This paper examines the dividend and franking implications of the 2010 amendments to s254T of the Corporations Act 2001 and the consequential amendments that were made to the tax legislation, together with the proposed “refinements” to those measures.
The focus of the paper is on:
the new concept of “dividend” for Corporations Act purposes
the impact of the legislative reforms on the tax concept of “dividend” and the franking of dividends
Changes to the director penalty legislation became effective in June 2012 to increase the potential liability of directors. The legislation was already broad before the changes, and few directors know the extent of their exposure.
It's special, super special - Non-arm's length income
Non-arm’s length super income is top taxed, at least three times the tax rate applies. What is it and why is it so special? How long is arm’s-length? How much more is too much? This session will focus on a checklist for avoiding non-arm’s length income.
An update on capital management issues including debt/equity: recent developments
The management of capital and optimisation of capital structures remains a key focus for companies. This paper explores recent developments surrounding the taxation treatment of various capital management initiatives, including:
the decision in Mills and the implications for franked instruments
the implications of the decision in Consolidated Media Holdings
The R&D tax incentive is now well and truly open for business. In previous years, briefings could only speculate as to how the program could work. For the first time, we can examine the program from a real-world perspective.
Topics covered in this paper include:
successful approaches to completing applications for registration including consolidated groups
strategic issues in obtaining advance/overseas findings??
highlights from AusIndustry guidance material on core versus supporting R&D activities, dominant purpose and sector-specific R&D
making sense of ATO rulings on feedstock, clawback, building expenditure and payments to associates
Trusts...What can you do and what you need to do before June 30?
Gordon S COOPER
This paper considers the practical implications of the Division 6 rewrite so far as it has emerged for accountants and tax agents in advising their trustee clients for the 2013 and 2014 income years. This paper covers what you need to do and know prior to 30 June regarding trust distributions, including:
practical implications of completing labels 64A and 65W on the trust tax returns, including putting together examples based on variations of trustee resolutions, trust income, net income and the Commissioner’s views as expressed in TR 2012/D1 – how to approach this
discussing what the ATO is after regarding disclosure items what is the risk
consideration of the trust resolution wording when streaming dividends or capital.
Selecting an appropriate structure to operate a business or hold investments is crucial to ensure the desired commercial and tax outcomes can be achieved. So how do you decide what is the right (or wrong) structure for an SME? How do you make sure the structure is ready to access the small business CGT concessions? By focusing on a series of real-life examples of structures used by SMEs, this paper looks at:
effective structuring of an SME, including the major strengths and weaknesses of particular structures
how to determine if a structure has become ineffective and what to do if this is the case
what should you do if you have inherited a poor structure?
what factors should be considered if you decide to restructure?
how do you know if a business or structure is CGT concession ready?
can you manage or fix potential problems in the ability to access the CGT concessions?
Limited Recourse Borrowing Arrangements by SMSFs - In practice
The implementation of a LRBA by an SMSF is a very complex transaction since there are a minefield of issues and traps which need to be considered. The successful implementation of these arrangements requires the practitioner to be up to date and on top of their game. Getting it wrong can have devastating consequences.
This paper outlines:
practical issues, common errors and traps with implementation
the role of the accountant, lawyer, financier and financial planner
overview of the finalised SMSFR 2012/1
loan and security documents and dealing with the financier
You may have a client whose Div 7A (private company or UPE) issues have been ignored, or a new client who has come to you and, on reviewing their accounts, you recognise that there are Div 7A issues. Where do you start? Do you approach the ATO to see if they will disregard the deemed dividends? This paper works through how you would go about working through the Div 7A issues that may arise, and provide practical tips on what you need to consider.
Your website probably says that you provide estate planning and business succession advice. But what advice are you really providing, and are you doing this in the most cost-effective way? Are there additional services that could amount to a new revenue source for your practice? With an ageing client base, now is the time to get your succession services into order.
This practical paper covers:
what to tell clients about your estate and succession planning services
when is advice “legal advice”?
what is an estate plan?
what is the best way to engage a lawyer?
how to protect your role as the client’s trusted adviser.
Superannuation benefits: Getting money out of the fund
While building up superannuation is important to provide for a comfortable living in retirement, just as important is how you take your superannuation benefits. Understanding the options available and how best to structure payments can save money and any pain that may arise in getting it wrong.