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44th Victorian State Convention: Surfing the Wave

Published on 06 Oct 2005 | Took place at Cumberland Resort, Lorne, VIC

This year we returned to magnificent Lorne to ride the ever growing wave that surrounds the world of tax.

An incredible range of talented speakers to addressed us on the wide range of topics that have been keeping us occupied this year. This included Justice Richard Edmonds on Part IVA, David Vos on his challenges and achievements as the Inspector General of Tax, Ken Spence on the precarious balance tax advisors need to strike to ensure that tax planning does not trigger Part IVA or an offence and Jennie Granger on compliance issues that are currently on the ATO's radar. The President of the Tax Institute, John de Wijn QC, presented on an issue close to the heart of many practitioners, service trusts.

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Individual sessions

Tax advisings in practice - where is the line to be drawn and how do you draw it?

Author(s):  Ken SPENCE,  Simon HAINES

Tax is a very relevant consideration in all commercial arrangements - and as such, tax is commonly used by policy makers to redirect economic activity. The daily dilemma for advisors is drawing the line between arrangements that are influenced by tax outcomes as compared with arrangements that are driven by tax outcomes. This paper considers issues that emerge as an advisor develops methodologies for approaching tax planning issues, and how they can seek to minimise risk for their clients and themselves, including:

  • developing a methodology for approaching tax planning
  • what is the right amount of tax?
  • utility of public rulings, private rulings and class rulings
  • recognising the good, the bad, and the ugly.
Materials from this session:

Part IVA and Division 165: where are we now and where are we heading?

Author(s):  Richard F EDMONDS

There have been numerous significant court cases concerning Part IVA in recent years and the number of decisions shows no sign of abating. A number of these cases are producing outcomes that tax professionals might not have anticipated. This paper also includes the latest analysis of the Full Court of the Federal Court decision in Macquarie Finance Limited. Justice Edmonds is eminently qualified to speak on Part IVA and Division 165. He is one of Australia's foremost taxation authorities including Harts case. His presentation will include:

  • overview and comparison of general anti-avoidance provisions in the ITAA and GST Acts
  • particular issues to be learnt from the cases in arguing for or against the application of general anti-avoidance provisions
  • interrelationship between general and specific anti-avoidance provisions
  • interrelationship of tax benefit with choices, elections, declarations and agreements
  • analysis of Macquarie Finance Limited.
Materials from this session:

Division 7A revisited

Author(s):  Arthur ATHANASIOU

The recently expanded provisions of Division 7A must be considered carefully to ensure the tax law doesn't deem a shareholder or associate to have received a dividend.

In this paper, the recent trust enactments will be reviewed, as well as some other areas that are usually overlooked but can have serious repercussions, including:

  • new Subdivision EA
  • affirmation of operation of s109UB
  • just what are 'loans' and 'payments'
  • specific issues for SMEs
  • statute barred loans.
Materials from this session:

Income tax treatment of property development and investment

Author(s):  John BRAZZALE

The correct tax treatment involving real property is now critical, given the ATO's notice that it is conducting a national review of all property transactions. This paper focusses on when a transaction gives rise to income or a capital gain, including:

  • accounting v tax treatment
  • off the plan sales
  • case studies on structuring
  • income v capital
  • timing and derivation
  • CGT concessions
  • trading stock.
Materials from this session:

Tax: divorce and property settlements

Author(s):  Paul HOCKRIDGE

The very limited CGT relief sometimes available on divorce is cold comfort for those taxpayers who face considerable tax liabilities as a result of the deemed dividend, tax loss, bad debt, debt forgiveness, FBT or GST rules, or for those who now face problems arising from making family trust elections. This paper covers:

  • tax losses and bad debts
  • debt forgiveness
  • interest deductions
  • ETPs
  • FTEs
  • child maintenance trusts
  • trust splitting.
Materials from this session:

Capital structuring for corporate groups

Author(s):  Gordon THRING

This presentation examines some of the lessons from recent capital restructuring (including demergers) for corporate groups. It seeks to identify some of the pitfalls that can arise for entities seeking to undertake a capital restructure and some of the criteria for a successful capital restructure. Specifically discussed are:

  • the role of Subdivision 204-D and s177EA in capital management initiatives
  • the application of s45B in non-demerger capital management initiatives
  • the application of s45B to demergers including the draft practice statement
  • related CGT consequences.
Materials from this session:

