administration's proposals and JCT analysis
  • offshore accounts.
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Tax accounting issues affecting the financial services industry

Author(s):  David L WILLIAMS,  Stef MASON This paper covers:

  • tax accounting under existing IAS 12: current challenges
  • challenges in the application of IAS 12
  • future of tax reporting - will there be changes?
  • uncertain tax positions - illustrative examples.
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Infrastructure - incentives and PPP financing structures

Author(s):  Steve FORD This paper covers:

  • infrastructure incentives
  • PPP financing structures for social infrastructure
  • emerging Infrastructure issues.
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Division 230 and equity interests

Author(s):  Euan CAMPBELL This paper covers:

  • financial arrangment
  • equity interest
  • application of Division 230 to equity interests
  • financial reports election
  • franked distributions
  • deductibility of dividends
  • legal form equity which is not an equity interest.
Materials from this session:

Division 974 and limited recourse debt

Author(s):  Euan CAMPBELL This paper covers:

  • limited recourse debt
  • the debt test
  • explanatory memorandum examples
  • the equity test.
Materials from this session:

How can section 974-80 be fixed?

Author(s):  Larry MAGID This paper covers:

  • application of Section 974-80
  • the funding requirement
  • identifying an effective equity interest
  • debt test override.
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Paragraph 177EA(17)(ga)

Author(s):  Peter WALMSLEY This paper covers:

  • the policy of imputation
  • Tax Laws Amendment (2007 Measures No. 3) Act 2007
  • paragraph (ga).
Materials from this session:

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