At the time of last year's State Convention all the talk was on the economic boom. This year, all the talk is likely to be on the economic downturn and what it means for you and your clients. This powerpoint got the Convention started with an update on the current state of play from a respected local economist familiar with the WA economy. This presentation:
explores the impact of the global financial crisis on the international, national and WA economies
provides some insights into the timing of the economic recovery
details the short, medium and longer term prospects for the WA economic and the key factors likely to influence the economy going forward.
Second Commissioner Bruce Quigley discusses how the Tax Office is enhancing its relationship with tax professionals to respond to today's challenges. He touches on the Commissioner's general powers of tax administration, how the Tax Office is helping taxpayers meet their responsibilities during these uncertain economic times and the continuing need to promote fairness in the tax system through the Tax Office's compliance program. The paper looks at:
general powers of administration
Commissioner’s position on tax collection and enforcement in the current climate
Debt restructuring: from initial sniffles to the last gasp
In these difficult times, debt is a critical issue for taxpayers large and small. This paper takes a practical approach to examining the tax consequences of dealing with debt from the onset of financial difficulties through to the restructuring of financial arrangements and ultimately, if necessary, to insolvency. The issues for both debtors and creditors are considered. Specific topics include:
changes to lending arrangements
refinancing issues (debt for debt/equity for debt)
waiver and debt forgiveness
assignment of a loan Insolvency and administration.
Living with capital gains (and losses): topical issues
Getting CGT right is never more important than in challenging economic times. The last thing we can afford is a higher tax liability than ought to be the case. This paper is designed to bring busy practitioners up to speed with relevant recent developments in the CGT area, highlighting important tips and opportunities as well as identifying traps for the unwary. It covers:
maximising relief under the CGT small business concessions
This paper covers the major GST developments that have taken place over the last 12 months. Aimed at providing an overview of GST legislative and practice issues, it provides essential and targeted information to those who need to keep on top of a tax that impacts on all areas of practice and business. Topics covered include:
GST legislative changes - including the new margin scheme rules
GST case round-up
GST practice - "big-ticket" rulings
GST tax planning, risk management and GST taxpayer alerts.
The small business CGT concessions can provide a source of favourable rewards for taxpayers. The many amendments to the complex legislation mean that care is needed to understand and access the available concessions. This paper uses practical examples to examine:
timing issues: application of tests, ownership period, changing status
retirement; tax heaven, slaying the s 109 serpent
distributing sheltered discounts; not plain sailing
In response to the global financial crisis, this paper analyses some of the measures currently being implemented by employers as a means of reducing costs. It covers both the employee relations and tax issues. Topics covered include:
Lost in translation: foreign exchange gains and losses
Tax practitioners are constantly facing questions regarding the tax treatment of foreign exchange gains and losses. Despite considerable reform in 2003 the foreign exchange rules still remain a mystery to many advisers. This paper considers, through a series of case studies, commonly encountered problem areas concerning foreign exchange gains and losses. Topics covered include:
Trusts: who do you trust when you are blindfolded?
The Commissioner continues to test fundamental trust issues in the courts. In these uncertain financial times the treatment of trust distributions remains unclear. Where are we now? This paper examines recent developments including:
Superannuation and SMSFs: latest strategies and news
The superannuation regime in Australia is continually evolving with many changes resulting in issues and strategies that need to be considered. This paper outlines recent changes to superannuation and the associated strategies and issues, including:
superannuation budget announcements
traps for superannuation planning in 2009/2010, particularly for the self-employed
unit trusts - beyond the pre-1999 deadline
the impact of the Henry and Harmer reviews on superannuation
strategies for excess non-concessional contributions.