Remuneration and employment taxes

Author(s):  Sarah BERNHARDT,  Suzanne HOLSTEIN

This paper looks at current and emerging issues in the area of employment taxes, including new rules that impact on employee share and option schemes. The topics covered include:

  • deferred cash payments (including carried interests) - FBT, PAYG or CGT?
  • work-related 'entertainment' for employees - do we need legislative change?
  • reducing the taxable value of fringe benefits - managing the risks
  • update on employee share and option schemes - impact of IFRS, payroll tax changes, new rollover rules on takeover/ restructure and new cross-border rules impacting inbound and outbound employees.
Materials from this session:

Tax cases, rulings and announcements that have changed the tax landscape

Author(s):  Keith JAMES

This paper presents the 'highlights of 2005' tax cases, rulings and announcements. This popular plenary draws on the traditional Hall & Wilcox/Tax Matrix 'Breakfast Club Tax Update' and on Keith's role with the Board of Taxation to deliver an intensive and critical review of the year in tax, and emerging interest areas, including:

  • ROSA
  • principle based drafting of tax legislation
  • City Link
  • Macquarie Finance
  • Hart.
Materials from this session:

CGT concessions - tips and traps

Author(s):  Wayne NGO

Most practitioners are aware of the various concessions, particularly in relation to SMEs, under the CGT regime. This paper identifies some of the issues and practical problems in applying the CGT concessions for practitioners in the middle market, including:

  • latest developments in the small business CGT concessions
  • de-mergers for private companies
  • CGT event K6 and distributing pre-CGT profits
  • CGT implications of cloning trusts
  • practical problems in applying the CGT discount.
Materials from this session:

Australian international taxation: recent developments and practical implications

Author(s):  Anthony KLEIN,  Liam COLLINS

Since the Ralph Report of the late 1990s, the Australian international tax rules have been subject to ongoing reforms. This paper aims to analyse the practical implications for both inbound outbound investors of some recent legislative reforms, court cases, overseas developments and announced future reforms, including:

  • tax planning since NITA
  • international tax implications of the 2005/06 Federal Budget
  • cross border royalty arrangements post McDermott Industries - withholding tax or business profit?
  • UK treatment of hybrids - what is the impact for us?
Materials from this session:

Property - indirect taxes and GST

Author(s):  Zoe CHUNG

This paper looks at many of the recent indirect tax developments and will help you manage the often competing stamp duty, GST and land tax considerations, with specific focus on real property transactions including:

  • changes to the Victorian stamp duty nomination rules - new Part IVA
  • stamp duty on multi-jurisdictional businesses
  • land tax update and grouping provisions
  • margin scheme and going concerns - latest changes and when to use
  • protecting vendors in land transactions - managing competing interests
  • case law update.
Materials from this session:

Superannuation and pension strategies

Author(s):  Daniel BUTLER

There has been a watershed of changes in the past 12 or so months impacting superannuation and pensions; particularly SMSFs. There are still some great tax concessions but these are generally only available if the correct strategy is chosen and you comply with the applicable rules. This paper covers:

  • the impact of recent changes
  • the various types of pensions now on offer including non-commutable pensions
  • excess benefits strategies
  • comparing taxation outcomes depending on type of benefit taken
  • case studies illustrating the flexibility and options available
  • ATO compliance targets.

This paper was also presented on 15 October 2005 by Shawn Irvine at the Tasmanian State Convention in St Helens.

Materials from this session:

Service Trusts

Author(s):  John W DE WIJN

No recent issue has aroused the interest of tax practitioners as much as the ATO's new approach to Service Trusts. This paper critically considers the ATO's recently published views and consider whether in fact anything has changed!

  • Phillips case - why it prevailed
  • can the Commissioner now say 'how much a taxpayer ought to spend in obtaining his income'?
  • is the Ronpibon/Cecils Bros principle dead?
  • 'aggressive' service trust arrangements In the light of Phillips case and Part IVA
  • are service trusts still effective asset protection strategies?
  • does the ATO booklet on service trusts require transfer pricing principles to be applied when determining deductibility?

This was also presented on 15 October 2005 at the Tasmanian State Convention in St Helens.

Materials from this session: