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Issues Arising for Private Companies

Published on 23 Jul 2014 | Took place at Tattersall's Club, Brisbane, QLD

Private companies are extremely versatile. They can act as trustee for trusts and superannuation funds, trade or invest in their own right, participate in a consolidated group, be a beneficiary in a family trust and act in a multitude of other roles while protecting our assets.

In their many personas private companies interplay with a plethora of taxation rules relating to the payment of dividends, the provision of loans to shareholders, the consolidation regime, capital gains tax and the challenges of expanding offshore.

If you have responsibility for any aspect of the taxation of private companies this full day workshop will put you on the “front foot” ensuring that you can advise on the optimum use of private companies and be aware where the pitfalls are lurking.

Topics covered were:

  • dividend access shares
  • Division 7A: Change is on the horizon
  • private companies and the small business CGT concessions
  • panel discussion
  • tax consolidations and SME’s
  • payment of dividends from a private company
  • expanding offshore.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Dividend access shares

Author(s):  Hayden BENTLEY

This paper covers:

  • dividend access shares
  • some taxation issues with dividend access shares
  • Part IVA – dividend stripping
  • other provisions of tax law that may be impacted by dividend access shares
  • when can dividend access shares be utilised – impact of ATO actions
  • dealing with legacy issues.
Materials from this session:

Division 7A – Change is on the horizon

Author(s):  Mark Molesworth

This paper covers:

  • why even have Division 7A?
  • why do we need to think about changing Division 7A?
  • what are the proposed models?
  • will we like the changes?
Materials from this session:

Private companies and the small business CGT concessions

Author(s):  Brian J RICHARDS

This paper covers:

  • when is a share an active asset?
  • maximum net asset value test
  • discussion of the relevant statutory provisions
  • additional conditions stipulated in subsection 152-10(2)
  • application of the concessions.
Materials from this session:

Consolidation: Timing is everything!

Author(s):  Troy MORGAN

This paper covers:

  • core principles
  • allocable cost amount (entry)
  • allocable cost amount (exit)
  • losses
  • CGT events relevant to consolidation
  • interaction with CGT roll-overs
  • tax sharing agreements and tax funding agreements
  • practical issues.
Materials from this session:

Payment of dividends from a private company

Author(s):  Chris Dunne,  Thomas TULLEY

This paper covers:

  • can a company pay a dividend?
  • tax definition of dividend
  • can a dividend be franked?
  • TR 2012/5
  • use of accounting records when the financial accounts have not been prepared in accordance with accounting standards
  • disclosure in statutory financial statements.
Materials from this session:

Expanding offshore general considerations

Author(s):  Tim HANDS

This paper covers:

  • expanding offshore
  • residency
  • source
  • transfer pricing
  • optimum tax strategies.
Materials from this session: