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2007 Financial Services Taxation Conference: Financial Services Unleashed

Published on 14 Feb 2007 | Took place at Hyatt Regency Sanctuary Cove, Qld, National

Since our last conference in February 2006, the focus of the financial services industry has been pursuing new opportunities domestically and internationally. The title of this year’s conference, Financial Services Unleashed, reflects this, the aim being to provide technical and practical insights into the taxation issues that are emerging. Themes addressed during the conference included:
- increased international investment, particularly in infrastructure, supported by legislative developments such as conduit foreign income and foreign hybrids, but constrained by provisions such as Divisions 6B and 6C
- product developments and convergence, supported by fundamental superannuation reform, but with the new concerns of promoter penalties and the constant battle to rationalise legacy products
- capital management, examining both the raising and returning of capital, looking at buybacks, sophisticated capital raisings and tainting.

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Individual sessions

Conduit foreign income - opportunities to add shareholder value

Author(s):  Jeremy HIRSCHHORN

This paper covers:

  • technical issues
  • implications for reported profit
  • implications for dividend strategies
  • increasing shareholder value.
Materials from this session:

Life insurance - troublesome legacy or bright future?

Author(s):  David GLEN

This paper covers:

  • corporate developments in life insurance
  • product developments
  • benchmarking life super products with pure super products.
Materials from this session:

Capturing all your OBU activities

Author(s):  Bill TESTA

This paper covers:

  • traditional banking
  • funds management activities
  • private equity activities
  • the effect of tax consolidation on registration and booking requirements.
Materials from this session:

Infrastructure and property investment - taxpayer's and ATO perspectives

Author(s):  Simon Clark,  Christopher HOOD

This presentation covers:

  • Division 6B - dinosaurs still have big teeth
  • Division 6C - the industry has outgrown it, are we at risk of falling behind world’s best practice?
  • stapling - how does it work and why does the ATO have issues with it?
  • distributions of income and capital - yield is king but tax deferred isn’t far behind
  • going offshore - 6C, DTAs and other obstacles to a simple commercial structure
  • trust taxation and the Division 6B and Division 6C alternatives
  • excepted trusts and their exclusively ‘eligible investment business’
  • stapling structures
  • are interests in stapled entities ‘listed’? - Implications for tax treatment of stapling
  • interaction with capital streaming.
Materials from this session:

Revenue losses and capital gains

Author(s):  John W DE WIJN

This paper covers:

  • SPVs and consolidation
  • statutory capital gains
  • strategic stakes
  • non-strategic non-capital assets
  • are all gains revenue and some losses capital?
  • ATO areas of focus.
Materials from this session:

Retail financial products

Author(s):  Kirsten FISH

This presentation covers:

  • recent developments in retail products
  • capital protected products
  • issues for superannuation funds
  • TOFA.
Materials from this session:

Promoter penalties and financial product providers - a legal perspective

Author(s):  David J WILLIAMS

This paper provides practical advice in the following areas:

  • how you can draft engagement letters to make clear your role
  • how you can still obtain the mere advice exception when also drafting documents and preparing accounts
  • when you will be acting as more than an adviser and have a penalty exposure
  • whether you have a problem if the promoter uses your advice letter in the marketing material and, if so, how you can protect yourself.
This paper includes some minor updates made by Mark Robertson for presentation on 15 February 2007 at the 2007 Financial Services Taxation Conference held on the Gold Coast and on 23 February 2007 at the Promoter Penalties seminar held in Brisbane.
Materials from this session:

Promoter penalties and financial product providers - a provider's perspective

Author(s):  Glenn HUNTER

This presentation covers:

  • administration of product development / marketing cycle
  • establishing controls over product development
  • establishing controls over financial advisors.
Materials from this session:

Innovative capital raisings

Author(s):  Vik KHANNA

This presentation covers:

  • the debt/equity borderline
  • Australian legislative framework relevant to hybrid issues
  • cross border equity/debt hybrids
  • resettable preference shares
  • subordinated debt
  • s128F developments
  • hybrid instruments and anti-avoidance.
Materials from this session:

The super of the future

Author(s):  Caroline JAMES

This paper covers:

  • a summary of the legislative reform
  • what does this mean for existing products?
  • what does this mean for investors and investor behaviour?
  • what new products might be developed?
  • what features of banking products might be absorbed?
Materials from this session:

Why buy-backs?

Author(s):  Vivian CHANG

This paper covers:

  • features of the current regime
  • the slice “rule”
  • whether buy-backs discriminate between holders and sellers
  • benefits for non-participating shareholders.
Materials from this session:

Mergers and acquisitions involving consolidated groups

Author(s):  Grant WARDELL-JOHNSON

This paper covers:

  • effect on and allocation of tax attributes
  • contractually managing the transition
  • tax legacies
  • is accessing the consolidation regime avoidance?
Materials from this session:

Too many trusts

Author(s):  Philip BARLIN

This paper covers:

  • rationalising existing trust offerings
  • tax impediments
  • non-tax impediments.
Materials from this session:

Some naughty tax distributions

Author(s):  Hayden SCOTT

This paper covers:

  • prevailing standards: distilling the income tax law’s normative approach to “naughty”
  • specific traits: reviewing the specific income tax traits of a naughty tax distribution
  • contributing factors: identifying the commercial factors that contribute to “nice” distributions becoming naughty
  • remedial aspects: reviewing where self-correction is open, and the tax punishments that otherwise await
  • changing standards: reflecting on whether prevailing standards are changing.
Materials from this session:

Developments in cross border financial transactions - ATO perspective

Author(s):  Ashley KING,  Paul MCCARTIN

This paper covers:

  • importance of the Australian/international tax base
  • overlaps and gaps between jurisdictions
  • features to look out for
  • relevance of Part IVA and debt equity regime
  • interacting with the ATO.
Materials from this session:

Developments in cross border financial transactions - advisor responds

Author(s):  Andrew MILLS

This presentation covers:

  • perspective of other jurisdictions
  • substance based debt/equity rules and Part IVA
  • features of sustainable intra-group and external financing
  • “Australian Financial Review test”.
Materials from this session:

Investing offshore into foreign flow-through vehicles

Author(s):  Norah SEDDON

This paper provides:

  • a technical overview of the foreign hybrid provisions in Australian income tax law
  • comparison of the key Australian income tax implications of investing in a CFC or FIF to investing in a foreign hybrids
  • several contentious areas in relation to the practical application and operation of the foreign hybrid provisions.
Materials from this session: