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South Australian Convention: In Tune with Tax

Published on 03 May 2007 | Took place at Novotel Barossa Valley Resort, SA

Janis Joplin sang “Break Another Little Piece of my Tax” and perhaps was referring to the heartache of trying to breakdown the complexities of the plethora of legislation. These materials are in tune with our modern and classical topics.

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Individual sessions

Holding land through trusts

Author(s):  Michael BUTLER

Land is commonly held in both discretionary trusts and unit trusts. There are many federal and state tax issues that are unique to such ownership through both types of trusts. The tax implications can vary greatly depending on the type of trust used and the way in which the property is used. This paper explores important issues of land ownership through these trusts, including:

  • practical implications on ‘absolute entitlement’ and the implications of the CPT Custodian case
  • gearing property acquisitions through trusts
  • land tax issues for trusts
  • cloning and splitting trusts with property
  • in specie distributions and vesting of trusts:
    • stamp duty implications
    • capital gains tax implications
  • special types of land in trusts:
    • farm land
    • main residences.
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Getting wealth out of companies

Author(s):  Graeme S COOPER

Extracting funds from a controlled company requires strategies that navigate around a trio of pitfalls - tax on the company, further tax on the shareholder and a penalty debit to the franking account. This paper looks at a few of the possibilities for a harmonious outcome, and some of the dissonant dangers that lurk in this territory:

  • accessing retained earnings
  • dividends and dividend access shares
  • stripping and streaming rules
  • capital reductions
  • loans out
  • liquidation of companies
  • redundancy payments and other benefits
  • avoiding the wash-out of concessions.
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The 2007 superannuation 'window of opportunity'

Author(s):  Brian COLLINS

Superannuation is providing our clients with significant retirement planning opportunities in 2007. Some of the ways our clients will need to find the funds to pay into super may trigger capital gains tax liabilities and strain cash flows as assets and cash are contributed to superannuation. This paper explores opportunities available including:

  • the impact of the plan to simplify and streamline superannuation
  • managing CGT through effective tax planning
  • 'must do' action plans for clients.
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Simply super - getting it in

Author(s):  Suzanne MACKENZIE The sweeping changes to Australia’s superannuation system mean that self managed superannuation funds have never been more attractive as wealth accumulation vehicles. The question is how can we best take advantage of the new rules, and what challenges do they present? Using practical examples, this paper focusses on the possibilities for maximising contributions and superannuation balances under the new rules, while minimising the impact of new restrictions such as those on contributions.

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Entry and exit issues in professional partnerships

Author(s):  Andrew SHAW

This paper reviews the revenue issues that face both incoming and outgoing partners in professional partnerships. Topics covered include:

  • CGT issues on entry / exit
  • Everett Assignments
  • stamp duty issues.
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Running a tax dispute at the AAT

Author(s):  Rod DUNNE,  Helen LACEY,  Arlene MACDONALD What do you need to do to represent or assist your client when a meritorious tax objection is disallowed? This semi-scripted “play” takes place before and during a dispute at the Administrative Appeals Tribunal and will explain and show what happens behind the doors at the AAT.

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Crikey - where do I pay my tax?

Author(s):  Janet FINLAY

The world is getting smaller and more people are seeking international work experience. As a result many of us have clients who are looking to work overseas, or have been referred an overseas visitor working in Australia. This paper considers some practical situations for individuals working overseas and in Australia, in particular:

  • are you an Australian resident?
  • what are the changes from 1 July 2006 that significantly lessen the tax bill for foreigners working in Australia?
  • what happens to the tax paid on income earned overseas?
  • how do you tax employee stock options?
  • overseas bank accounts.
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Simply super - getting it out

Author(s):  Stephen HEATH This paper uses practical examples to explore the opportunities and challenges, and how to best take advantage of the new rules to maximise retirement incomes and benefits, and to utilise self managed superannuation funds as wealth succession and estate planning vehicles.

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Exploring the land-rich provisions

Author(s):  John TUCKER

This paper provides an update and refresher on the stamp duty land rich provisions of South Australia including recent amendments and exploring the 'ins and outs of the various provisions:

  • basic tax policy behind land rich provisions
  • when and how do the provisions apply
  • recent changes in South Australia
  • navigating around the operation of the provisions.
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Having employees - it's not just about salary and wages

Author(s):  Julie VAN DER VELDE

This paper focuses on issues arising from being an employer. This update will include several key taxation areas of engaging employees and contractors:

  • risks for employers
  • when are distributions remuneration for:
    • PAYG withholding
    • payroll tax
    • Workcover
    • superannuation guarantee scheme
  • grouping provisions for payroll tax
  • FBT
    • salary sacrifice issues
    • changes from 1 April 2007.
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Ruling from the grave - effective use of testamentary trusts

Author(s):  Phil MCGOVERN

This paper looks at the role of testamentary trusts to produce the desired balance and protections of all the loved ones. It considers:

  • what is a testamentary trust?
  • life interests - benefits and problems (or advantages and disadvantages)
  • choosing the right trustee/s
  • are some assets better than others in a testamentary trust (eg. superannuation, main residence)?
  • practical hints to achieve desired outcomes.
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GST report: the year so far - developments in 2007

Author(s):  Matthew NICHOLLS Presented in a traditional news bulletin format, the GST Report provides up-to-the minute news together with coverage of issues of interest and relevance to all practitioners.

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Getting trusts right: lessons from the Federal Court

Author(s):  Jeffrey SPENDER

Many tax problems concerning trusts are really problems with trusts. Justice Spender is the most senior judge in the Federal cCourt and in his 22 years has heard numerous trust cases including many dealing with tax issues and he has seen the trusts mistakes made that shouldn’t have been made. This paper gives some practical guidance so we, as tax practitioners can avoid mistakes when dealing with trusts:

  • understanding and correctly using trustee’s powers and duties
  • getting terms of distributions right
  • getting trust records right
  • nasty surprises when tax liability increased by ATO
  • present entitlement (real or deemed) what does it really mean for tax purposes in sec 95(1).
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R-E-S-P-E-C-T your employees with equity

Author(s):  Jamie RESTAS,  Garry WINTER

This paper provides a practical analysis (with an emphasis on the SME environment) on the differing ways in which employees can be retained and rewarded by providing 'equity' as part of their remuneration from both employer and employee perspectives:

  • differing share plans - share/option plans, loan plans and phantom schemes
  • legal structure and implementation
  • suitability of different plans
  • employer / employee tax issues.
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Changes to asset holdings

Author(s):  Tim SANDOW

Times change and the structure you originally established may no longer be appropriate for your clients’ businesses. This paper considers the practical aspects of available CGT Rollovers and how they can be used to restructure businesses, enabling a taxpayer to tax effectively exchange one asset for another. Case studies include:

  • disposal of assets to a wholly owned company (by individuals, partnerships and trusts)
  • unit trust to company rollover
  • inserting a new holding company
  • scrip for scrip rollovers
  • demergers.
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The new small business concessions

Author(s):  Ian SNOOK

Changes to the Div 152 CGT small business concessions have recently been announced. This paper aims to provide a practical focus on implementing these amendments, including:

  • structuring businesses for sale
  • changes to the significant individual test and the active asset test
  • maximising the superannuation concessions.
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