Topics include: planning for the close down of sales tax; the transition to GST; how GST works; taxable supplies; input tax credits; transitional provisions; grouping; and GST planning.
The GST will have a pervasive impact on financial institutions. The treatment of financial services as input-taxed means that the impact on profit is expected to be unfavourable overall, perhaps materially so if lobbying efforts on key issues are not successful. The transitional costs will be higher if financial institutions do not adequately prepare themselves. In principle the GST is not complex; however, some of the transitional issues require full and early attention to keep the cost of GST down. For financial institutions, managing the commercial and the information technology (IT) issues is the key to successful implementation of the GST. The GST requires a structured implementation and compliance program. The author discusses the impact in this paper.
Topics discussed include: general treatment of GST & property; unimproved land; issues affecting developers of new land and houses; real estate and individuals; sale of a business; commercial premises; distribution of property by trusts.
Harry M RIGNEY
Topics include: goodwill resources; the legislative context; practical parameters; key issues; ATO position on goodwill key issues; state of case law on goodwill issues; relevant threats and opportunities.
Richard J FRIEND
Topics include: ANTS - entity taxation; strategy; imputation changes; possible strategy to access cash; profits first rule; distribution and asset protection; strategy to settle new trust.
Topics include: how property settlements are documented under the Family Law Act; capital gains tax; commercial debt forgiveness; estate issues; stamp duty exemptions; binding financial agreements.
Topics include: Bell v Vaxexi: relif for small firms?; the Tip Top case: record advice or pay the price; the Hutlingham Estates case: scope of retainer; Balkin v Peck: beneficiaries beware.
In this paper, tax planning is divided into the areas of : General Year End Tax Planning Issues - Accelerating dedudtable expenses - Deferring income recognition & capital gains - Reducing rates; Companies and Trusts - Specific planning issues; Superannuation Issues; Tax Driven Investments - Part IVA - Product Rulings. The new Group Certificate Reporting provisions and the Tax Reform proposals outlined by the Ralph Committee are also discussed. Includes 2 case studies.
Focuses on some of the tax aspects that are relevant for privatisations and for financing of infrastructure assets. Topics for privatisations include: historical treatment of depreciable assets; financial enhancement. Whereas for financing infrastructure assets: impact of tax reform; non core business assets; change in accounting profile.
Topics include: self managed superannuation funds; new investment restrictions; acquisition of assets from members; arm's length investments; use of unit trusts; superannuation surcharge.