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1996 Victorian State Convention

Published on 12 Sep 1996 | Took place at Melbourne, Victoria, VIC

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Individual sessions

Capital gains tax and damages

Author(s):  F. John MORGAN Damages may be subject to income tax or capital gains tax, though, without warranting a gross-up. This will be so if those taxes would be applied to the plaintiff in any event if the wrong had not occured, or the contract had been performed.

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The foreign exchage debate

Author(s):  Neil WARD In this convention paper Neil Ward looks at the foreign exchage debate in the wake of the decision of the High Court in Energy Resource of Australia (ERA) 96 ATC 4536.

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Debt Forgiveness

Author(s):  Emanuel HIOU Topics covered in this convention paper include:
- Capital gains tax rollover relief foe small businesses
- Amendments to Section 160ZZS
- CGT exemption on sale of small business for retirement
- Liquidation of group companies
- Time of Acquisition where asset acquired under contract

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CGT : latest developments

Author(s):  Emanuel HIOU Topics covered in this convention paper include:
- Capital gains tax rollover relief foe small businesses
- Amendments to Section 160ZZS
- CGT exemption on sale of small business for retirement
- Liquidation of group companies
- Time of Acquisition where asset acquired under contract

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The foreign exchange debate: some preliminary observations

Author(s):  John SMITH Topics covered in this convention paper include:
- ERA and the deductibilty of discount
- ERA and foreign exhange
- ERA and the need for conversions
- Foreign currency transations and Section 21

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Goodwill

Author(s):  Grant CATHRO Many businesses are bought and sold every day. In most sales, some amount is allocated to goodwill. Yet goodwill is notoriously difficult to define. In this convention paper Grant Cathro seeks to define the key aspects of goodwill and its relationship to CGT and other tax issues.

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Goodwill - the "elusive compound"

Author(s):  Greg SOMMERS The following goodwill issues will be considered in this article:
- existence and extent of monopoly goodwill
- measurement of goodwill
- accounting approach to defining and measurning goodwill
- attachment approach and the acquisition date of goodwill
- inseverability of goodwill from a business
- transferability of personal goodwill

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ATO access guidelines/Taxpayers' Charter

Author(s):  John NICHOLLS This convention paper deals primarily with the Australian Taxation Office's policy and approaches in the appliaction of secs 263 and 264 of the Income Tax Assessment Act (the access and information gathering provisions).

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Practical aspects of trusts

Author(s):  Geoff COWAN This convention paper focuses on these topics:
- owning loss companies;
- structural considerations;
- sec. 160ZZS and discretionary trusts;
- amendments to sub-sec. 160M(3);
- distributions to corporate beneficiaries;
- distributions of capital gains.

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Is reform the solution?

Author(s):  Ian SPICER This convention paper for 1996 looks at the upcoming reforms to the tax system and discusses the need for change to the tax system.

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Revelations I - annual update

Author(s):  Keith JAMES This 'annual update' from 1996 looks at the latest development in taxation laws from that year.

Topics covered in this convention paper include:
- financial instruments
- family trust distributions
- capital gains tax - goodwill
- individual taxpayers
- Part IVA.

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Revelations II - annual update of other taxes

Author(s):  Ken FEHILY This paper is meant to give all practitioners a broad overview of what is occuring in the indirect tax field, the risks that are arising, the opportunities that are arising as well as the continuing complexity of this field of taxes.

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Tax incentives - where to now?

Author(s):  Michael SELTH This convention paper looks at variuos tax incentive structures that were available in 1996. Topics covered include:
- pooled development funds (PDFs)
- research and development
- Investments in Australian films

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Taxpayers' rights - Access/Charter

Author(s):  Bob BRYANT AN equitable tax system requires a fine balance between the powers of the Tax Commissioner and the rights of taxpayers.

Recent developments affecting this balance include the release by the ATO of Access Guidelines and consultative process directed towards a Taxpayers' Charter.

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