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Western Australian Annual Convention

Published on 09 Aug 2007 | Took place at Abbey Beach Resort, Busselton, WA

This year the Convention program was packed with up to date tax issues. Whether your interest is in unravelling companies, issues in property, resources or superannuation, the Who’s Who of taxation will impress you.

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Individual sessions

Removing funds from a company - some of the hidden dangers

Author(s):  Graeme S COOPER

Removing funds from a controlled company - and not suffering a hefty tax penalty in the process is no easy matter. At least three different tax dangers have to be negotiated – avoiding additional tax on the Company, avoiding further tax on the shareholder and avoiding a penalty debit to the company's franking account. This paper looks at a few of the possibilities for a satisfactory outcome, and some of the dissonant dangers that lurk in this territory:

  • accessing retained earnings
  • avoiding the wash-out of concessions
  • dividends and dividend access shares
  • stripping and streaming rules
  • capital reductions - is this feasible for SMEs?
  • loans out
  • liquidation of companies
  • redundancy payments and other benefits
  • FBT issues.
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Property: From Whitfords Beach to Abbey Beach

Author(s):  Syd JENKINS

The current property boom shows no signs of abating. Planning can provide opportunities and minimizse the tax burden which is almost inevitable in the current market. Bad planning will leave you exposed to unwanted and unwarranted liabilities. The ATO is looking and has collected a considerable data base from which they are planning targeted compliance action. This paper looks at:

  • what are the choices when looking at a suitable vehicle for acquiring property?
  • what are the better ways to structure finance?
  • timing, not how to pick the market but the consequences of the timing of acquisitions and sales
  • where are the common mistakes in determining the taxable profit from property sales?
  • don’t forget the GST, how to deal with issues such as the margin scheme, going concern and other concessions available in the GST provisions
  • what does the ATO have to say about property, how have the courts looked at the issues in recent years and where will the ATO come looking?
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Resources update

Author(s):  Nick HEGGART

In a boom time for resource companies this paper highlights recent tax issues facing resource companies and focusses upon the following aspects, including:

  • CGT - new rules for non residents with emphasis on resources companies
  • capital allowances claims for resource companies
  • financing of resource projects
  • stamp duty and State budget changes
  • Petroleum Resource Rent Tax.
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Succession issues for privately owned businesses

Author(s):  Robert WF SCEALES

Intergenerational business transfers present enormous challenges for tax advisers. This paper highlights some of the taxation and practical issues associated with the life-cycle of a typical small business entity such as a sole trader, partnership, company or trust. The paper also examines opportunities for transferring assets into superannuation, appropriate estate planning strategies for small businesses, family law considerations and bankruptcy considerations. Matters discussed include:

  • discussion on the typical life-cycle of a privately owned business
  • efficient transfer of control and succession planning
  • impact of stamp duty
  • estate planning and bankruptcy issues
  • family law considerations.
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Taxation of financial arrangements

Author(s):  Fiona CAHILL This paper provides practical guidance to participants in determining the application of the TOFA provisions to an organisation including practical tips and tools to assist on the assessment and application process. The paper is practically focused and utilises case studies to demonstrate the application of the provisions to a number of instruments. An update in relation to the current status of the TOFA legislation is also provided.

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MIS tax planning - a new landscape

Author(s):  Ian MORTLEY Management investment schemes are a significant player in the primary production industry particularly in Western Australia. This presentation focusses on the legislative changes, changes to the ATO’s view on the business nature of the activities and associated test case. The presentation also examines how to effectively lobby government and different approaches that can be undertaken.

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GST update

Author(s):  Karen DILL-MACKY This paper provides an update on the latest GST issues facing practitioners including a review of the recent GST cases and ATO publications.

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State taxes update

Author(s):  Celia SEARLE This paper provides an update on the latest changes in state taxation including recent taxation cases. It also covers proposed changes to the stamp duty legislation arising from the recent State Tax Review.

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Section 45B: dealing with Frankenstein's creature

Author(s):  Paul SOKOLOWSKI,  Ben HAYWARD

Section 45B is not just an issue for large corporates. In fact, it has the potential to create more headaches for SME corporate restructures and demergers. This paper covers:

  • what is section 45B and what it is aimed at
  • when is its application likely to arise
  • how does the ATO approach section 45B in the context of SMEs
  • ATO private rulings experience with section 45B.
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Financial planning post 1 July 2007

Author(s):  Jemma SANDERSON

The 2006 Budget resulted in sweeping reforms to superannuation to make it ‘simpler’ for Australians to understand. The bulk of these changes apply from 1 July 2007, and thus it’s important going forward that clients are optimising their pensions and any contributions to superannuation within the relevant limits. This presentation outlines the issues and strategies regarding superannuation from 1 July 2007, as well as other financial planning considerations. Areas covered include:

  • contributions to super
  • pensions
  • estate planning and superannuation
  • beyond super contributions - what other strategies are available.
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A new residency test for temporary residents

Author(s):  Orlando J FERNANDES

The new temporary resident rules provide tax advisors with a range of opportunities and challenges. This paper discusses a range of topics including:

  • overview of the 2007 migration programme
  • who is a temporary resident?
  • can you be a temporary resident, if when you enter Australia, you intend to remain here indefinitely?
  • can a spouse’s citizenship status affect your client’s temporary residence status or their right to purchase residential real estate in Australia?
  • what types of income are exempt from tax?
  • what types of capital gains are exempt from tax?
  • how is your client’s ineligibility to Medicare dealt with?
  • when is your client eligible to a ‘departing superannuation payment’?
  • are you liable for professional negligence if you fail to warn your client of the consequences of change of status.
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'The con' - broken bits in the income tax consolidation rules

Author(s):  Duncan R C BAXTER

Various aspects of the income tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 (Cth) still do not work properly. This paper focusses on a number of these aspects, including:

  • the operation of the company loss recoupment rules as loss transfer tests
  • the modifications to the 'same business test' for income tax consolidated groups
  • peculiar outcomes under the 'single entity rule'
  • the private ruling system and restructures of consolidated groups
  • weaknesses in the Tax Sharing Agreement and 'clear exit payment' rules
  • anomalies in relation to CGT event L5 and the acquisition of a consolidated group
  • the exclusion from CGT event J1 in relation to entities that leave:
    • income tax consolidated groups
    • multiple entry consolidated (MEC) groups
These aspects also provide a context within which the paper will consider a selection of recent legislative amendments and ATO rulings.
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