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Tasmanian State Convention: Don't let this one get away!

Published on 14 Oct 2005 | Took place at Doherty Resort, St Helens, TAS

From R & D to death and divorce, from TOFA to service trusts, from risk management for GST to the structure of professional services firms, there should be something of appeal to everyone amongst these convention materials.

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

Individual sessions

TOFA for the SME sector

Author(s):  Gary CHRISTIE

Many practitioners believe that the TOFA reforms involve issues that are the domain of the 'Big end of town'. However, the reality is that these reforms can also impact how SMEs are required to treat certain transactions for tax purposes. This paper addresses:

  • what is the current status of TOFA reforms:
    • debt/equity 'at call loans'
    • foreign exchange gains and losses
  • illustrative examples
  • carve out rules for small and SME clients
  • likely direction of future TOFA reforms around financial assets and liabilities.
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Death and divorce - the ultimate planning opportunity

Author(s):  Moira MERRICK

The very limited CGT relief sometimes available on divorce is cold comfort for those taxpayers who face considerable tax liabilities as a result of the deemed dividend, tax loss, bad debt, debt forgiveness, FBT or GST rules, or for those who now face problems arising from making family trust elections. This paper covers:

  • tax losses and bad debts
  • debt forgiveness
  • interest deductions
  • ETPs
  • FTEs
  • child maintenance trusts
  • trust splitting.
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Research & development

Author(s):  Tony BAXTER

This presentation discusses the key expenditure concepts of the R&D tax concession, types of deductible expenditure and their treatment, the new R&D tax offset and incremental tax concession. Issues considered include:

  • practicalities of how to identify R&D projects
  • R&D projects eligible for concessions
  • R&D plant changes
  • incremental R&D
  • cash rebate
  • R&D and tax consolidation.
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Payroll tax & stamp duty changes

Author(s):  Peter COE

There have been a number of developments in state taxes in recent times. This presentation provides a timely review of these developments as well as providing details of issues that have become the focus of the State Revenue office. Topics covered include:

  • payroll tax - new provisions
    • payroll tax on certain trust distributions
    • anti-avoidance mechanisms
    • other changes
  • stamp duties
  • recent changes
    • common mistakes
    • audit areas
  • miscellaneous amendments 2005.
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Service Trusts

Author(s):  John W DE WIJN

No recent issue has aroused the interest of tax practitioners as much as the ATO's new approach to Service Trusts. This paper critically considers the ATO's recently published views and consider whether in fact anything has changed!

  • Phillips case - why it prevailed
  • can the Commissioner now say 'how much a taxpayer ought to spend in obtaining his income'?
  • is the Ronpibon/Cecils Bros principle dead?
  • 'aggressive' service trust arrangements In the light of Phillips case and Part IVA
  • are service trusts still effective asset protection strategies?
  • does the ATO booklet on service trusts require transfer pricing principles to be applied when determining deductibility?

This was also presented on 15 October 2005 at the Tasmanian State Convention in St Helens.

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How to structure your professional services firm

Author(s):  Ron JORGENSEN

Is there a magic formula for structuring your practice? What issues do you need to consider if you restructure? In this paper, the focus is turned on you and your professional services firm and will consider:

  • incorporation option
  • use of partnerships and trusts
  • use of service entities
  • Everett assignments
  • accessing super benefits
  • admission/exit strategies.
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How is your practice dealing with debt between closely held entities?

Author(s):  Chris WALLIS

This paper pulls together a number of issues relating to loans - looking at them from a different direction/angle including:

  • no-doc loans between closely held entities
  • section 109XB
  • practical requirements for dealing with at-call loans (No 4 Measures Act)
  • other at call loan issues for SMEs
  • impact of recent cases on interest deductions
  • redraw facility for private purposes - interest deduction apportioned - AAT[2004] Domjan v FCT
  • the impact of Consolidation on loans between closely held entities.
Materials from this session:

Some emerging GST risk areas for corporate taxpayers

Author(s):  David KUHNE

The emerging GST risk areas covered in this paper include:

  • assumption of vendor liability in a sale of business
  • GST audit experience
  • Commissioner's discretion for non complying tax invoices
  • recipient created tax invoices - when to use them and what formalities are required
  • what to do if I fail to remit GST on B to B transactions?
  • sale of capital assets
  • GST timing issues - what to do if you have remitted GST at the incorrect time, or claimed input tax credits in the wrong tax period
  • entertainment - FBT and GST interaction
  • deposits and prepayments.

This paper was also presented by John Haig on 15 October 2005 at the Tasmanian State Convention held in St Helens.

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Superannuation and pension strategies

Author(s):  Daniel BUTLER

There has been a watershed of changes in the past 12 or so months impacting superannuation and pensions; particularly SMSFs. There are still some great tax concessions but these are generally only available if the correct strategy is chosen and you comply with the applicable rules. This paper covers:

  • the impact of recent changes
  • the various types of pensions now on offer including non-commutable pensions
  • excess benefits strategies
  • comparing taxation outcomes depending on type of benefit taken
  • case studies illustrating the flexibility and options available
  • ATO compliance targets.

This paper was also presented on 15 October 2005 by Shawn Irvine at the Tasmanian State Convention in St Helens.

Materials from this session:

Division 152 - the small business concessions - some of the complexities explained

Author(s):  Susan YOUNG

This paper contains consideration of and case studies illustrating Div 152 including:

  • what is necessary to satisfy the basic conditions for relief
  • timing of the $5m net asset value tests
  • the excluded assets and the importance of superannuation
  • what are connected entities?
  • the ATO's views on the control of trusts
  • common pitfalls in the family business context.

This paper was also presented on 15 October 2005 by Chris Evans at the Tasmanian State Convention held in St Helens.

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Author(s):  Michael SELTH

The complexity of consolidation remains a critical issue for small business tax practitioners, however advisers are obliged to ensure that their SME clients have information to make informed decisions about consolidation. This paper examines the issues going forward and provides guidance on the steps to undertake in entering the consolidation regime and the lessons learned from those who have elected to consolidate, including:

  • what it means after the transition
  • CGT events
  • tax sharing agreements and risks
  • due diligence issues
  • planning opportunities
  • traps and tips.
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