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2008 Tasmanian State Convention

Published on 17 Oct 2008 | Took place at Tidal Waters Resort, St Helens, TAS

This event covered topics such as:

  • the new regulatory regime for tax practitioners
  • modern day trust structures
  • state taxes/stamp duty
  • outbound structuring for SMEs

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Individual sessions

The new regulatory regime for tax practitioners

Author(s):  Gordon S COOPER

The author of this paper has been involved in the process since the Taxation Institute of Australia approached the Commissioner of Taxation in 1992 to suggest that the 1942 legislation was outdated and that a review of the regime for regulating tax practitioners should be undertaken. This paper addresses:

  • an overview of the new regime
  • the code of professional conduct
  • the disciplinary powers.
Materials from this session:

Modern day trust structures

Author(s):  Daniel SMEDLEY

Note: This paper was delivered at both the Victorian and Tasmanian Conventions in 2008 (9-11 October and 17-18 October respectively).

This paper considers some of the fundamental concepts underlying the trust relationship and considers how they relate to the modern day trust structure. Issues addressed include:

  • is the concept of the substratum of a trust still relevant?
  • mere, trust, general, special, hybrid and dispositive powers - what are they and why is the distinction important?
  • consideration of the fiduciary obligation of trustees
  • beneficiaries of a discretionary trust as discretionary objects - significance?
  • an overview of income for the purposes of Division 6 and its application for a modern trust structure.
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Taxation implications for not-for-profit entities

Author(s):  Meagan O'CONNOR

This paper covers:

  • introduction to charities including considering current issues regarding charities
  • deductible gift recipients and how to obtain registration and retain registration
  • income tax exempt status and how to obtain registration
  • prescribed private funds
  • consideration of the taxation consequences of having deductible gift recipient status and income tax exempt status, including in relation to income tax, capital gains tax, GST, FBT and Division 7A.
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Superannuation: contributions, voluntary cashing and death

Author(s):  Vesna PAVLOVIC

Note: This paper was delivered at both the Victorian and Tasmanian Conventions in 2008 (9-11 October and 17-18 October respectively).

Having a detailed understanding of the contribution and cashing rules for superannuation can allow you to maximise strategies and avoid problems, including when a member dies. This paper addresses some of the more common questions raised by advisers and also highlights certain benefits and opportunities for clients. Topics covered include:

  • know the ‘bring forward rule'
  • utilising the transitional concessional contribution cap
  • understanding the ‘Retirement' condition of release
  • angel of death withdrawal strategy
  • death benefit nominations
  • trustee discretions when paying benefits.
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Bankruptcy update

Author(s):  Brett HARRISON

This presentation covers:

  • what's been happening in the Family Court with respect to the property of a non-bankrupt spouse?
  • Family Court Orders - who's been winning? The trustee in bankruptcy or the non bankrupt spouse?
  • what's happening to superannuation in the context of a bankruptcy?
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Buy/ sell and key man insurance

Author(s):  Paul HOCKRIDGE A buy-sell agreement is an agreement under which the proprietors of a business contract to buy the equity or interest of another proprietor in the event of death/trauma or total or permanent disablement. To finance the transfer or the equity, the parties usually take out some form of insurance. This paper looks at key tax and commercial issues associated with buy-sell agreements, with special focus on:

  • self insurance and insurance trusts
  • using super funds for this purpose
  • share buy-back and unit redemption traps
  • when equity is held by trusts but insurance proceeds are paid to individuals.
Materials from this session:

Tax litigation and audit strategies

Author(s):  Sue WILLIAMSON

Note: This paper is abridged from a paper delivered by Sue Williamson at the 2008 National Convention.

This paper covers:

  • pre-litigation strategies and obligations
  • legal professional privilege - strategies and obligations
  • the ATO - model litigant?
  • declaratory proceedings and other administrative law actions
  • Part IVC proceedings
  • discovery
  • FOI
  • burden of proof
  • negotiation and settlement.
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Division 7A – The Commissioner’s discretion

Author(s):  Arthur ATHANASIOU

Division 7A remains forever changed because the Commissioner has an unfettered discretion to ignore the operation of Division 7A since 2002. Although Practice Statement PSLA 2007/20 has since lapsed, the only way in which any previous Division 7A issues can now be dealt with is by seeking a favorable exercise of discretion by the Commissioner. This paper covers:

  • what needs to be disclosed to the Commissioner and more importantly what shouldn't be disclosed
  • tips and traps in dealing with the ATO on Division 7A.
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State taxes/stamp duty–Legal practical issues

Author(s):  Tim TIERNEY

There is a new focus and a new environment for State Duty. This paper covers a range of current topical issues in State Duty legislation, including:

  • party substitution between contract and transfer
  • self assessment and increased audit programs
  • aggregation traps for seemingly independent transactions
  • use of valuations and other supporting evidence
  • duty exemption for intergenerational farm transfers.
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GST & property development

Author(s):  Andrew HOWE

Property developers face complex and changing GST rules and contentious scrutiny and approaches by the ATO. From small developers building a couple of units to larger complexes with many apartments, there are numerous GST issues to be addressed to ensure that any ATO audit activity is not a problem. With Australia's ageing population, an increase in the number of retirement villages has also created some GST traps. This paper covers:

  • margin scheme overview including a look at rulings and cases
  • change of purpose rules when leasing residential property
  • GST complicating retirement village developments.
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Outbound structuring for SMEs

Author(s):  Denise HONEY

Note: This paper was delivered at both the Victorian and Tasmanian Conventions in 2008 (9-11 October and 17-18 October respectively).

Overseas expansion can be a potential gold rush for growing SMEs and their compliance costs. This paper provides an in depth review of key outbound structuring issues including:

  • whether an offshore entity/branch is required
  • common foreign tax issues to be aware of
  • whether your offshore structure is actually an Australian resident
  • non-resident Company/Trust/Branch compared
  • taxation of profits upon repatriation to different types of Australian structures - effective tax rates for ultimate owners
  • worked examples to illustrate how these issues apply in practice.
Materials from this session: