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Published on 12 Sep 2002 | Took place at Park Hyatt, Melbourne, VIC

The 2002 Annual Victorian State Convention, discusses relevant topics including: Part IVA, practical difficulties of trusts, practical stamp duty for accountants, general value shifting regime, trusts and company loans, consolidation, small business CGT concessions, distributions by corporate tax entities, tax relief for demergers, capital vs income, trust to company rollovers, international tax, simplified imputation, thin capitalisation, managing your PI risk, GST audits and cooperative compliance, research and development, using service trust agreements and interest.

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Individual sessions

Practical difficulties of trusts

Author(s):  Clive BIRD This seminar paper discusses the practical difficulties of trusts, including: division 6 issues concerning distribution of trust income not reflecting the existence of CGT, dealing with significant differences between a trusts accounting income and taxable income, the ability to stream types of income and potential traps widely unknown or disregarded, Quantum v Proportionate approach, recent case law and practical issues.

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Practical stamp duty for accountants

Author(s):  Rodney RICHARD This seminar paper discusses practical stamp duty, including: the sale and purchase of business assets, share and unit transactions, fixtures, declarations of trust, sub-sales and nominations, corporate reconstruction exemptions, inter-family transactions, stamp duty and goodwill.

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General value shifting regime

Author(s):  Tony STOLAREK This seminar paper discusses general value shifting regime's impact on corporate and business groups, including: the immediately-taxable outcomes, the outcomes affecting cost bases on realisation of assets, the concessions and carve-outs, structuring intra-group transactions, and is this a spur for corporate groups to enter consolidation?

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Trusts and company loans - case studies

Author(s):  Theo SAKELL This powerpoint presentation presents case studies covering traps arising from loans by trusts and private companies to and from beneficiaries, share holders and their associates.

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Author(s):  Peter MURRAY This seminar paper discusses consolidation and the treatment of assets and losses, including, transitional issues, formation case, converting pre CGT assets to post CGT assets, 160 ZZS/Div 149 step ups, trading stock, and internally generated assets.

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Small business CGT concessions - case studies

Author(s):  Mark PIZZACALLA This seminar paper discusses small business CGT concessions, including the controlling individual and CGT concession stakeholder test, analysis of the maximum net asset value test and the connected entities rule, application of the rules to a chain of entities within a group and structuring for the concessions.

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Tax losses and integrity measures

Author(s):  Andrew CLEMENTS This powerpoint presentation discusses tax losses and integrity measures, including what their real significance is, dealing with entities with 'unrealised losses', 'cost base' adjustments, dealing with multiple losses.

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Distributions by corporate tax entities

Author(s):  Richard SHADDICK This seminar paper discusses distributions by corporate tax entities, including distributions and debt/equity, simplified imputation system, dividends and CGT.

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Tax relief for demergers

Author(s):  Gordon THRING This seminar paper discusses tax relief for demergers, including: what the policy behind demerger relief is, CGT implications for shareholders and companies, definition of demerger dividend and requirements for exemption, tax accounting for demerger transactions, implications for multinational groups, interaction with the consolidation and general value shifting regimes.

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Board of Taxation update

Author(s):  Chris JORDAN The role of the Tax Board will increasingly play an important role in the development of the tax system, implementation of the law and the consultative process. This paper provides an update on the Board's current activities and where it will focus its resources in the next 12 months.

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Capital vs income

Author(s):  The Hon. Justice Ian GZELL Justice Gzell will explore cases during 2002 that have addressed the capital/income distinction and review these and other cases to provide some rules and practical guidance as to when and how to apply the distinction.

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Trust to company rollovers - case studies

Author(s):  Simon AITKEN This paper discusses trust to company rollovers, including: reasons for considering trust to company roll-over, requirements for trust to company rollover, effect of rollover, practicable examples.

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Simplified imputation - case studies

Author(s):  Martin FRY This seminar paper presents case studies examining the application of the new dividend imputation rules.

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Thin capitalisation - one more hidden trap

Author(s):  Mark MORRIS Both closely held groups and multinationals have had to grapple with the complex and imprecise rules restricting their borrowing capacity under extensively revamped thin capitalisation rules. Following Draft TR2002/D6 the scope of these provisions may have been significantly expanded.

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Managing your PI risk

Author(s):  Howard OBST This seminar paper discusses what is negligence and tips for avoiding it, what professional indemnity insurance does cover and what does it not, what the process is when a claim is made, and how a claim is calculated.

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GST audits and cooperative compliance

Author(s):  Ed BIBER This powerpoint presentation discusses the Cooperative Compliance Model, update on ATO compliance activity in the large enterprise sector, common issues and risks, what you can expect and what the ATO expects.

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Research and development

Author(s):  Helen GILFEDDER This seminar paper discusses the practicalities of how to identify R&D projects, R&D projects eligible for concessions, R&D plant changes, and incremental R&D.

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Transfer pricing

Author(s):  David LEWIS This powerpoint presentation discusses transfer pricing, including: current issues/update, arms length test for thin capitalisation, domestic 'transfer pricing', and planning opportunities.

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Using service trust agreements

Author(s):  John JEFFREYS This seminar paper discusses the vital aspects of service agreements.

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Interest: a critical analysis

Author(s):  Sue WILLIAMSON This seminar paper discusses interest, with a focus on: understanding the character of interest, determining deductibility with recent cases on re-commencement interest, post cessation interest, apportionment of interest, and signposts - impact of the new debt/equity rules.

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Part IVA: future issues

Author(s):  Tony PAGONE QC This seminar looks at what the current law on Part IVA, what the current ATO approach is, and future signposts.

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