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2005 Financial Services Taxation Conference: Risky Business

Published on 03 Mar 2005 | Took place at Royal Pines Resort, Gold Coast, Qld, National

The theme of this conference was chosen after reflecting upon the areas of focus in the last year and considering what lies ahead for corporate tax professionals in Australia's large financial institutions. More than ever before, tax advisers in this industry are required to balance a range of competing priorities, including the continued implementation of tax reform changes, rulings, determinations, IFRS integration, ATO reviews and SOX/404 requirements. Gone are the days when the role of the tax specialist was to provide advice and lodge the annual tax return!

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Individual sessions

Corporate governance in the financial services industry: tax specific

Author(s):  Michael BERSTEN

This paper covers the following topics:

  • defining tax risk management in a financial institution - systemic, market and media perspective
  • impact of environmental issues - eg. organisational, corporate regulatory and financial regulatory environment
  • deciding your task risk management strategy and the role of the board, the audit and risk management committees
  • execution of your tax risk management strategy - key players, relationship and issues management
  • will tax risk management transform tax management?
Materials from this session:

IFRS: tax implications for the financial services industry and TOFA

Author(s):  Tony FROST

This paper covers the following topics:

  • what are the major changes in accounting standards for the financial services sector as a result of the adoption of International Financial Reporting Standards in Australia?
  • in particular, what are the implications arising from IAS 39/AASB 139 (Financial Instruments: Recognition and Measurement) and other major new accounting standards?
  • how will existing tax law be impacted by the adoption of IFRS and what changes to tax law are needed?
  • which issues will be of particular concern for financial institutions?
  • how will existing and future instalments of the Taxation of Financial Arrangements reform project be impacted by IAS 39/AASB 139 and other new standards?
Materials from this session:

Managing tax unit pricing

Author(s):  David GLEN

This paper covers:

  • allocation of franking credits and other tax benefits
  • preserving equity between different generations of investors
  • calculating compensation for unit pricing errors
  • discounting and other timing issues
  • managing differences between current tax, unit pricing and regulatory reporting systems
  • allocation methodology in non-unitised products.
Materials from this session:

Consolidating tax consolidation

Author(s):  Rowan MACDONALD

This paper covers the following topics:

  • observations from first consolidated tax returns
  • post lodgement reviews
    • are the ATO expectations realistic?
    • where has the focus been?
  • responding to legislative amendment
    • revisiting entry calculations
    • impact for future returns
  • issues for subsidiary members with special tax attributes
  • system issues, how are people coping?
Materials from this session:

GST compliance - future directions

Author(s):  Steve VESPERMAN,  Tony LONG

This presentation covers:

  • the GST compliance program
  • financial supplies compliance issues
  • GST and income tax interaction
  • risk assessment and GST financial supplies
  • financial supplies current technical issues.
Materials from this session:

Stamp duty

Author(s):  Peter GREEN

This presentation covers:

  • recent relevant stamp duty amendments
  • application of the doctrine of fiscal nullity in stamp duty assessments and implications of recent decision in Collector of Stamp Revenue v Arrowtown Assets Ltd
  • general anti-avoidance provisions in stamp duties legislation in the light of recent case law and implications for financiers
  • stamp duty implications of Public Private Partnership Projects.
Materials from this session:

Managing tax risk in an international tax group

Author(s):  Stephen GREEN

This presentation covers the following topics:

  • what are the key risks in a financial services group?
  • what's involved in managing tax risk?
  • briefing the board
  • managing the front office
  • dealing with overseas issues
  • corporate governance.
Materials from this session:

The new international tax regime

Author(s):  Jason CHANG

This presentation covers:

  • outward bound investment into listed countries and the CFC rules - focusing on UK, US, NZ
  • foreign subsidiary vs foreign branch structures under NITA
  • special rules for banks, life companies and other Australian financial institutions
  • what is yet to come? Foreign income accounts, new listed countries and other measures
  • central management and control ruling and the financial services industry.
Materials from this session:

Managing capital in a financial services environment

Author(s):  Bryan DAVIES

This presentation covers:

  • debt/equity issues
  • Macquarie Finance case
  • franking profiles
  • buy backs.
Materials from this session:

International Financial Reporting Standards

Author(s):  Ross GOUDIE

This presentation covers:

  • the major changes in accounting standards for the financial services sector as a result of the adoption of International Financial Reporting Standards in Australia
  • in particular, the implications arising from IAS 39/AASB 139 (Financial Instruments: Recognition and Measurement) and other major new accounting standards?
  • how existing tax law will be impacted by the adoption of IFRS and the changes to tax law that will be needed
  • the issues that will be of particular concern for financial institutions
  • how existing and future instalments of the Taxation of Financial Arrangements reform project will be impacted by IAS 39/AASB 139 and other new standards.
Materials from this session:

Retail banking update

Author(s):  Michael BARBOUR,  Larry MAGID

This paper covers:

  • Hart's Case/Part IVA
  • lending products
  • negative gearing
  • Domjan's case (problems with tracing interest deductibility)
  • risk management frameworks.
Materials from this session: