Published on 13 Mar 2013
| Took place at Perth Convention and Exhibition Centre
The Tax Institute’s National Convention is undoubtedly the premier taxation conference in Australia. The 2013 convention program, presented by Australia’s leading tax experts and luminaries, ensured presentations of the highest quality. It was both technically relevant and practical to meet the needs of all tax practitioners.
Papers presented include:
plethora of SME topics
tax due diligence in M&A
tax fraud - what you should be aware of
employee equity arrangements
recent ATO investigations
the Personal Service Incomme (PSI) regime 10 years on
distressed debt transactions
GST and going concern exemptions
powers of attorney
research and development
employment taxation update
hot issues in super
taxation of financial arrangements
tax issues on intergenerational change
international tax hot topics
tax law partnerships
trusts - where are we at amending trust deeds after Clark?
tax and infrastructure
tax and native title
estate planning - how has the dust settled after Kennon v Spry?
taking an SME international
part IVA reform
taxing trust distributions at 30 June 2013
corporate tax planning.
Get a 20% discount when you buy all the items from this event.
Estate planning - How has the dust settled after Kennon vs. Spry?
Since the High Court decision in Kennon v Spry, there has been increasing concern among practitioners that the trust assets of their clients could be subject to Family Court attack. This paper focuses on the Family Court’s treatment of trusts to consider issues such as:
when do trusts become part of the pool of assets?
if not in the pool, will a trust be a financial resource? If it is a financial resource, what effect will it have on the outcome?
how does a parent structure their affairs to protect their children?
what do the more recent cases reveal?
what tax, structuring and estate planning issues should be considered?
In order to grow and develop the economy, Australia faces a number of infrastructure challenges. The tax issues when undertaking an infrastructure project are often challenging and difficult. This paper addresses solving those challenging tax issues. The paper also considers policy reforms, and whether tax reforms in this area would accelerate infrastructure projects.
Trusts - Where are we at with amending trust deeds after Clark?
This paper explores the circumstances where a trust deed can be amended, and without causing adverse taxation consequences. In particular, it deals with the decision in Commissioner of Taxation v Clark, the subsequent withdrawal of the ATO’s Statement of Principles and the issue of draft Taxation Determination TD 2012/D4. It also focuses on:
changes that may be required to existing trust deeds as a result of the High Court decision in Bamford
The current tranche of super changes, including the recommendations from the Cooper Review and the Future of Financial Advice (FOFA) reforms are some of the most significant since the introduction of the SG contribution more than 20 years ago. The paper brings you up to date with all the recent developments,including:
valuation rules for SMSFs
the new penalty regime for SMSFs
contributions, pensions and related strategies
the FOFA reforms and what they mean for tax practitioners
Employment taxation update including living away from home allowances and employment termination payments
This paper focuses on practical tax issues and recent tax law changes that have affected the structuring of employment packages for employees, including in fly-in, fly-out situations and for temporary residents. The paper analyses those reforms and their effect on business, and provides practical examples of how to structure an effective package.
The passing of two new tax bills in 2011, the Tax Laws Amendment (Research and Development) Bill 2010 and the Income Tax Rates Amendment (Research and Development) Bill 2010, has provided the opportunity to make significant cash savings on eligible research and development (R&D) activities and greater flexibility regarding intellectual property rules. The laws allow for an increased ability to claim overseas R&D, and the opportunity to apply for a Private Binding Ruling on R&D activities. Importantly, the government is targeting the new program at small-to-medium-size enterprises, that can save up to 45 cents on every dollar of R&D spend.
This paper helps you identify the opportunities these changes provide, ensuring you get the most out of your R&D tax incentive.
The Personal Service Income (PSI) regime 10 years on
Robert WF SCEALES
The Ralph Report concluded that another $500 million of revenue would be available to government if individuals within the tax system as contractors, were taxed as if they were employees. The competing stress of outsourcing, driven by employers seeking severally to avoid union regulation of work conditions, notice, severance pay, state payroll taxes, superannuation surcharge and other labour on-costs, was matched by such contractors wishing to reduce their tax liability by means of deductible expenses. Against that background, the Australian Taxation Office is charged with the enforcement of legislation designed to achieve that aim.
This paper looks at the PSI after 10 years of operation and considers the rules and:
Accidently getting caught up in tax fraud is usually not a risk on your radar - What should you be aware of?
Like professional negligence, tax fraud is not something that a practitioner normally expects to be involved in or accused of. However it can happen particularly in a “guilt by association” situation or where a client points the finger of blame to reduce their own level of blame. This paper covers:
common misconceptions and fallacies
identifying and being wary of potential indicators
Saxby: Even a simple objection can create an exposure
the access of the ATO to previously unavailable sources of information particularly from secrecy/tax havens and everyday sources
increased risks for professional advisers who are caught up in dodgy transactions, including heavier sentencing than five years ago
are juries more prepared to join up the dots in tax fraud cases?
When you need to deal with the Commissioner’s officers you would be well advised to know something about them. In this paper, Martin Keating explores the formal guidelines within which they work, but also relate, with the assistance of some anonymised anecdotes, his first hand observations of some individual attitudes and group dynamics that officers commonly display. Against this background Martin then goes on to make some suggestions about how practitioners might best deal with tax officers on a case by case basis, finishing with a few comments abou thow representative bodies like The Tax Institute can fine tune their representations regarding perceptions of the ATO’s shortcomings in these regards.
Having the right employee remuneration and engagement structure in place is crucial for an SME when competing to attract and retain talented staff. This paper explores the tax issues for various employee equity incentive arrangements relevant to privately owned businesses including:??
whether a “vanilla” ESOP/ESS can be effectivelyimplemented for an SME
loan arrangements to fund share acquisitions (FBT– Div 7A implications)
dividend access and other special class shares
phantom equity plans
issues arising for particular SME business structures (eg trusts).
This paper provides a progress report on the TOFA rules in Div 230 of the Tax Act which have substantially reshaped the way that many taxpayers have to recognise financial transactions for tax purposes.
Topics covered include:
where the law is at now and current TOFA issues
ATO compliance activities – focus areas of ATO review
was TOFA a good idea and what can be done to improve it?
Australian Taxation Office investigations - Recent issues
The Australian Taxation Office has issued a risk differentiation framework and has made changes including the establishment of a reportable tax positions schedule. These are tools it says will assist it to identify taxpayers for review. The ATO has also been subject to an IGOT review on its use of alternative dispute resolution, and how it manages the audit process.
This paper considers:
how taxpayers are selected for audit
the accuracy of identification processes at the ATO
the effectiveness of the ATO’s audit managementand dispute resolution.
The use of a power of attorney is often very important in the context of effecting/completing a commercial transaction or in the context of ensuring that a vacuum does not arise over commercial decisions. This paper covers:
what are the legal requirements?
who can be the attorney of a power of attorney?
the difference between irrevocable and revocable powers of attorney and common law powers of attorney and enduring powers of attorney
duties of an attorney
the impact of a loss of capacity by the donor
appointment of attorneys by trustees and companies
where it is permissible to use a power of attorney inthe context of an SMSF.
The Government has announced that reforms to the tax benefit test in Part IVA will be introduced into Parliament by the end of 2012. These changes will be the first significant amendments to the core provisions of Part IVA since it was introduced in 1981. Part IVA continues to be among the most important, controversial and complex parts of the Australian tax system and will be discussed from the perspective of its efficacy, workability and fairness, having regard to global comparisons.