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38TH SOUTH AUSTRALIAN STATE CONVENTION: A SPECTACLE OF TAX

Published on 11 Mar 2004 | Took place at Sunset Cove (Wirrina) , SA

This Convention is regarded by many as the premier tax education event in South Australia.

Topics covered included property development, business financing, trusts and CGT, primary production income, depreciating assets and partnerships.

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

Individual sessions

SMSF and Real Property

Author(s):  Greg MAY When considering the most effective succession planning opportunities for clients, practitioners are more and more often turning to a SMSF. One of the most significant assets a business has to consider in planning is property. This seminar paper uses case studies to examine the opportunities and pitfalls of transferring property into or acquiring property through a SMSF.

Case studies consider:
- SIS restrictions
- in specie contribution of real property
- CGT, income tax and stamp duty issues
- pitfalls of getting property into a SMSF
- pitfalls of getting benefits/property out of the fund.

This seminar paper was also presented by Chris Ketsakidis at the Self Managed Superannuation Funds seminar held in Melbourne on 11 March 2004 and at the Superannuation & SMSFs seminar held in Melbourne on 7 July 2004.

Materials from this session:

Tax Issues in Property Development

Author(s):  Lachlan R WOLFERS Property Development has re-emerged as a significant commercial activity throughout Australia in recent years. The tax issues associated with this area are often challenging and require a good understanding of the interaction between ordinary income tax, CGT, GST and stamp duty.

Case studies in this seminar paper will deal with the following issues:
- subdividing and selling off part of a main residence (ie fulfilling the new Australian dream of converting the 1/4 acre block into quick cash)
- tax issues in demolishing a house and constructing new townhouses (becoming a one-off developer)
- speculative property development tax issues.

This is a slightly updated version of papers presented on 11 March 2004 at the 38th South Australian State Convention held at Sunset Cove and on 2 April 2004 at the 18th National Convention held in Melbourne.

This paper was also presented by Phil Renshaw and Todd Jones at the Tax Keys to Property seminar held in Perth on 24 September 2004.

Materials from this session:

Tax Effective Products - Strategies Beyond the Obvious

Author(s):  Cameron RHODES An overview of the nature of tax effective products, how they can be used proactively and how one should go about assessing various tax effective products in the market.

This paper was also presented at the 38th South Australian State Convention on 12 March 2004.

Materials from this session:

Financing your Business

Author(s):  Brenton ELLERY This practical seminar paper focusses on the taxation treatment of debt and equity in various business structures, and the implications under different areas of the law. Matters addressed include:
- when is interest not interest?
- is there a best way of injecting cash into a business?
- other corporate financing issues
- financing partnerships
- financing trust distributions.

Materials from this session:

Operating in a Consolidated World

Author(s):  Sam HOWARD,  Gary MARTIN Now that many taxpayers have decided to consolidate for tax purposes the real question becomes 'what now'? There is a new way of thinking required for taxpayers operating as a consolidated group. For example, the whole issue of selling shares or assets has changed. What does operating as a single entity mean for a diverse business with many related party transactions?

This case study focusses on these and other practical issues in a post tax consolidations world.

- Applying the single entity rule
- Buying & selling assets v shares - a new way of thinking
- Consolidating trusts
- Tax sharing arrangements
- Acquisition of tax losses
- Corporate streamlining.

Materials from this session:

Trusts and CGT - The Hidden Dangers of the 'E' Events

Author(s):  Andrew SINCLAIR The declaration of trusts, the transfer of assets in and out of trusts, and the transfer of assets between trusts, continue to be difficult areas for tax practitioners. This convention paper considers the effect of CGT on trusts.

In particular, case studies are used to demonstrate how all the E events are treated, with particular emphasis on:
- declaration of trusts
- non assessable distributions (incl CGT discount and small business concessions)
- in specie distributions
- asset revaluation reserves
- non resident issues
- winding up and vesting trusts.

Materials from this session:

Financing your Business - International Aspects

Author(s):  Jim MCMILLAN,  Tim SANDOW This case study highlights the practical issues arising from the myriad of international tax law changes. These changes are not limited to the 'big end of town'. They have broad application to many taxpayers investing offshore. The case study looks at both the changes and also the issues and opportunities that have arisen and will focus on outbound investments and exports from Australia.

- Debt or equity financing - does it matter?

- Division 7A and loans from foreign associates

- When do you need to consider the foreign accruals measures?

- Thin capitalization - opportunity or threat?

- Withholding tax - opportunities to invest tax free into the US or UK?

- Foreign exchange issues in practice.

This case study was updated by Jason Ellis and Michael van Schaik for the Taking Your Business to the World - Basic Principles seminar held in Adelaide on 31 August 2004.

Materials from this session:

ETPs - Getting it right

Author(s):  Glynn FLAHERTY Failing to keep up to date with the extent and complexity of the special tax rules that apply to ETPs can be a trap for busy practitioners. This seminar paper canvasses many of the issues that practitioners sometimes don't get right when dealing with ETPs including:
- what payments are included (treatment of small business concession)
- documentation required
- taxed v untaxed
- components of an ETP
- rates of tax
- termination payments surcharge
- RBL issues and strategies.

Materials from this session:

Primary Production Income - When is it taxed?

Author(s):  Trevor GILBERT The bringing to account of primary production income for tax purposes is not as easy as may first appear. This seminar paper analyses when certain types of income are assessable. In particular, the types of income that can sometimes be treated incorrectly include:
- income from the Wheat and Barley Boards
- grape receipts
- wool income
- interaction with STS.

Materials from this session:

Working with the Family Tax Benefit System

Author(s):  Mark MOFFATT The Family Tax Benefit system has been in existence since 1 July 2000 but continues to cause difficulties for many taxpayers and advisers. Often taxpayers are requested to repay benefits overpaid to them whilst sometimes claims that should be made in tax returns are often overlooked. This convention paper examines the following issues:
- the different forms of family assistance
- the major reasons for errors being made
- when to claim via the tax return
- how the baby bonus works
- how the parenting payment differs from family tax benefit.

Materials from this session:

Depreciating Assets - Sales, write-offs and other issues

Author(s):  Peter SIEBELS What tax adjustments are now required when my client sells a commercial building, a vineyard or an item of intellectual property? What balancing adjustments now exist?

This convention paper provides a much needed practical review of the issues emerging out of transactional work in this area including:
- sale & restructure of depreciating assets
- land & buildings acquisitions and sales: interaction of capital works deductions & CGT
- who is the holder of land improvements?
- vineyard establishment expenditure and other primary production write offs
- intellectual property
- balancing adjustment rollovers and tax planning associated with sale of depreciating assets
- implications to buyers.

Materials from this session:

The New Section 109UB - The X Factor

Author(s):  Scott BRYANT The long wait is over! The release of the Tax Laws Amendment (2004 Measures No 1) Bill 2004 heralds the arrival of the long anticipated repeal of Section 109UB and replaces it with new deemed dividend rules applicable to the situation of a private company that has an unpaid present entitlement to the net income of a trust.

Materials from this session:

Partnerships - Easier than you think?

Author(s):  Michael BUTLER When is a partnership not a partnership and if it isn't what should you be doing? If it is, are you sure you are doing it correctly? How do joint ventures properly fit in? This convention paper looks at the various tax issues that need to be considered in creating, dealing with and ending tax partnerships and/or law partnerships so the tax results are correctly understood and applied.

The paper considers the effects of:
- tax law partnership v general law partnership
- CGT (including the small business concessions)
- GST (including registration of the correct entity/ies)
- stamp duty
- losses
- alienation.

This paper was also presented on 11 September 2004 at the Victorian/Tasmanian State Convention held in Launceston.

Materials from this session:

GST Today

Author(s):  David KUHNE Practitioners should not be lulled into a false sense of security because the transition into GST has taken place quite smoothly. You should be aware there are a number of outstanding issues. Some of these issues have been the subject of recent ATO audits.

This convention paper will explore some of those pertinent GST issues, including:
- what are the common errors: property, contracts, margin scheme; FBT, GST interaction for non deductible amounts; attributing GST to the correct period; and are your clients making interest free loans unnecessarily to the ATO?
- self audits - is there a return?
- managing the risk - creditable percentages for CTP & general insurance.

Materials from this session:

ATO Audits and Activity

Author(s):  Annette CHOOI In recent times the ATO has recruited and trained a large workforce of auditors. These auditors have started to carry out audits in accordance with the Compliance Program 2003-04 released in August 2003 by Michael Carmody, the Commissioner of Taxation.

This presentation considers the way the ATO assesses risk in developing its Compliance Program and focusses on ATO activity in the following areas:
- GST
- professionals (including you!)
- service trusts
- SMSFs.

Materials from this session: