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VIC 8th Annual Tax Forum Online

Published on 15 Oct 2020 | Took place at Online, VIC

The program for this year’s VIC 8th Annual Tax Forum was designed to equip you with the latest knowledge and information so you can continue to best advise and assist your clients through these difficult times. Highlights included:

  • Assistant Treasurer, The Honourable Michael Sukkar MP, delivering our Keynote talk on Federal Government tax policy in light of numerous evolving national and global challenges
  • Frank Hinoporos, Tax Partner at Hall & Wilcox, analysing key measures in the 2020–21 Federal Budget affecting the SME sector
  • James O’Halloran, Deputy Commissioner, JobKeeper Payment Program, and Andrew Orme, Deputy Chief Tax Counsel, providing their insights into the ATO’s approach to COVID-19 related measures.

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

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Individual sessions

M&A and Coronavirus: A crown of thorns

Author(s):  Enzo COIA,  James Gould

This paper covers:

  • the ability to use tax losses in the future
  • the impact of refinancing or writing off debts
  • the reduced ability to gear ongoing operations and associated thin capitalisation impacts
  • the tax consolidation impacts of acquiring distressed entities or selling loss making businesses.
Materials from this session:

Capital or Revenue – Implications of the counterfactual

Author(s):  Dioni Perera

This paper covers:

  • analysis of Sharpcan
  • relevance and comparison against recent and seminal capital / revenue cases
  • future landscape of capital/revenue analysis.
Materials from this session:

Tax effective resolution of trust and estate disputes: Making the best of a bad situation

Author(s):  Nathan Yii

This paper covers:

  • the nature of a dispute in wealth distribution and the claims at hand
  • ownership structures including personally held, family trust and superannuation
  • the tax implications in dealing with estate and wealth disputes and not losing track of the tax bill
  • tax-effectively addressing estate disputes by agreement or court order – what’s the difference and what do they deal with?
  • Division 128 CGT Rollover and Victorian duty concessions on death and applying them in a dispute context
  • factoring in superannuation death benefits in the dispute and minimising death benefits tax; and
  • transferring control of family discretionary trusts without triggering tax
  • using tax planning as a bargaining tool in negotiating an outcome
  • remembering prevention is far better and cheaper than a cure.
Materials from this session:

General ATO update for corporates

Author(s):  Chris Ferguson

This presentation covers:

  • new tax and superannuation policy measures
  • status of previous policy measures affecting SMEs
  • what lays ahead for SMEs.
Materials from this session:

Dealing with the fallout of COVID-19

Author(s):  John Ioannou

This paper covers:

  • identify opportunities to access small business CGT concessions for businesses that survive the fallout
  • understand the tips and traps regarding the company and trust loss rules for entities that may be experiencing losses for the first time
  • navigate through the plethora of forgiveness rules (Div 7A, commercial debt forgiveness and bad debts)
  • know when to turn off the oxygen of a business — how safe is the insolvency safe harbour?
Materials from this session:

Seat 1A on the digital tax plane: Chasing source – or chaos?

Author(s):  Jayde THOMPSON,  Greg Weickhardt

This presentation covers:

  • will it deliver on the G-20’s mandate?
  • a truce through tough times, or will digital services taxes pile on?
  • how did we get here and should Australians care?
Materials from this session:

Permanent establishments in 2020 and beyond

Author(s):  Amber Agustin,  Cameron Forbes

This paper covers permanent establishments in 2020 and beyond.

Materials from this session:

Update on s 100A

Author(s):  Leo Gouzenfiter,  Alexis KOKKINOS

This paper covers:

  • current thinking and currently available guidance on s 100A
  • how taxpayers can navigate a path through the provisions while we wait for further clarification
  • consideration of the applications of s 100A to examples dealing involving families and private business groups
  • interaction of s 100A with other provisions such as Division 7A and the trust loss provisions.
Materials from this session:

Tax policy and advocacy update

Author(s):  Robyn Jacobson,  Andrew MILLS

This presentation covers:

  • The Tax Institute’s recent and ongoing advocacy activities
  • driving tax reform
  • unfinished business for corporates and SMEs.
Materials from this session:

Corporate residency issues in light of COVID-19

Author(s):  Julianne JAQUES

This paper covers:

  • corporate residency case law and ATO guidance
  • proposals for changes to corporate residency rules considered by the Board of Taxation
  • implications for residency from COVID-related travel restrictions
  • interaction of residence with double taxation treaties and implications of the Multilateral Instrument
  • consequences of potential dual residence or migration of companies as a result of the corporate residency rules
  • insight into the challenges facing foreign incorporated companies today
  • options to manage tax risks and governance implications.
Materials from this session:

SME cases update

Author(s):  Vincent Licciardi

This paper covers:

  • CGT and small business CGT concessions
  • Division 7A
  • international tax issues
  • superannuation and SMSFs
  • The Commissioner’s administrative powers.
Materials from this session:

Individual tax residency update

Author(s):  Kaitilin LOWDON,  Paul SOKOLOWSKI,  Andrew Spierings

This paper covers:

  • a recap of the current rules and how they apply in practice
  • key legal decisions and the evolving judicial interpretation of residency concepts
  • The Board of Taxation review and current state of play
  • impact of the COVID-19 crisis on the tax residency status of individuals
  • The Commissioner of Taxation’s views.
Materials from this session:

The current superannuation landscape

Author(s):  Liz Westover

This presentation covers:

  • the latest legislative changes and trends
  • opportunities for high net wealth SMSF clients including related party transactions, estate planning and investment structuring
  • ATO focus and activity in superannuation as funds emerge from the COVID-19 crisis.
Materials from this session:

R&D – Where to now?

Author(s):  Sukvinder HEYER

This paper covers the key challenges faced by industry in relation to historical positions and the issues raised by the proposed reforms.

Materials from this session:

Div 7A – Emerging from COVID-19

Author(s):  Ron JORGENSEN

This paper covers:

  • the ATO’s guidance for taxpayers who seek an extension of time to make the minimum yearly repayment for 2019–20 due to financial difficulties arising from COVID-19
  • implications of the Government’s recent announcement to defer the start date of the proposed reforms
  • where are we at with unpaid present entitlements and sub-trust arrangements?
  • forgiving loans due to COVID-19.
Materials from this session:

What’s attracting the ATO’s attention in the SME space?

Author(s):  Kelly Canavan,  Moira MERRICK

This presentation covers what issues are attracting the Commissioner’s attention for private groups. It will be a practical session providing insights from recent ATO experience.

Materials from this session: