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Corporate Tax Intensive: Corporate Tax Stakes

Published on 28 Oct 2004 | Took place at Sebel Lodge, Yarra Valley, VIC

The Corporate Tax Stakes are high. Corporate income tax collections have risen from $20b in 1998-99 to $35b in 2003-04 and the race is on between the two major political parties to continue to fund their election promises from this increase. At the same time, the Commissioner is continuing to target boards of directors under the guise of corporate governance, tax legislation continues to be uncertain and lack clarity and there is an expectation that tax professionals focus on tax risk, IFRS integration and the additional requirements imposed by the Sarbanes-Oxley Act.

Against this background, this year's Corporate Tax Intensive focussed on:
- the practical aspects of implementing legislative changes (income tax, GST and state taxes) within the corporate environment
- strategies for mitigating the key tax risk areas within the corporate
- tips on how tax professionals can add value to other initiatives being implemented within the corporation that require specialist tax expertise.

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Individual sessions

Hot issues for corporate taxpayers

Author(s):  Frank DRENTH This presentation offers insights into the major issues currently facing corporate taxpayers, including what lies ahead for corporate taxpayers following the result of the 9 October federal election.

Materials from this session:

Taxation of Financial Arrangements: What's new for financial institutions?

Author(s):  Tony FROST

The remaining stages of the Taxation of Financial arrangements proposals represent a major piece of tax reform. This article considers what is in store for financial institutions.

This paper was also presented on 28 October 2004 at the Corporate Tax Intensive held in the Yarra Valley, Vic.

Materials from this session:

Preparing the consolidated tax return

Author(s):  Andrew VAN DINTER

This presentation covers the following topics:

  • common problems and issues with preparing the return
  • bottom up versus a top down approach
  • shortcuts around depreciation
  • practical solutions to these issues.
Materials from this session:

Victorian duty update and practical compliance tips

Author(s):  Steven STEVENS

This seminar paper covers the following topics:

  • implications of the new State Taxes Act for corporate tax advisers
  • impact of new anti avoidance provisions
  • revised test for land rich transactions
  • impact on valuations.
Materials from this session:

Taxation of financial arrangements: issues for the non-banking/non-finance sectors

Author(s):  Neil WARD

This paper covers the following topics:

  • what the reforms mean for non-banking corporates?
  • the practical problems created by the reforms
  • dealing with the problems
  • what reforms are still to come and their implications
  • will the effort be worth it and when can we say reform has been achieved?
Materials from this session:

Litigation - riding the beast

Author(s):  Terry MURPHY

This paper identifies the risks of tax litigation in the context of the taxpayer's individual circumstances and suggests various strategies to optimise the taxpayer's prospects of success.

This paper was also presented at the Corporate Tax Intensive held in the Yarra Valley, Vic, on 29 October 2004.

Materials from this session:

Demystifying the complexities of tax and the new accounting standards

Author(s):  Peter COLLINS,  Anthony KLEIN

This presentation covers the following topics:

  • thin capitalisation and the de-recognition of assets
  • implications for dividend payments, franking and capital management
  • further confusion created by the single entity rule
  • forex gains and loss tax measurement
  • tax consolidation impact including M&A issues and L7 Events
  • tainting of the share capital
  • employee share schemes and deductibility for net cost of acquiring shares on-market.
Materials from this session:

The new international tax regime: practical impacts and planning

Author(s):  Jason CHANG

This presentation covers the following topics:

  • CFC provisions
    • the new regime for BELC and consideration of specific listed income in US, UK, Germany, NZ
    • taxation of dividend income / deemed dividends
    • tainted services and regional service companies
  • holding company structures
  • foreign branch income issues
  • issues arising from consolidations
  • the new CGT concession
  • future potential changes to international tax regime.
Materials from this session:

Division 124M - scrip for scrip rollover

Author(s):  Andrew O'BRYAN,  Mark PAYNE

This paper covers the following topics:

  • what interests are eligible for roll-over
  • the conditions that must be met
  • partial rollover and choice
  • the impact on pre-CGT original interests and non-resident interest holders
  • the significant stakeholder rules.
Materials from this session:

Capital allowances and Division 43

Author(s):  Mark NORTHEAST

This presentation covers the following topics:

  • what's new?
  • consolidation interaction
  • CGT interaction
  • financing/forex issues
  • blackholes/projects.
Materials from this session:

Selling the tax message

Author(s):  Liz TROMANS

This presentation covers the following topics:

  • how to minimise tax risk and achieve compliance through targeted and effective communication
  • targeting the tax message for your audience
  • unscrambling the tax jargon
  • when 'tax speak' is appropriate
  • practical tips for selling the tax message: what works, what doesn't.
Materials from this session:

Bread and butter issues for tax managers

Author(s):  Justin CHERRINGTON

This paper covers the following topics:

  • distribution statements
  • maintaining the tax sharing agreements
  • privacy
  • anti avoidance implications.
Materials from this session:

Reasonably Arguable Position

Author(s):  Sue WILLIAMSON,  Monica JORDAN

This presentation covers the following topics:

  • what is a RAP?
  • what effect does a RAP have?
  • how do you obtain a RAP?
  • what are relevant authorities?
  • practical experience and guidance
  • alternatives.
Materials from this session:

Consolidation: focussing on the formation tax return

Author(s):  Martin FRY

This paper covers the following topics:

  • client risk reviews
  • areas of ATO focus
  • challenge to market valuations
  • interest and penalty implications
  • whether the ACA is an opportunity to revisit past events
  • implications of the single entity rule and asset allocations.
Materials from this session:

Audit hotspots - lessons learned from corporate audits

Author(s):  Stef MASON

This presentation covers the following topics:

  • tax risk in the context of current ATO audit activity
  • ATO and cooperative compliance - benefits/risk
  • increasing sophistication of ATO
  • board and governance requirements
  • Part IVA and access powers of ATO.
Materials from this session: