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NSW 5th Annual Tax Forum

Published on 17 May 2012 | Took place at Hilton Sydney, Sydney, NSW

Over the past few years, the Tax Forum has become the premier tax event in New South Wales, providing delegates with the opportunity to hear the latest technical content from leading tax professionals on current topics of interest.

This event had a format of three topic streams, SME, corporate and hot topics, which offered delegates over 40 technical sessions.

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

Individual sessions

Carbon Tax – What you need to know

Author(s):  Chris LEACH

This presentation covers:

  • background - Australia’s emission profile
  • statutory framework
  • the mechanism - key elements of the scheme
  • opportunities/real impacts
  • approaching carbon “tax” issues - problem solving.
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Role of the Commonwealth Ombudsman in investigating complaints about tax administration

Author(s):  Simon Passlow

This presentation covers:

  • the role of the Ombudsman in taxation matters
  • the powers and limitations of Ombudsman investigations into taxation matters
  • discussion on the Ombudsman’s discretion to investigate complaints and matters which might be of interest
  • examples of the types cases which the Ombudsman might be able to assist and advice on how to approach the Ombudsman’s office with a complaint
  • some examples of cases where an Ombudsman investigation of a complaint has resulted in improvements to the ATO’s administrative practices or resulted in a remedy for the taxpayer.
Materials from this session:

Land holder duties

Author(s):  Andrew Rider

This paper covers:

  • key requirements and major disparities
  • reporting and filing requirements
  • common tips and traps
  • future developments.
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"There in spirit" powers of attorney in the SME context

Author(s):  Therese CATANZARITI

This paper covers:

  • legal requirements
  • fiduciary duties 
  • scope of authority
  • utility
  • taking instructions
  • revoke or review.
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Author(s):  Tim SHERMAN,  Lucas Tyszkiewicz

This paper covers:

  • what is an earnout?
  • the key issue in relation to the tax treatment of earnouts - should an earn-out right be treated as property for tax purposes?
  • issues with the Commissioner not accepting look-through approach under the existing legislation
  • summary of the development of the taxation treatment of earnouts
  • submissions in relation to the proposals paper.
Materials from this session:

GST and refunds

Author(s):  Wai Choong Chan

This paper covers:

  • GST and refunds
  • discretion to withhold a GST refund pending verification
  • discretion to refuse to give a GST refund - s105-65.
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Contracting with individuals: The importance of getting it right and the risks of getting it wrong!

Author(s):  Rob POWER

This paper covers:

  • PAYG withholding obligations
  • superannuation guarantee
  • payroll tax
  • imposition of payroll tax.
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NFP sector reform: The impact on sector participants and tax advisers

Author(s):  Claire JONES,  John KING

This paper covers:

  • the current tax regime
  • overview of the new regulatory and tax landscape from 1 October 2012 (or earlier)
  • reforms affecting public ancillary funds (PuAFs)
  • restating the “In Australia” conditions for tax concession entities
  • new unrelated business income tax (UBIT) and related measures.
Materials from this session:

The promoter penalty regime – How the ATO is applying it in practice

Author(s):  Bruce COLLINS

This paper covers:

  • background to promoter penalties
  • not just mass marketed schemes
  • managing uncertainty - Reasonably arguable position?
  • the ‘advice exclusion’ and its limitations
  • how the ATO manages risk of potential contravention of the promoter penalty laws
  • ATO’s approach to information collection on promoter penalty related cases.
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Author(s):  Andrew Noolan,  Ken SCHURGOTT

This paper covers:

  • streaming
  • resolutions and timing
  • reimbursement agreements
  • fixed trusts
  • the Treasury consultation paper.
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Part IVA - A practitioner’s perspective

Author(s):  Judy SULLIVAN

This presentation covers:

  • a bit of context - GAARs
  • what is Part IVA and how does it work?
  • the “tax benefit” debate
  • discussing the views of the ATO
  • current Part IVA issues/reviews
  • reconsidering the role of the GAAR panel.
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Superannuation - Gearing

Author(s):  Denis BARLIN

This paper covers:

  • gearing in superannuation funds
  • ‘improvements’ to real property - Whether it causes there to be a ‘replacement asset’
  • off-the plan purchases by trustees of self-managed superannuation funds using borrowed funds
  • in house asset issue - Repayment of the borrowings
  • the type of trust required for the purposes of a section 67A of the SIS Act arrangement
  • goods and services tax implications in the context of section 67A of the SIS Act
  • New South Wales stamp duty implications
  • Platinum Investments - Implications for section 67A of the SIS Act arrangements with respect to NSW real property
  • refinancing strategy.
Materials from this session:

Superannuation - Gearing

Author(s):  Graeme COLLEY

This paper covers:

  • Draft Ruling SMSFR 2011/D1
  • repairs and improvements
  • repair versus improvement versus replacement of the asset
  • use of different materials
  • when is an asset no longer a ‘single acquirable asset’?
  • the corporations amendments
  • the proposed legislation
  • approach to defining ‘issuer’
  • the term ‘arrangement’
  • holding trust trustees
  • related party borrowing.
Materials from this session:

Tax consolidation: Rights to future income and residual tax cost-setting rules - The prequel, the main feature, and the sequel…

Author(s):  Tony REGAN,  Daniel SYDES

This paper covers rights to future income and residual tax cost-setting rule - The origin, the saga, the climax.

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Current tax issues impacting financial reporting

Author(s):  David Kavanagh,  Michelle MORI,  Wendy Rowls

This paper covers:

  • changes to tax law
  • proposed changes to tax law
  • tax accounting impacts on aquisitions.
Materials from this session:

Optimising capital management

Author(s):  Ernest Chang,  James Nickless

This paper covers:

  • raising capital
  • returns on investment
  • alternative taxation of capital income.
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Author(s):  Paul ELLIS,  Chris Galway

This paper covers:

  • taxation of employee share schemes
  • reporting and withholding
  • capital gains tax.
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Employers’ obligations to make superannuation contributions - Are you complying?

Author(s):  Simun Soljo

This paper covers:

  • contribution obligations generally
  • who is covered by SG?
  • where do contributions need to be made?
  • how much does an employer need to contribute to avoid liability?
  • when contributions need to be made
  • consequences of failing to make the minimum contributions on time.
Materials from this session:

Property transactions CGT, income tax and GST considerations

Author(s):  Jo-anne HOTSTON

This paper covers:

  • learning objectives
  • GST implications and property transactions
  • property transactions.
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Managing risk in the SME market

Author(s):  Michael CRANSTON

This paper covers:

  • strategic statement
  • the ATO’s view of the SME market
  • ATO’s approach to risk
  • SME specific risk focus areas.
Materials from this session:

Practical guidance on the tax issues arising for contractors and the businesses that engage them

Author(s):  Greg TRAVERS

This paper covers:

  • the personal services income legislation
  • Part IVA and other case law
  • ATO audit and associated activity.
Materials from this session:

Practice statement PSLA 2011/29 - Exercise of the Commissioner’s discretion under Section 109RB

Author(s):  Mathew UMINA

This presentation covers:

  • overview of section 109RB
  • administrative law principles
  • does Division 7A apply?
  • administrative review.
Materials from this session:

Division 7A & unpaid present entitlements - Where are we now?

Author(s):  Kelvin FITZALAN

This paper covers:

  • development of Division 7A in relation to trusts
  • application of Division 7A to UPEs
  • taking advantage of the Commissioner’s position on UPEs
  • traps (and tips) to be aware of.
Materials from this session:

Superannuation pensions

Author(s):  Jennie LYNN

This paper covers:

  • account based pensions - Recap
  • draft taxation ruling - TR 2011/D3
  • strategies and opportunities.
Materials from this session:

The world of superannuation contributions

Author(s):  Mike Mitchell

This paper covers the world of superannuation contributions.

Materials from this session:

Latest developments in valuation practices

Author(s):  Wayne LONERGAN

This paper covers:

  • property valuations
  • rules of thumb
  • employee options
  • some conclusions.
Materials from this session:

The small business CGT concessions: How they interact with trusts

Author(s):  Vanessa PRIEST

This paper covers:

  • analysis of the maximum net asset value test
  • the ‘connected with’ test - It’s all about control
  • control of an entity other than a discretionary trust - Particular trust issues
  • control of a discretionary trust - The “trustee reasonable to expect to act” control rule
  • control of a discretionary trust - Pattern of distributions rule
  • Commissioners exercise of discretion - 328-125(6)
  • the significance of the significant individual test
  • timing Issues with distributions from trusts and satisfying the significant individual test
  • the trust streaming measures
  • structuring issues and ordering of the concessions.
Materials from this session:

Fixed trusts vs non-fixed trusts - Why is the distinction important?

Author(s):  Lisa ODDO

This paper covers:

  • trust loss provisions
  • 45 day rule
  • SMSFs non-arm’s length income
  • NSW land tax threshold.
Materials from this session:

TOFA - Three years in

Author(s):  Julian CHENG

This paper covers:

  • announced changes
  • implementation
  • ATO compliance activity
  • looking forward.
Materials from this session:

State revenue

Author(s):  David KL RAPHAEL

This paper provides valuable insight into how to deal with the Office of State Revenue (OSR) with respect to reviews and disputes relating to state taxes. Specific topics include:

  • How an accountant may manage a dispute with the OSR and how a solicitor should do so, and the necessity for both to work together
  • The power and scope for the Chief Commissioner to reassess state taxes
  • The ability to seek a review of a decision relating to state taxes
  • When and how to obtain declaratory relief from a court
  • When and how to use expert evidence
  • The penalty regime in the context of state taxes
  • Possible liability for accountants in the context of the imposition of penalties
  • Mediation and alternative resolution generally - including the court's powers to order such mechanisms.
Materials from this session: