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Annual Corporate Tax Intensive: Complex Tax Issues Uncorked

Published on 01 Nov 2007 | Took place at Crowne Plaza Hunter Valley, NSW

This year’s Corporate Tax Intensive provided a forum for an interesting mix of current corporate tax issues examined by experts in their respective fields. There was a combination of 'old topics', with new slants arising from recent developments, and 'new topics'.

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Individual sessions

Division 250 - asset financing with tax preferred entities

Author(s):  Neil WARD

After some five years in development we now have the legislation to cover asset financing involving tax exempt and non-resident entities. This paper covers:

  • have we finally seen the end of the terrible twins, section 51AD and Division 16D?
  • what do you need to know about Division 250?
  • how do the calculations work?
  • what are the impacts for PPPs, NTER and cross border transactions?
Materials from this session:

Capital management post McNeil

Author(s):  Ernie CHANG

This paper covers implications of the McNeil decision on capital raisings and other capital management issues generally, including:

  • capital management issues
  • likely impact of the announced changes to remedy the McNeil decision
  • impact on other market traded instruments
  • other flow on consequences.
Materials from this session:

Tax risk management

Author(s):  Tony FULTON

This paper provides a review of tax risk management beginning with general risk frameworks and extending into some areas of current thinking including:

  • shareholder disclosures
  • corporate alignment
  • sustainability.
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Off-market share buybacks

Author(s):  Vivian CHANG

Finally, Practice Statement 2007/9 lifts the mystery surrounding how the off-market buybacks rules are applied in practice. However, is it all about to change again? This presentation covers:

  • the ATO view - Practice Statement LA 2007/9
  • Board of Taxation Review - key findings
  • the current need for class rulings
  • interaction between 45 day rule, section 177EA, section 204-30 and section 45B in a buyback
  • the five options set out on the Board of Taxation website.
Materials from this session:

Thin capitalisation and AIFRS

Author(s):  Larry GAFINOWITZ

This paper covers:

  • the ATO draft determination on the TP and thin cap interaction
  • ATO draft discussion paper on intercompany funding arrangements and parent guarantees
  • impact of removal of debt creation rules
  • Section 25-85.
Materials from this session:

Transfer pricing implications of related party funding arrangements

Author(s):  Paul BALKUS

This presentation covers:

  • why this issue is important
  • the evolution of ATO thinking
  • the implications for planning and pricing of intercompany funding arrangements
  • whether further guidance can be expected.
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Recent corporate tax loss developments

Author(s):  Andrew WOOLLARD

The focus of this paper is on recent corporate tax loss related developments, including the application of the same business test within consolidated groups and recent court decisions on tax loss utilisation:

  • same business test ruling (TR 2007/2)
  • FCT v R&D Holdings Pty Ltd
  • impact of removal of $100m SBT cap
  • Keycorp Ltd v FCT
  • Coal Developments v FCT
  • impact of ROSA amendments
  • other recent developments.
Materials from this session:

Current issues facing corporates in interpreting the debt equity rules in a cross border context

Author(s):  Martin FRY

This paper covers current issues facing corporates in interpreting the debt equity rules in a cross border context, including:

  • what is a non-contingent obligation?
  • how do the debt/equity rules interact with the DTAs?
  • current issues when issuing or investing in hybrid instruments cross border.
Materials from this session:

The current cross border co-operation arrangements between revenue authorities

Author(s):  Jan Farrell

Globalisation not only means that taxpayers are operating on a cross border stage, so are revenue authorities. This paper covers:

  • JITSIC
  • exchange of information under DTAs
  • objectives of exchange of information
  • Taxation Information Exchange Agreements (TIEAs) and current tax haven strategies.
Materials from this session:

Recent High Court decisions on the capital-income divide

Author(s):  C John TAYLOR

This paper examines recent High Court decisions and asks whether they involve a major shift in the boundary between income and capital and, if so, whether that shift matters, including:

  • capital versus income distinction
  • has there been a minor diversion or a major shift in recent decisions?
  • does it matter?
  • does it matter in a consolidated group?
  • McNeil
  • Pipecoaters
  • other recent High Court decisions.
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Carbon consequences: preparing for the Australian emissions trading system: flow-on tax consequences

Author(s):  Judy MORRIS

Earlier this year on 17 July 2007, the Federal Government announced the introduction of the Australian Emissions Trading System which may impact as many as 900 large emitters as well as upstream fuel suppliers. While the goal is for trading to commence in 2011, detailed design elements are to be completed next year with a view for enabling legislation to be passed in 2009. On 15 August this year the first steps were taken with the introduction of the National Greenhouse and Energy Reporting Bill. Currently, the government is undertaking consultation on early abatement activities with decisions on early action and consultation taxation treatment of permits to occur in the first half of next year. Now is the time for industry and the profession to be engaging with the government. This paper covers:

  • the Australian Emissions Trading System: where are we now?
  • flow-on tax consequences on such issues as permit issuance, trading, abatement activities and incentives
  • next steps.
Materials from this session:

Corporate acquisitions and demergers

Author(s):  Richard HENDRIKS

This paper focuses on some specific issues with composite arrangements including:

  • accommodating a cornerstone target shareholder - issues with scrip rollover
  • 'mix ‘n’ match' arrangements - use of cash and scrip choices
  • 'back to back' demerger and transfer schemes - what’s acceptable?
  • incorporating a dividend sweetener - a related payment?
Materials from this session:

Failing to withhold non-resident withholding tax

Author(s):  Betsy HOWE

This paper focuses specifically on the consequences of failing to withhold on account of non resident withholding tax, and covers the following issues:

  • loss/deferral of deductions
  • Section 26-35 and section 82KK: how do they fit together?
  • impact on franking credits available
  • administrative sanctions
  • penal sanctions
  • flowing through trusts and trustee liabilities
  • interface with Part IVA
  • does the TAA language represent a change?
Materials from this session: