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The Tax Summit

Published on 11 Mar 2020 | Took place at International Convention Centre, Sydney, NSW

The Tax Summit brought together two of our most popular events: the National Convention and NSW Tax Forum. Delegates heard from over 90 speakers from every aspect of tax: corporate, professional practice, legal, technical, SME, domestic and international.

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Individual sessions

Around the courts in 60 minutes - Key tax decisions

Author(s):  Chris PEADON

This paper covers:

  • individual residency cases
  • BHP (“associate”: control and sufficiently influenced)
  • RCF IV & V (US Treaty / TARP / Limited partnerships)
  • Sole Luna P/L v FCT [2019] FCA 1195 (FX losses / exempt income)
  • Greig v FCT (losing money at Myer Emporium).
Materials from this session:

Division 7A and UPEs – What’s next?

Author(s):  Vanessa PRIEST

This paper covers:

  • apotted history – from undistributed profits tax to sec. 108 to Division 7A to ?
  • Board of Taxation – discussion papers and final report
  • Treasury consultation paper released November 2018
  • dealing with history – UPEs
  • dealing with history – pre December 1997 loan
  • changes to the interest rate
  • dealing with the transitional provisions.
Materials from this session:

SME business structures – Multiple owners, flexible profit sharing

Author(s):  Chris ARDAGNA

This paper covers:

  • private companies
  • partnerships.
Materials from this session:

Corporate tax residency review: Principles, interpretation and reform

Author(s):  Kristen DEARDS,  James MACKY

This paper covers:

  • the 2018 ruling and practical compliance guideline
  • Board of Taxation (episode 2)
  • the flow on effects of TR 2018/5
  • solution – how should this issue be addressed?
Materials from this session:

When is professional practice income alienable?

Author(s):  Brian Richards

This paper covers:

  • alienation of income – legal principles
  • when is a professional’s practice income – personal income?
  • source of income
  • Part IVA.
Materials from this session:

What is the current framework for structuring professional practices?

Author(s):  John Ioannou

This paper covers:

  • income from personal exertion versus income from property
  • reconciling the ATO view with the legislation
  • PSI rules and professional practices
  • a milestone moment - service entities
  • the second milestone - ATO interest on income earned in so-called partnerships
  • Everett assignments
  • incorrect implementation of restructures
  • professional standards and regulations
  • no goodwill partnerships
  • ATO view: Alienation of income through discretionary trusts.
Materials from this session:

Foreigner duty and land tax surcharges

Author(s):  Ron JORGENSEN

This paper covers:

  • foreigner duty surcharge
  • foreigner land tax surcharges
  • FIRB and vacancy surcharges
  • variations to discretionary trust.
Materials from this session:

Overview of the imputation regime

Author(s):  Claire Thornett

This paper covers:

  • the franking account
  • receiving a franked distribution
  • anti-avoidance & integrity measures.
Materials from this session:

Trust distributable income – The remaining gap

Author(s):  Ken SCHURGOTT

This paper covers:

  • trust distributable income
  • Draft Ruling TR 2012/D1
  • general illustration
  • revisiting Bamford
  • notional income items.
Materials from this session:

Current issues in M&A and capital management

Author(s):  Simon JENNER,  Andrew SHARP

This paper covers:

  • demergers
  • capital returns
  • the ongoing interplay between tax consolidation and M&A
  • franking of dividends post-acquisition
  • approaching the ATO for guidance in the cut and thrust of a deal.
Materials from this session:

Back-to-back rollovers – New ATO guidance

Author(s):  Dung Lam,  Annelise Jeromela

This paper covers:

  • why do we implement back-to-back rollovers?
  • back-to-back rollovers and the ‘nothing else’ attack
  • back-to-back CGT rollovers and Part IVA
  • securing the CGT discount
  • what do we do if the ATO presses its ‘nothing else’ approach?
Materials from this session:

Superannuation member balance strategies upon death

Author(s):  Jemma SANDERSON

This paper covers:

  • superannuation death benefit cases
  • SMSFs and estate planning – common misconceptions
  • transfer balance cap and death benefits
  • reversionary pensions.
Materials from this session:

APAs – Practical management of volatility and complexity in cross-border transactions

Author(s):  Lorena Sosa,  Dinesh Ramnani

This paper covers:

  • the advanced pricing arrangement environment today
  • transfer pricing risk governance
  • takeaway - APA or transfer pricing risk self-assessment?
Materials from this session:

Foreign income tax offsets – Domestic laws reign supreme

Author(s):  Amanda Kazacos,  Isabella WONG,  Amanda Uppal

This paper covers:

  • Burton v Commissioner of Taxation
  • refresher on the operation of FITOs
  • double taxation agreements
  • Burton – CGT discount disadvantage.
Materials from this session:

Who would want to be a company director? Duties, obligations, and liabilities in a tax context

Author(s):  Paul SOKOLOWSKI,  Mark MACRAE

This paper covers:

  • the division of power between shareholders and directors
  • identifying the directors of a company
  • directors’ duties
  • liabilities of directors in respect of commonwealth corporate taxation obligations
  • the director penalty regime
  • directors of corporate trustees.
Materials from this session:

International tax structuring and cross-border financing

Author(s):  Tony Do,  Chris Yang

This paper covers:

  • cross border financing transactions
  • ATO compliance activities/initiatives.
Materials from this session:

How does the change agenda impact the tax profession?

Author(s):  Stephen HEALEY,  Adrian CARTLAND

This paper covers:

  • a possible future model – the ‘trusted concierge’
  • unprecedented change
  • living in exponential times
  • the sharing economy
  • the professions
  • disruptive innovation
  • returning to the ‘trusted concierge’
  • the unique risks of technology and the need for more regulation
  • innovation, artificial intelligence and the future of the professions
  • explainable AI
  • why Bill Gates’ robot tax is either bad or scary.
Materials from this session:

Taxing the digital economy – The end of the (tax) world as we know it?

Author(s):  Simon THORP,  John LOCKE,  Aylin Harapoz,  Sandy Chan

This paper covers:

  • digital economy: episode I – the (Phantom) Menace
  • the resistance (OECD) in action
  • digital economy: episode II – attack of the taxes
  • Australia should restore the balance
  • difficulties businesses and advisors face in navigating current uncertainty
  • episode IV – a new hope
  • the end of the (tax) world?
Materials from this session:

Winning ways to keep your tax losses – Is the similar business test the panacea?

Author(s):  Sarah Saville,  Monika Uchanski

This paper covers:

  • recap on tax loss recoupment tests
  • the newly enacted similar business test
  • other points to note.
Materials from this session:

Australia's hybrid mismatch rules

Author(s):  Sanjay WAVDE,  James Hudson

This paper covers:

  • high-level overview of the hybrid mismatch rules
  • recent developments
  • practical examples.

 

Materials from this session:

Top-hatting for SME’s

Author(s):  Stephen HOLMES

This paper covers:

  • what is top-hatting?
  • how to do you undertake a top-hatting restructure tax efficiently?
  • Division 615 – vanilla interposition
  • Subdivision 122-A
  • scrip for scrip rollover – Subdivision 124-M
  • rollover accounting issues and anomalies (the dividend trap).
Materials from this session:

Practical tax consolidation issues for 2020

Author(s):  Jonathan Rintoul,  Lee Jong

This paper covers:

  • deductible liabilities
  • churning measure
  • tax consolidation and R&D tax offsets
  • AASB 16 in the ACA calculation and allocation
  • TOFA assets and liabilities in tax consolidated groups.
Materials from this session:

Controlled foreign companies

Author(s):  Daryn Moore

This paper covers:

  • design features of CFC rules
  • a brief history of Australia’s CFC rules
  • challenges posed by the digital economy to the design features of CFC rules
  • practical difficulties arising under Australia’s CFC rules
  • indications of the ATO’s concerns of CFCs being used for base erosion.
Materials from this session:

Emerging technologies and trends – What tax advisors need to know

Author(s):  Joni PIROVICH

This paper covers:

  • stablecoins & CBDCs
  • decentralised finance (DeFi).
Materials from this session:

Tax treatment of buy sell agreements

Author(s):  Daniel SMEDLEY

This paper covers:

  • options used to implement the arrangements
  • taxation implications on the trigger event
  • other issues to be addressed
  • the wider context of equity participant agreements.
Materials from this session:

Best practices for holiday rentals and evidence retention

Author(s):  Matthew McKEE

This paper covers:

  • apportionment of expenses for holiday rentals
  • housing integrity measures
  • selling your holiday rental
  • overseas holiday rentals
  • foreign residents and holiday rentals.
Materials from this session:

Tax consolidation: How to acquire assets

Author(s):  Simon HOW

This paper covers:

  • where does tax consolidation fit with SMEs
  • the tax consolidation calculation
  • moving to a tax consolidation structure
  • losses in consolidation
  • transacting with shares – due diligence.
Materials from this session:

Tax implications of relationship breakdown

Author(s):  Todd Want,  Charis Liew

This paper covers:

  • CGT on relationship breakdown
  • selected company and trust issues
  • tax and the division of assets
  • superannuation splitting.
Materials from this session:

How should professional practices be structured in the future?

Author(s):  Greg Travers

This paper covers:

  • structuring a professional services firm
  • what might a professional services firm structure look like in the future?
  • entry and exit of shareholders
  • distribution of profits.
Materials from this session:

Taxation of foreign exchange gains and losses for corporates – Back to the Future?

Author(s):  Abdol MOSTAFAVI,  Greig HUBBARD

This presentation covers:

  • the operation of FX taxation regimes and their interaction
  • case studies.
Materials from this session:

Practical tax issues for non-resident investors

Author(s):  Kai-Chen Lamb

This presentation covers:

  • a timeline – the tide has turned
  • fair share reforms
  • practical applications.
Materials from this session:

US tax update

Author(s):  Justin Davis

This presentation covers:

  • overview of US tax reform changes
  • key US international tax reform in detail
  • where to next?
  • BEPS 2.0.
Materials from this session: