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2010 South Australian Convention

Published on 06 May 2010 | Took place at Novotel Barossa Valley Resort, Barossa Valley, SA

The theme for the 2010 South Australian Convention was “Tax Odyssey”. This recognises that we are about to embark on a period of major tax reform. To quote Dr Ken Henry, “Tax reform is not the equivalent of a short sharp jab…the tax system should evolve and its evolution should be coherent”.

This event covered the following topics:

  • CGT: Cost base and capital proceeds
  • why do we do what we do in drafting deeds?
  • moving the business to the next generation
  • GST in 2010, is it still a “practical business tax”?
  • tax and goodwill: Practical issues
  • superannuation and real property
  • the road to recovery: Recoupment of company losses
  • Division 7A now
  • payroll tax: What you need to know
  • the changing landscape for the not for profit sector
  • employee share schemes
  • tax issues in family law property divisions
  • taxing foreign employment
  • share capital: Opportunities and pitfalls.

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Individual sessions

CGT: Cost base and capital proceeds

Author(s):  Paul INGRAM This paper covers:

  • cost base
  • capital proceeds
  • issues relevant to both cost base and capital proceeds.
Materials from this session:

Why do we do what we do in drafting deeds?

Author(s):  AH (Tony) SLATER This paper covers:

  • the settlor and the settled sum
  • the trustee
  • irrevocable settlement
  • exclusion of maintenance and accumulation power
  • the trust fund
  • the distribution date
  • the beneficiaries
  • entitlements of the beneficiaries
  • definition of income
  • authorised investments
  • mandatory investments
  • power to carry on business
  • exclusion of liability of beneficiaries
  • decisions on corporate trustees
  • amendment of deed
  • the use of precedents.
Materials from this session:

Moving the business to the next generation

Author(s):  John LEVY This paper covers:

  • CGT issues
  • stamp duty issues
  • entity specific issues
  • protections for transferor
  • equity for non participating children
  • risks to deferred succession plans.
Materials from this session:

GST in 2010, is it still a "practical business tax"?

Author(s):  Matthew NICHOLLS,  Brian VUONG This paper covers:

  • the emergence of the practical business tax concept
  • the Commissioner's use of the practical business tax concept
  • the impact of the Reliance Carpets
  • statutory interpretation after Reliance Carpets
  • GST in 2010 - Is it still a practical business tax.
Materials from this session:

Tax and goodwill: Practical issues

Author(s):  Michael BUTLER This paper covers:

  • legal vs accounting goodwill
  • FCT v Murry
  • taxation issues
  • stamp duty issues
  • goodwill & business licensing
  • franchising & goodwill
  • goodwill vs other classes of intangible assets.
Materials from this session:

Tax issues in family law property divisions

Author(s):  Arlene MACDONALD This paper covers:

  • part 1 - into the black hole: getting the detailed facts
  • part 2 - deep in the black hole: tax advice on suggested divisions
  • part 3 - escaping the black hole: heading to resolution
  • why did Tiger settle?
Materials from this session:

Superannuation and real property

Author(s):  Suzanne MACKENZIE This paper covers an annotated case study of real property investments by superannuation funds.

Materials from this session:

The road to recovery: Recoupment of company losses

Author(s):  Alistair HUTSON This paper covers case studies on the following topics:

  • continuity of ownership - key concepts
  • family trust sells shares to a new wholly-owned subsidiary
  • loss of voting control
  • variable rights on shares
  • part year
  • part years
  • unrealised losses
  • implications for corporate shareholders.
Materials from this session:

Division 7A now

Author(s):  Stephen HEATH This paper covers:

  • corporate limited partnerships
  • non-resident private companies
  • payment that arises by the granting of a right to use
  • repayment of a loan to a private company using a reborrowing
  • trust loans/payments
  • entitlements to trust income through interposed trusts
  • other subdivision EA amendments/miscellaneous amendments
  • practical issues
  • strategies
  • ATO enforcement.
Materials from this session:

Payroll tax: What you need to know

Author(s):  Fabrizio PORCARO This paper covers:

  • popular myths about payroll tax
  • grouping and control
  • contractors
  • interstate employers.
Materials from this session:

The changing landscape for the not for profit sector

Author(s):  Ben WILSON This paper covers:

  • recent judicial decisions
  • practical implications
  • what lies ahead.
Materials from this session:

Employee share schemes

Author(s):  David HAWKES This paper covers:

  • timing of taxation
  • calculation of discount
  • refund of tax
  • interaction with CGT
  • employer responsibilities
  • implications for temporary residents
  • transitional provisions.
Materials from this session:

Taxing foreign employment

Author(s):  Megan FIELD This paper covers:

  • overview of the amendments to taxing foreign employment income
  • taxation costs for the employee and utilising foreign tax credits
  • additional obligations for employers including on-costs
  • alternative planning options and tax effective packaging.
Materials from this session:

Share capital: Opportunities & pitfalls

Author(s):  Andrew SINCLAIR This paper covers:

  • basic share capital versus dividend concept
  • equal or selective
  • unpaid share capital
  • determining capital versus dividend split on share buy-back/cancellation
  • share conversion - what ramifications?
  • tips or traps on issuing, cancelling, buying back or transferring shares in a family group
  • differential dividends - possible?
Materials from this session: