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2012 Corporate Tax Masterclass

Published on 30 Oct 2012 | Took place at Four Seasons Hotel, Sydney, NSW

    This full day seminar was designed for tax people working in a corporate environment and covered not just the main income tax developments but also some broader issues.
    Topics include:
  • an update on the consolidation regime
  • practical issues arising out of the consolidations regime
  • the business tax working group and what you need to be aware of
  • “Can we frank that dividend?”
  • an update on losses
  • M&A
  • tax risk and corporate governance – anticipating the ATO’s questions
  • the part IVA deluge & the change to part IVA.

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Individual sessions

An update on the consolidation regime

Author(s):  Jenny CLARKE,  Geoffrey YIU

Changes to the legislation during 2012 including changes to rights to future income and the taxation of financial arrangements.

This paper covers:

  • the status of further announced legislation changes
  • updated on Board of Taxation post implementation review
  • changes in the law around joint and several liability, including the impact this will have on tax sharing agreement
  • a series of practical tax issues arising in respect of tax consolidated groups including from Australian Taxation Office client risk reviews.
Materials from this session:

BTWG and Australia in the Asian century

Author(s):  Grant WARDELL-JOHNSON

This presentation covers:

  • background to Business Tax Working Group
  • key proposals
  • international comparisons
  • next steps.
Materials from this session:

Current taxation issues in M&A

Author(s):  Joshua CARDWELL,  Andrew SHARP

The acquisition or divestment of an entity (or a group of entities) can potentially give rise to income tax issues spanning almost the entire gambit of the income tax legislation. This paper provides an overview of a number of current taxation issues in M&A, with a focus on:

  • acquisition structuring issues (i.e. debt / equity mix, and other structuring considerations)
  • some recently noted acquisition diligence issues (such as availability of clear exits, RTFI, and employment taxes)
  • transaction documentation (including a discussion of industry best practice in relation to taxation warranties and indemnities).
Materials from this session:

Tax risk and corporate governance: The ATO's growing interest in taxpayers' self risk management

Author(s):  Glenn WILLIAMS,  Emily MARSDEN

In 2010, the ATO announced that it would be placing increasing importance on taxpayers’ self-management and mitigation of their tax risks. This is otherwise known as good Tax Corporate Governance (TCG). This paper covers how to meet the ATO’s expectations for TCG and what to expect if the ATO reviews your risk management systems, including:

  • the ATO’s requirement for documented policies and procedures
  • creating or improving a TCG policy document – what does it look like and what would it include?
  • how to implement a robust TCG framework in your organisation
  • commercial and operational benefits an entity realises on implementation of a good tax risk management system
  • responsibilities for and interests in TCG for the Tax Manager, Tax Function and the Board
  • ATO review and audit of TCG – what to expect.
Materials from this session:

Part IVA

Author(s):  Cory HILLIER

The ATO’s recent focus on applying Part IVA to significant transactions by Australian corporates has led to several high profile losses and proposals for significant legislative change.

This paper covers:

  • the most recent Part IVA cases involving corporates and the new insights they shed on how Part IVA operates
  • the ATO and Treasury’s agenda for legislative change
  • the likely impact of legislative change to Part IVA in respect of corporate transactions
  • at a practical level what will change going forward.
Materials from this session:

Can we frank that dividend?

Author(s):  Wayne PLUMMER,  Michelle HOGG

There is a long and onerous list of obstacles facing companies looking to answer this most fundamental of questions under the Australian imputation system. The last 12 months has seen some significant developments which impact on the answer. This paper looks at where we currently stand in relation to:

  • the requirement for “profit” and the ATO’s views in Taxation Ruling TR2012/5
  • treasury’s on–going review of the Corporations Law test for the payment of dividends
  • the Consolidated Media decision and the dividend component of a share buy–back
  • the Mills decision and the application of section 177EA
  • the many class rulings on pre–sale dividends and the “45 day” rule.
Materials from this session:

Losses update

Author(s):  Kamlee COOREY,  Andrew MARTIN

The ability of companies to preserve and utilise carry forward tax losses continues to present challenges both for taxpayers and Government Revenue.

This paper covers:

  • current status of proposed loss carry back rules and review of loss rules recommended by Business Tax Working Group report on the tax treatment of losses
  • challenges faced by taxpayers in satisfying the “continuity of ownership” and “same business” tests
  • losses in the consolidation context, including transfers of losses to the head company of a consolidated group and available fraction calculations
  • current ATO compliance activity around loss claims.
Materials from this session: