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Profit accumulation tax traps paper

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Published on 08 Nov 12 by NATIONAL DIVISION, THE TAX INSTITUTE

By far, one of the greatest challenges facing SME businesses that operate through trust structures is avoiding the penal tax outcomes that are possible when operations are financed through profits that have been taxed at the corporate tax rate.

This paper examines some of the methods that have been developed to work with the new paradigm imposed by the Commissioner’s UPE ruling, including:

  • developing practices with corporate beneficiaries
  • lessons learned from completion of 2011 accounts
  • implications from the February 2012 Montgomery Wools Case
  • risks and opportunities through licensing goodwill.

Author profile

Christopher Wookey CTA
Photo of author, Chris WOOKEY Chris Wookey, CTA, was a principal in the tax consulting division of Deloitte Private in Melbourne. He has over 30 years' experience in the chartered accounting profession and is a member of The Tax Institute's SME & Tax Practitioner Technical Committee and the Victorian State Technical Resource Committee as well as a regular presenter at its events. His experience, centred on issues encountered by private groups, includes advising about the tax treatment of accessing wealth accumulated in various structures such as trusts, superannuation funds and especially companies, in addition to having been involved in the early confidential consultations about the upcoming Div 7A reforms. - Current at 13 February 2019
Click here to expand/collapse more articles by Chris WOOKEY.

 

This was presented at 20th National Tax Intensive Retreat: Expanding the Family Business .

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

Individual sessions

Structuring and restructuring the expanding business

Author(s):  Gil LEVY

Materials from this session:

Issues regarding SMEs and group structures

Author(s):  Paul LYON

Materials from this session:

Profit accumulation tax traps

Author(s):  Chris WOOKEY

Materials from this session:

You can't take it with you

Author(s):  Suzanne McKENZIE

Materials from this session:

Workshop 1 questions and answers

Author(s):  Jo-anne HOTSTON

Materials from this session:

Rewarding and retaining key personnel of the growing businesss

Author(s):  Meagan O'CONNOR,  Rob JERAMIAH

Materials from this session:

Workshop 2 questions and answers

Author(s):  David MARSCHKE

Materials from this session:

Workshop 3 questions and answers

Author(s):  Michelle HARTMAN,  Kevin J MUNRO

Materials from this session:

Intellectual property, goodwill and taxation

Author(s):  Domenic CARBONE

Materials from this session:

Further details about this event:

 

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