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42ND VICTORIAN STATE CONVENTION - CELEBRATING SUCCESS

Published on 11 Sep 2003 | Took place at Cumberland Resort, Lorne , VIC

Over the past year we've survived the challenges of the:
- endless list of reform proposals that are put to us
- voluminous legislative changes
- significant case law developments
- increased expectations from clients and employers in terms of time and work product.

This convention covered the most topical issues including:
- the evolving ATO - where it is going and the issues it will have to deal with to get there
- an update on various ATO activities including Part IVA and Division 7A
- legal professional privilege
- corporate governance.

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

Individual sessions

Business Structures for SMEs

Author(s):  Gil LEVY This seminar paper covers the following topics:
- basic structure for maximum CGT and income tax efficacy
- structuring to negatively gear
- advantages and disadvantages of a discretionary trust to access the CGT concessions
- using a company owned by a discretionary trust or trusts
- using a partnership of discretionary trusts
- small business concessions case study.

Gil Levy also presented this paper at the Tasmanian State Convention 2003 in Orford on 17 October 2003.

Materials from this session:

Asset Protection

Author(s):  Ken SCHURGOTT The Commonwealth Government has signalled its intention to change bankruptcy laws to penetrate trusts, companies and other entities which shelter assets of high net wealth individuals. Accounting and legal professionals are directly in the Government's sights. The proposed measures will adopt a Family Court style look through approach ignoring form and accessing those assets that a bankrupt would have recourse to on a notional divorce.

This paper covers:
- the relevant rules of bankruptcy
- financial risk planning
- why discretionary trusts work
- the Family Court look through approach.

This paper has been slightly updated since it was first presented by Ken Schurgott at the Asset Protection: Structuring for Asset Protection for High Risk Professionals seminar held in Sydney on 3 July 2003. Ken also presented it on 6 March 2004 at the North Queensland Tax Convention held in Townsville and at the Asset Protection for Tax Practitioners seminars held in Sydney on 7 September 2004 and Parramatta on 9 September 2004.

Materials from this session:

Part IVA: an analysis

Author(s):  Des MALONEY This convention paper analyses the structure of Part IVA and its characterisation of purpose. It also covers the application of the s.177D factors and the application of Part IVA to elections.

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The Challenges of Tax Administration

Author(s):  Michael D'ASCENZO This convention paper provides an ATO perspective on some of the topics covered at the Convention as well as outlining its responsiveness to recent developments in law design and initiatives impacting compliance and the ATO's relationship with practitioners and their clients. Specific issues covered include:
- the ATO's role in legislation
- the ATO's interpretive function
- the ATO's compliance initiatives
- the ATO's change program and how it impacts on practitioners.

Materials from this session:

Income Alienation

Author(s):  Phillip ROCHER This convention paper covers the following topics:
- definition of personal services income and its significance for Part 2-42 and Part IVA in general
- issues with operation of Part 2-42 and Division 13 of Schedule 1 of the Tax Administration Act 1953
- non-commercial remuneration, profit retention and Part IVA
- the ATO test case program - practical issues for advisers
- case studies on alienating income and alienating ATO auditors.

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ATO Audits

Author(s):  Graeme ROBINSON With the bedding down of the New Tax System and some of the principal features of Business Tax Reform, the gloves are off with the ATO once again flush with new tax enforcement funding and on the tax audit war path. This convention paper deals with income tax and GST audits and focusses on:
- the types of audit products currently in use by the ATO
- current hot spots of ATO audit activity
- issues to consider when first advised of a tax audit
- ATO access and information gathering powers
- voluntary provision of information and documents
- how to deal with Legal Professional Privilege documents
- access to Lawyers' Premises Guidelines
- access to Professional Accounting Advisers' Papers Guidelines
- settling a tax audit
- the ATO Settlement Code.

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Corporate Governance and Directors' Duties

Author(s):  Allan J MYERS QC This convention paper examines recent legislation and court decisions that will affect the responsibilities of directors.

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Mergers and Acquisitions - Some Current Issues

Author(s):  Martin FRY This convention paper covers the following topics:
- company or assets
- restructures and dividends pre-sale
- buying from a consolidated group - tax-sharing agreements
- selling from a consolidated group - warranties
- funding the acquisition
- anti-avoidance rules
- using demergers for pre and post acquisition restructuring.

Materials from this session:

Shareholder loans under s108 and Division 7A

Author(s):  Chris WALLIS Topics covered in this seminar paper include:
- are shareholder loans barred and thus forgiven?
- refreshing loans: repayments, interest and acknowledgements
- Div 7A, s108 and reconciling the ATO view
- what options are there for s108 loans?

Please note at this seminar paper includes the PowerPoint presentation slides.

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Simplified Imputation System

Author(s):  Stephen CARPENTER This convention paper discusses and provides case studies on:
- trusts franking
- public company franking
- trans-Tasman franking
- private company franking
- consolidated group franking.

This is an updated version of a paper presented by Stephen Carpenter at the Simplified Imputations seminar held in Melbourne on 30 April 2003. Click here to view that paper.

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Mergers and Acquisitions: Tax Due Diligence

Author(s):  Duncan R C BAXTER This paper covers the following topics:
- calculation and push-down of ACA
- transfer and utilisation of tax losses
- joint and several liability and the role of the Tax Sharing Agreement
- franking accounts, FDA accounts, attribution accounts and excess foreign tax credits
- pre-sale restructuring
- post-acquisition integration
- administrative requirements.

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Value Shifting

Author(s):  John CURRIE It is not often that a new principle is introduced into tax law. The value shifting rules formally embeds the arms length pricing principal into domestic transactions for tax purposes. This paper explains and illustrates the impact of these important rules, covering:
- an overview of the general value shifting rules (GVSR)
- conditions for rules to apply
- exemptions from the rules
- illustrations of practical impact of GVSR and adjustments required.

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Trusts and Income Tax Issues

Author(s):  Rob JEREMIAH Using a case study format, this presentation reviews some of the problems encountered by practitioners in giving advice on trusts, including:
- accessing losses
- family trust elections and trust losses and imputation credits
- risk of loss of imputation credits
- Division 7A and trusts
- distributions and streaming of income - proportionate view and capital gains.

This presentation was also given at the Trusts - RU ready for UB? seminar held in Adelaide on 8 December 2003.

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Mergers and Acquisitions III

Author(s):  Tim NEILSON This presentation covers the following issues:
- pre-sale clean up
- de-mergers
- consolidation exit rules
- liquidations
- value shifting
- debt forgiveness
- warranties.

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Superannuation and FSFR

Author(s):  Germana VENTURINI This convention paper covers the following topics:
- recent superannuation changes that tax practitioners must know
- flexible pension strategies
- designing the most effective retirement strategy for your client
- how does that relate to your client's estate planning strategy
- key licensing and disclosure requirements of the Financial Services Reform Act, including a discussion of 'financial product advice and incidental advice'
- major issues, impacts and options for superannuation, accounting and legal professionals
- how to plan and be ready for the changes ahead, and what tools and systems you may need.

Germana also presented this paper at the Tasmanian State Convention in Orford on 18 October 2003.

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Transfer Pricing - current issues under the ATO's microscope

Author(s):  Zara RITCHIE The Australian Taxation Office's (ATO's) June release of its Large Business and Tax Compliance Policy reinforces transfer pricing as a continuing area of major focus. Some may even consider the ATO's views to be extremely aggressive. Using case studies, this paper explores hot topics currently receiving the ATO's attention, such as:
- whether Australian intellectual property is receiving adequate reward and recognition. Is this a risk or an opportunity?
- where functions or risks are moved out of Australia, what effect should this have on profit?
- representative office or distributor? What does this mean?
- what is the position on customs duty paid where the ATO adjusts a company's transfer prices?

Materials from this session:

Taxation of Expatriates

Author(s):  Scott HEEZEN This presentation focusses on some of the important Australian income tax issues that will need to be considered by business executives and other high net worth individuals in relocating either to or from Australia, using practical examples. It also addresses some of the anomalies in the existing tax laws, which may impact inpatriates and expatriates as well as consider some of the more important proposed changes to the relevant international tax provisions. Specific areas that will be addressed include:
- taxation of foreign source income, including the application of the transferor trust, CFC and FIF provisions
- treatment of non-resident superannuation funds
- capital gains tax
- employee share and option arrangements
- proposed reforms including temporary resident exemptions and taxation of non-resident trusts.

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Income Tax Treatment of Property Development and Investment

Author(s):  John BRAZZALE This paper presents case studies focussing on income tax aspects of property development and investment activity. Specific issues addressed include:
- optimal structures for development and investment
- financing considerations - debt v equity, timing of debt deductions
- income derivation issues
- exit issue.

This paper was also presented on 3 June 2004 by Carlo Moretti at the NSW State Convention held in Leura.

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Review of International Tax

Author(s):  David SCOTT This presentation discusses the content of the Treasurer's announcement on RITA. It also comments on the CFC reform, conduit regime, and funds management aspects of that announcement and on some of the inefficiencies of our current international tax laws as they relate to these areas.

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Part IVA - Twenty Two Years On - In a state of maturity?

Author(s):  Fiona J ALPINS,  John W DE WIJN This is the first of a two-part series on Part IVA. Part I deals with the identification of the scheme and cancellation of tax benefits.

Click here to view Part II which was featured in Taxation In Australia, February 2004 edition.

The two part series is based on a paper presented at the 42nd Victorian State Convention of the Taxation Institute of Australia in September 2003.

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Contentious Recent Developments

Author(s):  Keith JAMES This convention paper reviews some of the more contentious issues arising from tax cases and rulings announced during the past 12 months.

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