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2008 WA Convention

Published on 28 Aug 2008 | Took place at Abbey Beach Resort, Busselton, WA

This event provided delegates with up to date information on current developments and tax planning opportunities in 2008 over a broad range of topics.

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Individual sessions

Employee share plans

Author(s):  Julie DONNELLAN

This paper highlights the tax implications for employees who receive awards under equity plans and the opportunity for tax savings. Topics covered include:

  • comparing the different plans that employers are using in the market place
  • why would an employee elect to pay tax in the year the awards are granted?
  • how to value an unlisted option
  • the capital gain implications when the shares are ultimately sold.
Materials from this session:

Income tax assessments: Features, consequences and issues

Author(s):  Richard NORTON

This paper covers:

  • requirements for a valid assessment - Futuris case - alternative assessments - nil assessments
  • consequences of an assessment - creation of a recoverable debt - inability to challenge other than by objection - s175 - s177
  • amended assessments - time limits - objections.
Materials from this session:

The new tax agent regime

Author(s):  Sue WILLIAMSON

The Government is committed to introducing the new tax agents regime. This paper focuses on what you need to do to be ready for the new regime. Topics covered include:

  • registration obligations
  • conducting your practice to ensure that you are not in breach of the Code of Professional Conduct
  • regulation of BAS service providers
  • the safe harbour from penalties for taxpayers who have engaged a registered tax agent
  • the types of client tasks and information that can be outsourced to offshore entities.
Materials from this session:

GST and property update

Author(s):  Cathryn FERRARIS

This paper focuses on current GST issues with a special focus on property transactions and sale of going concern issues. Topics covered include:

  • GST and property transactions (including current margin scheme issues)
  • GST round-up: recent Australian Taxation Office publications and cases
  • sale of going concern: current issues and views.
Materials from this session:

Expatriates – Non residents and temporary residents

Author(s):  Peter MOLTONI

This paper covers:

  • temporary residents
  • tax residents
  • how are the various categories of expatriates taxed?
  • Employee Share Acquisition Schemes
  • temporary residents and section 23AG of the ITAA 1936
  • capital gains.
Materials from this session:

Duties act in practice

Author(s):  Nick HEGGART

1 July 2008 marks a significant change to the stamp duty regime in WA. The replacement of the Stamp Act with the Duties Act 2008 is not simply a "rewrite". The new Act is fundamentally different. There is also a broadening of the stamp duty base in some areas and a narrowing of the base in other areas. This paper provides a practical examination of the new Act with a particular focus on transactions common in the SME area. Areas covered include:

  • dealings in companies, trusts and partnerships
  • business assets and the proposed abolition of duty on business assets
  • intra-group transfers and in-specie transfers.
Materials from this session:

Wealth preservation in a sub-prime world

Author(s):  Ken SCHURGOTT

Structuring business acquisitions for tax purposes must be accompanied by a keen eye to reducing financial exposure when the market turns. This paper explores:

  • isolating business risk
  • protecting passive assets
  • trusts after Richstar
  • bankruptcy exposures
  • sexually transmitted debt.
Materials from this session: