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Published on 07 Jul 2005 | Took place at Hyatt Regency Sanctuary Cove, Gold Coast, QLD

The rate of change in our profession in recent times can only be described as extensive. Arguably, the introduction of the tax consolidation regime represents one of the most significant reforms in the history of the Australian income tax system. Together with other significant reforms within the last few years, this has led to the most challenging of times confronting the taxation profession.

The 2005 State Convention offered an opportunity to learn from the experiences of other tax professionals.

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

Individual sessions

Some trust oddities

Author(s):  Ken SCHURGOTT

This paper gives an update on where we are in relation to some key issues affecting trusts including:

  • trends in the use of trusts as investment vehicles
    • testamentary trusts
    • split and mirror trusts
    • generational shifts
  • managing assets within a trust
  • CGT events for trusts
    • discretionary trusts
    • other trusts
  • other issues on termination or vesting
  • why is stamp duty so bothersome?

This paper was also presented on 8 July 2005 at the Queensland State Convention on the Gold Coast.

Materials from this session:

Demergers and deconsolidations

Author(s):  Nick GANGEMI

This paper covers:

  • when does an entity de-consolidate?
  • cost base calculations on de-consolidations
  • CGT event L5
  • tax sharing agreements
  • the demerger roll-over provisions
  • demerging a consolidated entity.
Materials from this session:

Tax risk management in 2005

Author(s):  Stephen HEALEY,  Andrew MILLS

This paper covers the following topics:

  • the current environment of change and heightened risk
  • defining tax risk management
  • the Commissioner's view
  • the key risks
  • signs the organisation needs to look at tax risk management
  • issues to consider/tax risk reviews
  • benefits of a tax risk management framework.
Materials from this session:

GST risk

Author(s):  Damian WELSHE

This paper covers:

  • relying on GST rulings, other publications and industry gossip
  • is there any point getting a private ruling?
  • the ATO's approach to penalties and GIC remission
  • strategies for challenging ATO views
  • GST litigation - some lessons learnt so far.
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:

Tax Effect Accounting/IFRS

Author(s):  Robert MARXEN

This paper covers:

  • tax effect accounting under the balance sheet approach
  • implementation issues and impact on the tax function
  • changes to recognition criteria
  • some complexities - equity accounted investments and compound financial instruments
  • draft UIG consensus - recognition of tax balances in subsidiaries
  • impact of IFRS on other tax areas (thin capitalisation, franking accounts, foreign exchange and foreign subsidiaries).
Materials from this session:

International Tax Reform

Author(s):  Paul BANISTER,  Peter GODBER

This paper covers:

  • changes that have made doing business from Australia more attractive
  • what to look out for when your client wants to expand business into Asia or the USA
  • the ATO announcements regarding auditing transfer pricing for SMEs - what is the policy and the ATO approach?
Materials from this session:

Superannuation update

Author(s):  Ian BURGESS

This paper covers:

  • superannuation contribution developments including splitting, co-contribution, part time and non-working spouses
  • making sense of the pension changes
  • employer issues including payment of SMSF expenses and choice
  • update on excess benefit strategies
  • current SMSF issues.
Materials from this session:

Consolidation emerging issues

Author(s):  Geoff LEHMANN

This paper covers:

  • reconsidering 'stick' and loss choices by 31 December 2005
  • joining and leaving ACA issues - straddles, work in progress, finance leases and valuations
  • pre-CGT factors - a turn off for SMEs, can it be solved?
  • problems on exit - Subdivision 165-CD and CGT event L5 and the insolvent subsidiary
  • the advantages of a consolidated group acquiring a consolidated group
  • doubtful and bad debts - how the legislation got it wrong
  • MEC group issues - conversion events, liquidation of ET-1s.
Materials from this session:

The role of the High Court in tax cases: a review of recent cases

Author(s):  John W DE WIJN

This paper covers recent observations of the High Court:

  • Stone: 'The business of sport'
  • Linter: Beneficial shareholding in liquidation
  • Dick Smith Electronics: New elements of consideration
  • Hart: Part IVA, the Commissioner's weapon of first resort!!
Materials from this session:

SME loans - navigating the channels

Author(s):  Mark WEST

This paper covers:

  • loans from companies - more time to repay and document
  • loans from trusts - ongoing issues
  • deemed loan forgiveness - ongoing issues
  • ATO practice statement on statute barred loans
  • options to deal with old loans
  • revised debt equity rules for loans to private companies - who's in, who's out. If in - what needs to be done?
Materials from this session: