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WA State Convention

Published on 24 Aug 2006 | Took place at Abbey Beach Resort, Busselton, WA

The State Convention attracted some of the best tax minds in Western Australia to present topics of interest and of relevance. The technical programme was a response to members’ expressed needs and was designed to help you with your practice.

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

Individual sessions

Tax Office thinking on some topical and emerging CGT issues

Author(s):  Glenn DAVIES,  Martin KEATING By reference to recent litigation, rulings, interpretative decisions and practice statements, this paper reveals some themes to be found in the Commissioner’s administration of the CGT provisions.

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Asset protection - when they come and take the house it is the wife and children that suffer

Author(s):  Brett DAVIES Is your spouse a business owner, accountant, lawyer, doctor or advisor? If so then he or she is in the high risk category of bankruptcy. You need to protect the family assets. Asset Protection is a philosophy and way of life. You will learn about the “person of straw and person of substance”. The new bankruptcy laws are making everything harder. You have to fight back – or risk losing everything.

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Personal insurances

Author(s):  Fiona HALSEY

Many of your clients are increasing their borrowings and accordingly, personal insurance cover is becoming more expensive. There are many misconceptions about the different types of cover available and their tax treatments. This paper covers the following topics:

  • is it advisable to hold insurance through superannuation?
  • different structures for owning insurance
  • the products, pitfalls and strategies.
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International tax reform - where are we?

Author(s):  Mathew CHAMBERLAIN

The last 12 months has seen the further development and refinement of Australia’s international tax laws. This paper covers the developments and their impact on:

  • Australian businesses investing offshore
  • inbound investments into Australia
  • the use of Australia as a regional holding company location.
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The impact on SMSFs where there is a change in the residential status of trustees

Author(s):  Peter SPEECHLEY With the advent of contemporary work practices, overseas postings and assignments have become regular practice and therefore advisers need to be aware of the many taxation, financial and superannuation issues which can arise. One of the main issues which have not been well documented is the impact on Self Managed Superannuation Funds where trustees have changed their country of residence. This paper highlights these issues and discusses the implications as well as the position of the Australian Taxation Office.

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Critical issues in estate planning

Author(s):  Daniel FRY

This paper addresses some of the critical issues to consider in formulating an estate plan.

This paper was also presented on 25 August 2006 at the WA State Convention held in Busselton. 

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Taxation of remuneration

Author(s):  Tanya ROSS-JONES

In the current environment, competitive remuneration strategies are a must to attract and retain employees. It is critical to understand the tax impact of different approaches to remuneration. This paper focusses on trends in employee remuneration, and taxation issues to consider in designing approaches to remuneration.

  • What we are seeing in the market?
  • Long and short term incentives and the approach to total remuneration.
  • Update on employee share schemes.
  • Salary packaging - when it works, popular benefits and how to transition into packaging.
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Recent developments in GST and property

Author(s):  Lachlan R WOLFERS

Developments in GST and property continue to be a major focus for practitioners. This paper highlights the key issues currently facing property developers, both large and small, including:

  • the margin scheme debacle - what the ATO’s draft rulings really mean and an insight into recent disputes
  • case study examples to highlight when GST is payable and how the margin scheme should be applied correctly
  • what the Government’s announced changes mean to the sale of serviced apartments, resorts, holiday houses and retirement villages
  • property developments - case studies illustrating whether you are required to be registered for GST and when you can deregister.
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Trust distributions: getting your money out of the trust

Author(s):  Wayne HEALY

Trusts continue to be a preferred investment structure, yet we often struggle with the notion of trust law and income tax obligations. This paper reviews recent cases surrounding trust distributions and the practical problems of keeping these effective, including:

  • the pitfalls and opportunities of trust distributions
  • avoiding ineffective trust distributions - drafting the minutes
  • unravelling the Commissioner’s view in PS LA 2005/1 GA on distributing capital gains
  • do I need a controlling individual or significant individual?
  • the 2006 Budget changes.
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Risk management is for everybody

Author(s):  Andrew MILLS

Tax risk management is more critical today than ever before. Whether you are an inhouse counsel or a professional adviser, getting it wrong has implications far beyond the hip pocket. This paper outlines risk management strategies for larger corporates and professional advisers:

  • risk management - what it means
  • applying it to business
  • applying it in your practice.
It also deals with issues such as ensuring you have appropriate processes, systems, documentation and record keeping in place. Should you seek that Private Ruling or do you have a Reasonably Arguable position - have you even made a considered choice? What happens if you get it wrong?
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'Strange but true': Corporate acquisition and disposal nuances in the new consolidation world

Author(s):  Ken SPENCE The consolidation regime's cost base push-down methodology on a corporate acquisition and the converse cost base pushup approach on a corporate disposal are well understood. However, this paper focusses on the more interesting and less intuitive consolidation implications that can now arise in practice on corporate acquisitions and disposals. If a client’s or a CFO’s mantra is ‘no tax surprises’, you may find this paper very valuable.

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A commentary on current superannuation issues

Author(s):  Sharyn LONG

This paper provides a commentary on current superannuation issues, including the changes announced in the May 2006 Federal Budget, as well as:

  • contributions, RBLs and planning for 1 July 2007
  • an update on pensions, pre and post 1 July 2007
  • transition to retirement, what this means
  • where the Taxation Office is at with Self Managed Superannuation Funds
  • revisiting issues associated with investment and asset ownership
  • discussing requirements for actuarial certificates
  • considering audit issues for Self Managed Superannuation Funds for 2006.
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