Published on 28 Feb 2013
| Took place at Tattersall's Club, Brisbane
As tax advisors, sometimes we can be forgiven for thinking just about issues within the Income Tax Assessment Acts. However, as SME advisors, we can consider issues that impact our clients that some may view as “fringe issues” in comparison. The changes in the tax framework, in the prosperity of the economy, which in turn impacts on the prosperity of our clients, means we need to have more than just a degree of familiarity with these 'fringe' issues and how they rank against issues that we are more familiar with.
Your clients will, in the next year, talk to you about changing their structure, how a marital breakdown or insolvency issue will impact their group and, although they don't know it yet, what the proposed Part IVA amendments will do to their decision making process.
This full day event gave attendees some insight into developing this knowledge and provide the ability to field these queries from your clients and to point them in the right direction.
Topics covered include:
updates on structures for SMEs
SME business restructures – the move from trust to corporate
how tax advisors should interact with family lawyers and insolvency practitioners
superannuation as an SME tool
how the proposed Part IVA amendments will impact your world.
Get a 20% discount when you buy all the items from this event.
As a result of proposed legislative rewrites, policy reviews, ATO repositioning and the demands of clients, there may be confusion or reluctance on providing advice to clients on how to establish themselves.
This paper covers:
the importance of Discount Capital Gain Access and SMEs
As advisers, there is often an undue emphasis on tax implications when considering issues impacting SMEs. The longer you are in practice, the more likely you will have to contend with implications other than tax which you will need to guide your client through.
This paper covers:
what should you consider when establishing structures from a Family Law perspective
not all marital breakups are tax effective
protecting assets from secured creditors does not protect assets from the Family Court.
What happens when the train crashes? This paper provides practical advice on how to assist your client in this situation. Step through this case study where all of the events that you have been planning for with your client arise simultaneously:
the ATO initiates a GST audit
the client is part way through the year end audit
the married business owners advise you that they have separated and are planning to divorce
the bank is about to call in the receivers due to the impact of the GFC.
How do you set priorities in this situation? What should you advise on and when do you need help from specialists. How much do you tell each party about the other issues?
An SMSF can be an important part of a family business structure, helping not only to achieve a better tax outcome during the life of a business and on its disposal, but also to protect some key business assets. This paper demonstrates how an SMSF can be utilised to own business assets and the key issues to consider.
Topics covered include:
what assets can be owned by the SMSF:
business real property
how assets can be held by the SMSF:
related and non-related trusts
geared acquisitions – options where there is not sufficient cash in the SMSF
implications on disposal of the business
planned exits – retirement and intergenerational transfers
There are a number of reasons why your client might want to restructure their SME business into a company or a corporate group with a holding company structure. For example, UPE issues with an SME business operated through a trust, or the desire to move a more mature SME business into a corporate group structure with a holding company (for example, for asset protection purposes or to allow for new investors).
This paper focuses on restructures of an SME business into a company or a corporate holding company structure. It covers, with examples:
trust to a company
corporate holding company restructures
SME corporate group – should you form a tax consolidated group?
pros and cons
ACA calculations – tips and traps following restructure.
The proposed amendments are here and you will need to have an awareness of their impact when providing advice to clients on any proposed restructures. In this paper, the following issues are presented in a practical format, with case studies to demonstrate the issues:
the perceived mischief – is the taxpayer’s purpose relevant?
tax benefits – tax effects v non-tax effects
the new paradigm for counterfactuals
possible application of Part IVA to very simple transactions (this was never meant to happen!).