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Financial Services Taxation Conference 2009

Published on 11 Feb 2009 | Took place at Surfers Paradise Marriott Resort & Spa, National

The financial services industry has experienced unprecedented turmoil over the past 12 months and further change can be expected in the near term—the theme for this event was the concept of Chinese “curse”–“May you live in interesting times”.

This event was aimed at all practitioners and in-house tax advisers as a means to get up to date on current tax issues in this most dynamic of environments.

Get a 20% discount when you buy all the items from this event.

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Individual sessions

Hedging workshop

Author(s):  Julian HUMPHREY

This paper covers the application of the TOFA hedging method to hedging of net investments in foreign operations, exempt dividend income and interest rate hedges through worked examples to illustrate:

  • identification of the appropriate hedged item
  • the contemporaneous documentation required
  • how effectiveness is tested
  • what the different book and tax treatment means for the ineffective portion
  • other differences between book and tax treatment
  • what happens when things change: effectiveness, consolidation and accounting changes.
Materials from this session:

TOFA and hedging

Author(s):  Mathew UMINA

This paper covers the application of the TOFA hedging method to hedging of net investments in foreign operations, exempt dividend income and interest rate hedges through worked examples to illustrate:

  • identification of the appropriate hedged item
  • the contemporaneous documentation required
  • how effectiveness is tested
  • what the different book and tax treatment means for the ineffective portion
  • other differences between book and tax treatment
  • what happens when things change: effectiveness, consolidation and accounting changes.
Materials from this session:

Tax issues in a bear market: Assets side

Author(s):  Allan BLAIKIE

Have we seen it all before? This presentation examines the tax issues emerging for financial institutions and their clients from the credit crunch, falling asset values, distressed debt and mergers - what have we seen before and what is new this time around? Issues covered in this presentation include:

  • compromise of debts
  • debt forgiveness rules and application to purchased debt
  • debt/equity swaps
  • loss duplication
  • unwinding of complex derivatives and securities lending transactions
  • implications in terms of debt/equity characterisation.
Materials from this session:

Tax issues in a bear market: Liabilities side presentation

Author(s):  Patrick BROUGHAN

This paper covers de-leverage, the new mantra, issues with raising funds and capital, including:

  • rights issues and the use of scrip and other equity
  • by George: Debt and debt like funding
  • hybrids and debt/equity characterisation - with streaming never too far away
  • capital protection - don't be too thin.
Materials from this session:

Profit attribution to permanent establishments and transfer pricing following the Roche case

Author(s):  Nick HOUSEMAN

The OECD finally released its Report on Attribution of Profits to PEs in July. This paper covers:

  • so what is the ‘Authorised OECD Approach'?
  • how will it fit with the ATO's guidance on attribution of profits to PEs in Australia?
  • what are the important issues for Australian taxpayers to be aware of?

The Roche Case was Australia's first legal decision on a substantive transfer pricing matter since the introduction of Division 13:

  • what does the decision mean for taxpayers and the ATO?
  • are profit methods dead?
  • what does it mean for the financial services sector?
Materials from this session:

Financial services tax update

Author(s):  Antoinette ELIAS

This presentation addresses:

  • Division 6C amendments
  • withholding tax changes
  • rights issues post McNeil
  • St George Bank Case
  • DPAs and CGT
  • R&D outcomes (Cutler review)
  • tax controversy update.
Materials from this session:

Thin capitalisation including the impact of falling asset values

Author(s):  Paul BALKUS,  Daryl CHOO

This paper examines:

  • the impact of the changed financial environment on thin capitalisation
  • will the proposed new rules help?
  • are there viable alternatives (eg. arm's length debt test)?
  • is the safe harbour really a safe harbour?
Materials from this session:

Developments in the administration of promoter penalties

Author(s):  Bruce COLLINS

This paper examines:

  • types of behaviour that have led the ATO to apply promoter penalties
  • how the ATO is dealing with promoter penalty cases
  • when is an Enforceable Voluntary Undertaking appropriate?
  • case studies for financial services and other arrangements.
Materials from this session:

The capital revenue debate and the managed funds review

Author(s):  Andrew MILLS

This paper addresses issues for all financial services players including:

  • ATO rulings and potential rulings
  • impact on open versus closed products
  • the Managed Funds Tax Review - not just capital-revenue
  • interplay with TOFA
  • international investors and international investments.
Materials from this session:

Managing TOFA, implementation and ongoing–Tax Office perspective

Author(s):  Ross BROOKES

This presentation reviews the practical issues associated with managing TOFA from the ATO's perspective and includes:

  • ATO expectation on implementation
  • strategy for administration
  • ATO communication strategy
  • priority areas for focus.
Materials from this session:

Managing TOFA, implementation and ongoing–The TOFA countdown has begun

Author(s):  Neil WARD

This paper reviews the practical issues associated with managing TOFA from the taxpayer's perspective and includes:

  • preparation for implementation
  • lobbying issues
  • transitional issues
  • priority areas for focus
  • potential costs/opportunities.
Materials from this session:

Annual compliance arrangements

Author(s):  Stephen GREEN

This paper examines:

  • why the ATO and other tax authorities see the Annual Compliance Arrangement concept as best practice
  • how does the real time review of complex transactions and tax returns work in practice?
  • what's in it for a financial institution?
Materials from this session:

Superannuation update

Author(s):  Shayne CARTER

This paper covers:

  • better superannuation - the unresolved issues and the anomalies
  • gearing and superannuation - the taxation considerations
  • Superannuation Guarantee Charge - ordinary time earnings and other issues
  • recent cases/rulings - recent developments.
Materials from this session:

TOFA for the clients of financial institutions

Author(s):  David LINKE

This paper covers:

  • how will TOFA impact the clients of financial institutions? What are the opportunities?
  • what are the pitfalls? In particular:
    • what are the usual financial arrangements these entities will have (specific industry issues)?
    • what choices are your customers likely to make from a TOFA perspective?
    • what are the expected differences between their current position and consequential likely product innovation?
Materials from this session:

TOFA–The international dimension

Author(s):  Tony FROST

This paper examines:

  • the application of TOFA to cross border financial transactions
  • how TOFA affects foreign banks, internal transactions of banks and OBUs
  • interaction with the rules on forex gains/losses, withholding tax and CFC/FIF regimes
  • change of residence by companies and individuals.
Materials from this session:

Walking the wire-The Australian economy in 2009

Author(s):  Michael BLYTHE

Issues covered in this presentation include:

  • how is the global financial crisis affecting the Australian economy?
  • can Australia escape the global slowdown?
  • what are the economic risks and issues for 2009?
  • how will Australian policy makers respond?
Materials from this session: