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21st National Tax Intensive

Published on 07 Nov 2013 | Took place at Sheraton, Noosa Resort and Spa, National

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    The theme of this year's Intensive - Small Business Concessions, Part IVA & Trusts: Where are we now? – focused on three of the most important practical issues for tax advisers to the SME and family business sector.
    Sessions covered:
  • the key areas in relation to the small business CGT concessions (including liabilities, dividend access shares, “earnouts”, incorporation of partnerships and valuation of CGT assets)
  • the new anti-avoidance provisions in Part IVA of the ITAA36 (including the suggestion the amendments reflect a change in policy, assessing “alternative postulates”, the importance of the “dominant purpose” test, and the possible application of new rules to structuring to obtain the benefit of the small business CGT concessions)
  • the ATO’s expectations of professionals in dealing with the multitude of reforms, in particular, the new Part IVA
  • the issues in relation to the interplay of trust provisions in Div 6 of the ITAA36, the deemed dividend rules in Div 7A, and the recent amendments to Divs 115 and 207 of the ITAA97
  • the future of trust taxation – where is the government’s reform program going?

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Individual sessions

Trusts: Current state of play

Author(s):  Arthur ATHANASIOU

Although the government has proposed reforming the trust provisions, the start date for those rules is not until 1 July 2014. This paper considers a number of difficult issues that are currently arising in practice with the recent amendmentsto Div 115 and 207 of the ITAA97, and the interplay between Div 6 and the deemed dividend rules in Div 7A of the ITAA36.

This paper covers, among other things :

  • streaming in practice – what practical difficulties have arisen?
  • practical difficulties with interposed trusts in complex structures and Div 7A 
  • Division 7A and Part IVA – specific versus general anti-avoidance rules – can trusts be caught in the middle?
  • review of Div 7A and trust UPEs from an accountant’s perspective.
Materials from this session:

Trust reform: A practitioner's perspective

Author(s):  Fabrizio PORCARO

The current state of play and a number of current practical problems are discussed in this paper. But what does the future hold?

This paper considers:

  • background to the reform of Div 6, the November 2011 Consultation Paper and October 2012 Discussion Paper
  • status of draft legislation
  • where to from here? How will the proposals apply in practice?
  • what can be done and/or needs to be done in preparation for the reform?
  • a practitioner’s observations.
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Small business concessions

Author(s):  Angie HICKS,  Anna TRAN

Accessing the small business CGT concessions remains a challenge. This paper covers the key areas where most uncertainties and challenges arise for taxpayers. In particular it focuses on:

  • what is a liability for the purposes of the small business concessions and when does a liability relate to the CGT asset?
  • various amendments have been made to overcome unintended anomalies, but have the amendments achieved their aim?
  • dividend access shares post-TA 2012/4 and TD 2013/D5 – where do the pitfalls lie?
  • how will the small business concessions interact with the proposed changes tothe taxation treatment of earnouts?
  • incorporation of partnerships – are you shooting yourself in the foot?
  • lastly, perhaps the most difficult area lies in determining the market value of CGTassets, in light of a raft of recent cases where the Commissioner has challengedthe taxpayer’s valuation of CGT assets.
Materials from this session:

The "new" Part IVA

Author(s):  Grant WARDELL-JOHNSON

The form of the government’s “new” Part IVA is now known and it also appears that there will be a renewed focus by the ATO on the possible application of PartIVA to transactions undertaken by SMEs that have regard to the tax outcomes. It will be critical for advisers to understand the changes and factor them into the advice provided.

This paper examines:

  • do the amendments reflect a change in the policy of Part IVA and specifically, does the dominant purpose test remain untouched?
  • the operation and impact of the introduced “tax effects” element resulting in a new approach to assessing the “alternative postulates”
  • does the alternative postulate need to be reasonable any longer?
  • what is happening to the concept of “scheme”?
  • the key issues to consider when providing tax structuring advice.
Materials from this session:

Case studies & solutions

Author(s):  Vanessa PRIEST

This paper covers three case studies and the solutions.

Materials from this session: