Published on 17 Oct 2012
| Took place at Perth Convention and Exhibition Centre
This conference delivered a high-quality technical program that offered tax specialists in the resources sector a range of interesting and topical sessions that were both informative and practical.
There is little question that times are changing in the world of resources taxation. This conference was a great opportunity to gain insight into the many changes in the law such as the introduction of the MRRT, the extension of the PRRT and changes and developments involving exploration and farm-ins. Also on offer were sessions that covered more general topics such as tax litigation, the resources joint venture and selling resources to the world.
Get a 20% discount when you buy all the items from this event.
What comprises exploration activity and exploration expenditure is a critical issue for resource companies for both income tax and resource rent tax purposes. While exploration expenditure deductions have been a feature of the tax law for decades, ensuring the exploration deduction provisions operate as intended is as important to the industry now as it has ever been.
This paper examines topical exploration and related issues, including:
the policy behind exploration deductions
differences between corporate tax, PRRT and MRRT classification of exploration
common law vs extended law interpretations of exploration
The new R&D tax incentive and the resources sector
The new R&D tax incentive is upon us. There are winners and losers but it is still not clear who’s who. This paper maps out the main changes from the old R&D tax concession so you can determine where claims now lie.
Topics covered include:
the changed definition of eligible R&D activities
issues relating to the eligibility of mining and minerals processing trials
the problems for resources claims created by the explanatory memorandum
the treatment of foreign-owned R&D
the requirements for advance and overseas findings
the impact of the wider feedstock expenditure provisions
the challenges associated with the new compliance regime.
Today’s increasingly competitive marketplace demands a globally competitive and mobile workforce. Employers and employees today are faced with a range of taxation issues relating to assignees who enter Australia from overseas (“inbound assignees”) and assignees who depart Australia to work overseas (“outbound assignees”). In the current climate, understanding the taxation implications of a mobile workforce is crucial to the success of a global mobility program.
This paper considers:
tax residency and the temporary resident rules
impact of the application of double tax agreements
proposed LAFHA changes
removal of foreign income exemption
sourcing of bonuses and employee share scheme reporting
employer tax obligations for inbound and outbound assignees.
Fixtures: What stamp duty can teach you about income tax
This paper will examine recent stamp duty cases and consider their relevance to interpreting various provisions of the Income Tax Assessment Acts and Double Tax Agreements. The paper reviews the relevance of the cases when considering issues such as:
taxable Australian real property
the definition of an depreciable asset for the purposes of Division 40