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5 minute preview
Maturing situations in the SMSF context
By Chris Balalovski, CTA, Perpetual Private Wealth
It is perhaps likely that the defining point for the SMSF and broader superannuation industry over the next 10 years will be ageing and incapacitated SMSF members who require more complex or complicated estate planning (and other) assistance.
This session will cover the practical, legal and taxation considerations for the taxation and superannuation advisor when providing that assistance.
The Board of Taxation’s second discussion paper on the post-implementation review of Div 7A proposed options to remove existing impediments to the reinvestment of business income as working capital while retaining the integrity elements of the existing provisions.
This session considers:
How the proposed reforms may operate to assist businesses
How to best manage the existing web of loans, UPEs and investment agreements facing privately owned groups
How to best manage accumulating annual Div 7A payments under section 109N and PSLA 2010/4
The difficulty in managing interest deductibility with cascading loans through chains of entities
Cash flow implications of the Board of Taxation’s proposed “tick the box” approach and the simpler single complying loan framework.
This session will go through case studies based on real life transactions in the SME space. It is aimed at a practitioner who has a good understanding of the basic Small Business CGT Concessions.
The case studies will cover:
How to access the concessions when a trust/ company sells CGT assets
How to access the concessions at the investor level
Extracting the concessions from an entity.
The case studies will go through actual numbers and demonstrate how the different choices result in different outcomes.
The structuring, restructuring and ongoing management of professional practices from a taxation perspective is an area of continuing and evolving complexity. The utilisation of discretionary trusts, whether in the form of a partnership of trusts, a service trust or a trust shareholder, has again come under the spotlight.
This session aims to draw a line in the sand. It will consider the optimal structures and taxation strategies for professional practices today. Case studies will be discussed.
The session will explore:
Current regulations impacting legal, accounting, medical and other professional practice structures
Effective trust structures in light of TA 2013/3 and Kelly v FCT  FCAFC 88
“No goodwill” incorporated practices and TD 2011/26
Tax considerations regarding remuneration of principals – commercial salary via dividends/ distributions and payroll tax
Interplay with PSI rules and Part IVA in light of the ATO guidelines regarding professional firms.
Whilst the process of liquidating or deregistering a company is clear, the termination of a trust is often less certain and relies on an understanding of trust law and the relevant trust deed.
This session will consider the practical and taxation issues arising on the vesting of trust estates, including:
The process involved in voluntarily vesting a trust deed, nominating a termination date, distributing all income and trust assets, and addressing the trustee’s right of indemnity and any claims for remuneration
The ability to extend the vesting date (and the recent decision in Re Arthur Brady Family Trust  QSC 244)
Considering the issues regarding ‘absolute entitlement’ and the appropriate CGT event upon
Tax implications and rectification of defective distributions.
Tax Effective Extraction of Retained Earnings from Dormant Private Companies
By Paul Hockridge, CTA, Deloitte Private
The tax effective extraction of retained profits from private companies has been and continues one of the greatest challenges for SME taxation advisers. The top-up tax goal posts have recently moved, and further changes are expected. This session will consider the taxation issues impacting strategies for accessing retained earnings. Worked examples will be provided to highlight value-add opportunities for tax advisors.
Changes impacting the top up tax rate: NDIS, debt levy, corporate tax rate reduction
Timing of dividends and optimising drip-feed strategies
Franking credit refunds through SMSF shareholders – dead in the water?
Utilisation of Division 7A secured and unsecured loans
Share cancellations, reductions and buy-backs
Dividend access shares, dividend streaming, dividend stripping and value shifting
Capital payments anti-avoidance provisions: sections 45A and 45B