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46th Victorian State Convention: Feast of Delicacies

Published on 11 Oct 2007 | Took place at Mantra Erskine Beach Resort, Lorne, VIC

Consistent with the theme for the 2007 State Convention - a 'feast of delicacies' - the program this year offered an enriched and sumptuous feast of technical content, practical focus, entertainment and networking opportunities. Across all topics, there was the type of 'in depth' analysis and technical discussion which only the Convention is geared to handle.

Materials from Daniel Smedley are coming soon.

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Individual sessions

Buy-sell agreements and key man insurance

Author(s):  Paul HOCKRIDGE

This paper provides a scrutiny of key tax and commercial issues associated with buy-sell agreements, which provide for the transfer of equity between proprietors in the event of death, trauma, or disability, 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:

Innovative capital raisings

Author(s):  Paul ABBEY

This presentation covers the tax issues confronting the architects of capital raisings and some of the latest techniques used in returning the highest after tax returns to participants, including:

  • current issues in capital categorisation - debt/equity dilemmas - 974-80 scuffles
  • interaction with other jurisdictions
  • avoiding pitfalls on unwind
  • some recent examples - corporate hybrids - stapled groups - listed property trusts.
This presentation contains minor updates made for the presentation given on 6 February 2008 for "Capital Raising With an Innovative Edge" seminar in Melbourne.
Materials from this session:

Equity participation for key employees

Author(s):  Michael JONES

'That equity pie sure smells good', but make sure tax does not spoil the dish when you want to share some of it around. Some essential tips covered in this paper are:

  • Division 13A employee share schemes
  • share option arrangements
  • fringe benefits tax and employee loans
  • employee benefit trusts
  • problems with minority shareholders.
Materials from this session:

CGT: consideration and cost base

Author(s):  Melanie BAKER,  Sue WILLIAMSON

Calculation of consideration and cost base for CGT purposes can be made complicated by post completion and other events. The impact of different events is examined in this paper including:

  • is the cost base fixed by the requirement to pay under the contract or can it change? For example, cost base adjustments for post-completion events
  • how is cost base affected by set-off or forgiveness of liability to pay?
  • CGT treatment of contingent and unascertainable amounts (eg earn-outs) for both consideration and cost base purposes
  • is consideration under a contract ever fixed? What if there is known exposure to a warranty claim when the contract is signed?
  • are legal costs related to opposing an indemnity claim part of the seller’s cost base?
Materials from this session:

Corporate distributions and capital management issues

Author(s):  Tim NEILSON

This paper provides an analysis of some challenging corporate distribution and capital management situations concentrating on:

  • identification of dividends and deemed dividends
  • interaction of CGT with 'income' principles and dividend rules
  • effects of using different techniques to raise or return value.
Materials from this session:

Research & development tax concession: new and amended 175% deductions

Author(s):  Tony BAXTER

Current and emerging issues with the R&D tax measures and possible solutions are explored in this paper including:

  • R&D grouping
  • interaction with tax consolidation
  • depreciating plant
  • global business impacts.
Materials from this session:

Corporate distributions and fundraising in light of recent developments

Author(s):  Richard SHADDICK

Recent cases have upset the conventional wisdom about the tax treatment of corporate distribution rights. This paper places these decisions in context and explores current and future developments in corporate fund-raising with special reference to the following:

  • what distributions are dividends under s6?
  • what makes a dividend taxable under s44 after Condell?
  • circumstances in which non-dividend distributions are taxable after the High Court’s decision in McNeil and the Governments consequent annoucement
  • structuring rights issues.
Materials from this session:

International tax McDermott's case

Author(s):  Peter VAN DEN BROEK

With the Court in McDermott finding that ‘you don’t have to be here to be here’ for PE purposes, this paper examines the PE related issues:

  • insights into consequences for internationals PE tax planning including Australia withholding tax implications for Singapore entities and what does the case mean for hiring arrangements and cross border leases
  • implications for PE royalty arrangements governed by other treaties
  • comparison of the Singapore treaty with other treaties and whether the existence of a treaty really matters
  • why the ATO does not want you to have a PE and what action do we expect from the ATO?
Materials from this session:

Tax preferred asset financing and Division 250

Author(s):  Steve FORD

Better understand issues of vital importance for structuring asset acquisitions and project financing for medium to large enterprises and tax exempt and non-resident entities. This paper covers:

  • an outline of new Division 250
    • how it works
    • what transactions are covered? what’s in and what’s out? exclusions
    • demonstrating predominant economic interest
    • calculation of notional interest income
  • a worked example applying the new provisions
  • transitional provisions and the repeal of Section 51AD and Division 16D.
This paper was also presented at 'Division 250: Impact for Property and Infrastructure Projects' held in Sydney on 16 October 2007 and at 'Infrastructure - the new opportunities and the new pitfalls' held in Melbourne on 17 October 2007.
Materials from this session:

Estate planning

Author(s):  Bernie O'SULLIVAN

This paper examines some of the important issues that individuals need to be aware of when:

  • making a 'testamentary trust' will
  • deciding how to deal with their superannuation benefits immediately prior to death
  • making binding superannuation death benefit nominations.
Materials from this session:

Estate planning for tax professionals

Author(s):  Michael FLYNN

This paper deals with the following topics:

  • is your will good enough?
  • can you rely on a letter of wishes?
  • TFM challenges to your will.
Materials from this session:

Taxation of independent contractors

Author(s):  Gary MATTHEWS

This paper delves into the murkier areas of employment taxes, and considers the relevance of the employee/contractor distinction and the implications for an ‘employer’ with respect to:

  • PAYG withholding
  • pay-roll tax
  • workers’ compensation
  • FBT
  • superannuation guarantee
  • recently enacted independent contractor laws
  • personal services income provisions.
Materials from this session:

Entry and exit issues for professional practices

Author(s):  Damien L LOCKIE,  Chris WOOKEY

The admission and retirement of partners from professional practices raise many complex issues. This paper updates on developments in the relevant law and practice focusing on:

  • entry and exit tax issues for partners in professional partnerships
  • how the issues are dealt with at a practical level - common approaches taken in partnerships
  • the law relevant to the issues - McNally.
Materials from this session:

Consolidation round table discussion: SME related issues

Author(s):  Alexis KOKKINOS

This paper covers:

  • problems in applying the single entity rule
  • using rollovers and tax consolidation
  • application of the pre-CGT provisions.
Materials from this session:

Consolidation - round table discussion

Author(s):  Ken SPENCE The law relating to tax consolidation has been a perpetual 'work-in-progress' since its introduction in 2002, and probably will remain so for at least the next two years. This is to be expected and in many ways is a positive sign.

Materials from this session:

Income tax and IP - new opportunities

Author(s):  Cameron RIDER

This paper examines typical, emerging and commonly overlooked intellectual property (IP) issues including:

  • the need to rethink IP and tax in new and expanding businesses
  • dissecting IP from goodwill on business sales and purchases
  • ownership of IP and access to the R&D and the CGT concessions
  • IP and offshore expansion.
Materials from this session:

The Commissioner's Role in Interpreting Tax Law and Emerging Issues for Advisers

Author(s):  Jennifer BATROUNEY

A review of how the rule of law and the Commissioner's role in the tax system have been transformed and what you can do about it, with reference to:

  • Private binding rulings - are they a good idea?
  • Status of ATOIDs and the ATO's published responses to cases
  • Federal Court declarations (post Indooroopilly) 

 

Materials from this session:

Investing off shore into foreign flow - through structures

Author(s):  Robert GORDON

This convention paper is an examination of issues for portfolio investment in conduit structures in source countries and those in interposed jurisdictions, such as tax havens:

  • Application of tax treaties to conduit entities; Limitation of Benefits articles
  • Conduit entities as "beneficial owners" for treaty purposes (Indofoods case [2006] EWCA CLV 158) 
  • Foreign hybrids LLCs LLPs Div 830
  • Section 485AA election
  • Exemption from FIF for certain US FIF interests
  • Exemption from FIF for complying super funds
  • BOT review of anti-deferral regimes 
Materials from this session:

Tax Treatment of Beneficial Ownership, Equitable Interests and Absolutely Entitled

Author(s):  Gerry BEAN This presentation examines the different concepts of ownership and entitlement relevant for tax purposes. Topics covered include:

  • Who is a "beneficial owner"?
  • When does beneficial ownership change?
  • Beneficial ownership v. equitable interests
  • Bare Trusts and absolute ownership with refernce to TR 2004/D25 Buckles cases (1998) and CPT Custodian (2005)
  • Connected or different concepts: "vested and indefeasible interests" and "present entitlement"
Materials from this session:

Defending the trust ramparts

Author(s):  Graeme HALPERIN

Trusts are under pressure with increasing attempts to unlock the trust cupboard and grab trust assets. This paper looks at events causing this to happen including:

  • bankruptcy
  • divorce
  • death
  • incapacity
  • family fights.
Materials from this session: