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  • 39th South Australian State Convention: A Fine Blend - Barossa Valley

39th South Australian State Convention: A Fine Blend - Barossa Valley

Published on 05 May 2005 | Took place at Novotel Barossa Valley Resort, SA

Yet again the organising committee for the State Convention brought together some of South Australia's and Australia's finest tax speakers, led by Justice Graham Hill of the Federal Court.

Being held in a wine region, the topics included a tasty blend of current issues confronting tax practitioners.

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Individual sessions

CGT small business concessions

Author(s):  Paul INGRAM

The CGT small business concessions have now been with us for over five years, but continue to be difficult to apply in practice. This paper examines the different concessions, with a particular focus on the following aspects:

  • connected entities
  • small business CGT affiliates
  • $5m net asset test
  • active asset test
  • controlling individuals.

These issues are explained with the use of practical examples involving common business structures (including companies, partnerships and trusts).

Materials from this session:

Structuring your practice

Author(s):  Ken SCHURGOTT

The ATO review of service trusts and introduction of Professional Standards Legislation and the Service Trusts ruling will have changed the landscape for your practice. This paper considers those changes and discusses various practice entity options, including:

  • asset protection
  • does Professional Standards legislation really limit your exposure?
  • service trusts - what future?
  • CGT concessions for alternate structures
  • goodwill v 'intangible asset inherently connected' with a business
  • partnership of trusts - do they have a place in accounting firms?
This paper was originally presented on 5 May 2005 at the “39th South Australian Convention” held in the Barossa Valley. It also includes some minor updates made for presentation at the “What’s New in Structuring Professional Practices?” seminar held on 9 May 2006 in Adelaide.
Materials from this session:

The value of tax effective investments for retirement income

Author(s):  Cameron RHODES

This paper provides an overview as to how a tax effective investment can:

  • be used as a complement or alternate to superannuation
  • maximise the effectiveness of the superannuation fund by reducing or eliminating the superannuation surcharge
  • be used within a self managed superannuation fund to:
    • increase overall returns and lower risk
    • assist with excess benefits issues
    • provide a potential tax free income in retirement.
Materials from this session:

Contractor or employee: current tax issues for the payer

Author(s):  Grantley STEVENS

Many businesses use contractors to provide flexibility to reduce the tax responsibilities (including payroll tax, SGC and Workcover) which arise when a business is an employer. This paper provides an overview as to when those taxes may be payable irrespective of whether or not the person is a 'contractor' or 'an employee' and the consequences when the employer gets it wrong. The topics include:

  • payroll tax
    • when will contractor payments be deemed to be subject to payroll tax?
    • what other payments are included in the definition of wages and subject to Payroll Tax?
    • how the grouping provisions apply when dealing with groups of companies
  • Superannuation Guarantee obligations
    • when will Superannuation Guarantee contributions be payable in relation to contractor payments?
  • Workcover
    • employer responsibilities
    • remuneration and GST.
Materials from this session:

Your client wants to expand overseas - what do you do now?

Author(s):  Con TRAGAKIS

Over the last year there have been a number of significant changes to the international tax provisions. This paper is aimed at those who have an Australian base with clients overseas and wish to build on their knowledge of the tax changes. The paper includes a case study to demonstrate the practical issues. In particular, it focusses on:

  • setting up your structure
  • bringing profits home
  • selling shares in an overseas company v selling assets
  • pricing of your goods or services
  • debt or equity financing?
Materials from this session:

Tim Lebbon's Market value: a vital tax concept

Author(s):  Tim LEBBON

The income tax legislation regularly defers to a conception of market value in the determination of tax liabilities. At the same time there is no assistance under the legislation as to how market value is ascertained. This paper approaches the issue by reference to valuation principles with a view to providing guidance to taxpayers on how to safely self assess value, including:

  • when does the Tax Act use 'market value' and what does the Tax Act/case law tell us 'market value' is?
  • the CGT market value substitution rule
  • the practicalities of retrospective determination (deceased estates and Div 149)
  • dividing intangible values from a taxation perspective
  • is the value of the asset the sum of its composite parts?
  • definition of 'market value' from a valuation perspective
  • key valuation parameters and valuation approaches
  • integrity of valuations
  • valuation processes
  • dividing intangible values from a valuation perspective
  • valuation problems:
    • goodwill
    • investment/market value
    • shares in private companies
    • minority interests.
Materials from this session:

Stephen Heath's Market value: a vital tax concept presentation

Author(s):  Stephen HEATH

The income tax legislation regularly defers to a conception of market value in the determination of tax liabilities. At the same time there is no assistance under the legislation as to how market value is ascertained. This paper approaches the issue by reference to valuation principles with a view to providing guidance to taxpayers on how to safely self assess value, including:

  • when does the Tax Act use 'market value' and what does the Tax Act/case law tell us 'market value' is?
  • the CGT market value substitution rule
  • the practicalities of retrospective determination (deceased estates and Div 149)
  • dividing intangible values from a taxation perspective
  • is the value of the asset the sum of its composite parts?
  • definition of 'market value' from a valuation perspective
  • key valuation parameters and valuation approaches
  • integrity of valuations
  • valuation processes
  • dividing intangible values from a valuation perspective
  • valuation problems:
    • goodwill
    • investment/market value
    • shares in private companies
    • minority interests.
Materials from this session:

Licensing in agribusiness - the hidden traps

Author(s):  Garry WINTER

Consulting to primary producers involves more than advice on land, livestock and equipment transactions. With the use of case studies and examples, this paper details some of the practical problems involving intangible assets within the agribusiness industry, including the CGT, GST and stamp duty issues.

It examines the topical issues of the purchase, transfer and sale of:

  • water licences
  • rock lobster/fishing licences
  • trademarks.

The paper also provides insight into the treatment of the leasing of various primary production assets including licences and vineyards.

Materials from this session:

Underlying tax problems in property development

Author(s):  Patrick C GALLAGHER

Capital gain is only half the battle. The other is taking into account other tax factors. This paper focusses on some of the practical problems of property transactions using case studies. Topics covered include:

  • are you carrying on a business/enterprise?
  • when do I register for GST?
  • are you a joint venture or partnership?
  • commercial loss rules - can they apply?
  • what happens if you do not proceed with the development?
Materials from this session:

Choices in selling a business

Author(s):  Ian SNOOK

Advising on the purchase and sale of business is more difficult than we like to believe. This paper provides a practical guide to these issues by considering the advantages and disadvantages of the sale of the business assets, or the structure itself, by way of a comparative analysis. Topics covered include:

  • CGT
  • GST
  • stamp duty
  • apportionment of sale proceeds
  • accessing the sale proceeds from within structures
  • employee issues.
Materials from this session:

Company and trust loans approaching 30 June 2005 - issues to consider

Author(s):  Terry LEWIS

Getting the terms of both debit and credit loan accounts wrong can have serious tax implications for your clients. This paper focusses on what you need to review before 30 June 2005, particularly:

  • what are the critical dates - which loans should be 'locked'?
  • private companies and trusts
  • statute barred loans
  • at call credit loans at 30 June 2005
  • non-share capital accounts.
Materials from this session:

GST: some real issues

Author(s):  John W DE WIJN,  Jeff TYLER

There are many areas where the effect of the GST law on relatively common actions is unclear. This paper mainly focusses on two practical problem areas and suggests ways to approach and deal with the following uncertainties:

  • when is a going concern really a 'going concern'?
  • the practical differences and GST effects of joint ventures and partnerships.
Materials from this session:

Digging into property development

Author(s):  Patrick C GALLAGHER

Many clients are trying to cash in on the current property boom. Clients are knocking down their house and building two properties, subdividing farm land for residential purposes and acting as property developers. This paper looks at the following topics in the context of a small/medium property development:

  • is the profit a capital gain or revenue gain?
  • timing of interest deductibility
  • when is property trading stock?
  • accessing the CGT main residence exemption.
Materials from this session:

Part IVA and Division 165: where are we now?

Author(s):  Justice D Graham HILL

The Courts continue making decisions on Part IVA, sometimes greatly assisting us in our day to day tax advising practice and sometimes raising further issues for our consideration. Justice Graham Hill has made several important Part IVA decisions. His paper will give us greater insight into how the anti-avoidance provisions in income tax and GST operate when their use by the Commissioner is disputed. It includes:

  • overview and comparison of general anti-avoidance provisions in ITAA and GST Acts
  • is there a standard approach?
  • particular issues to be learnt from the cases in arguing for or against the application of general anti-avoidance provisions.
Materials from this session:

Super pensions for SMSFs: a tax revolution in the 21st century

Author(s):  Suzanne MACKENZIE

Superannuation pensions are here to stay offering a combination of tax and succession planning opportunities unrivalled by other wealth creation alternatives. This paper puts superannuation pensions in context and explores how they work in practice, in particular from a self managed superannuation fund perspective.

  • What pensions can SMSFs provide?
  • 10 May/24 June/20 September 2004 changes?
  • Market linked pensions; how do they work?
  • Do binding death benefit nominations apply to pensions?
  • Issues for recontribution strategies
  • How do you split super pensions?
  • Impact of 'choice of fund' for SMSFs.
Materials from this session: