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2012 National Resources Tax Conference

Published on 17 Oct 2012 | Took place at Perth Convention and Exhibition Centre, WA

    This conference delivered a high-quality technical program that offered tax specialists in the resources sector a range of interesting and topical sessions that were both informative and practical.
    There is little question that times are changing in the world of resources taxation. This conference was a great opportunity to gain insight into the many changes in the law such as the introduction of the MRRT, the extension of the PRRT and changes and developments involving exploration and farm-ins. Also on offer were sessions that covered more general topics such as tax litigation, the resources joint venture and selling resources to the world.

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Individual sessions

Preparing for tax disputes

Author(s):  John W DE WIJN,  Andrew BROADFOOT

In this paper, John de Wijn and Andrew Broadfoot cover:

  • how to prepare for a dispute
  • what a Tax Manager should think about before going to senior counsel
  • what the court’s perspective is likely to be
  • reflections on cases and steps that could have been taken to avoid adverse outcomes.
Materials from this session:

The resources joint venture

Author(s):  Jonathon LEEK,  Peter JAROSEK

Resources joint ventures are normally unincorporated. This paper explores the unincorporated joint venture from a legal and tax perspective, including:

  • the features of an unincorporated joint venture
  • the unincorporated joint venture versus other structures
  • establishment of an unincorporated joint venture
  • operation of an unincorporated joint venture
  • exit from an unincorporated joint venture
  • income tax, GST and stamp duty issues specific to an unincorporated joint venture.
Materials from this session:

Exploration issues

Author(s):  Andrew NELSON,  Basil MISTILIS,  Shigeaki INOUE

What comprises exploration activity and exploration expenditure is a critical issue for resource companies for both income tax and resource rent tax purposes. While exploration expenditure deductions have been a feature of the tax law for decades, ensuring the exploration deduction provisions operate as intended is as important to the industry now as it has ever been.

This paper examines topical exploration and related issues, including:

  • the policy behind exploration deductions
  • differences between corporate tax, PRRT and MRRT classification of exploration
  • common law vs extended law interpretations of exploration
  • the asset “first use” concept for income tax
  • recent precedent and ATO views
  • where to from here?
Materials from this session:

Valuations - Preparing a defensible valuation

Author(s):  Stephen REID,  Thimendra KARAWDENIYA

Topics covered in this paper include:

  • instructing a valuer
  • evidence-based approach
  • common issues
  • some war stories
  • best practice suggestions.
Materials from this session:

The new R&D tax incentive and the resources sector

Author(s):  Kris GALE

The new R&D tax incentive is upon us. There are winners and losers but it is still not clear who’s who. This paper maps out the main changes from the old R&D tax concession so you can determine where claims now lie.

Topics covered include:

  • the changed definition of eligible R&D activities
  • issues relating to the eligibility of mining and minerals processing trials
  • the problems for resources claims created by the explanatory memorandum
  • the treatment of foreign-owned R&D
  • the requirements for advance and overseas findings
  • the impact of the wider feedstock expenditure provisions
  • the challenges associated with the new compliance regime.
Materials from this session:

Tax effective funding for exploration or developing a mine - alternatives to farm-out arrangements

Author(s):  Hayden BENTLEY

This paper focuses on:

  • staged sell-downs
  • separating ownership of mining and infrastructure
  • scrip transactions
  • backdoor listings and performance shares
  • use of partnership structures
  • blancing income tax, duty and resource rent tax issues.
Materials from this session:

MRRT - Where are we now?

Author(s):  James STRONG

The MRRT regime is now live. In this presentation, James Strong revisits the mechanics of the MRRT and discuss the latest developments regarding this new tax, including:

  • MRRT instalments and variations – what you need to know
  • MRRT return and starting base return
  • latest developments including ATO guidance and risk assessment and other insights.
Materials from this session:

Tax issues arising for globally mobile employees

Author(s):  Ben TRAVERS,  Daniel Hodgson

Today’s increasingly competitive marketplace demands a globally competitive and mobile workforce. Employers and employees today are faced with a range of taxation issues relating to assignees who enter Australia from overseas (“inbound assignees”) and assignees who depart Australia to work overseas (“outbound assignees”). In the current climate, understanding the taxation implications of a mobile workforce is crucial to the success of a global mobility program.

This paper considers:

  • tax residency and the temporary resident rules
  • impact of the application of double tax agreements
  • proposed LAFHA changes
  • removal of foreign income exemption
  • sourcing of bonuses and employee share scheme reporting
  • employer tax obligations for inbound and outbound assignees.
Materials from this session:

Farmout arrangements - Fallout from the ATO rulings

Author(s):  Nick HEGGART

With rulings on the income tax and GST treatment of farm-outs now having been finalised, this paper revisits the rulings and addresses some unanswered questions, such as:

  • Do the rulings apply to my arrangement?
  • What are the tips and traps?
  • Is it possible to apply the rulings practically?
  • What about MRRT, PRRT and stamp duty?
Materials from this session:

Roadmap for Australian resource companies investing overseas

Author(s):  Mathew CHAMBERLAIN

This practical paper provides a roadmap for such investments and considers a range of issues, including:

  • understanding, and where possible, obtaining fiscal certainty in country
  • maximising the funding of operations
  • considering potential structuring issues, including cash and profit repatriation, exit strategies, use of interposed entities and management service companies
  • designing and implementing structures for related party transactions, including supply chain, management fees and loans.

The paper concludes with tips for Australian resource companies looking to invest overseas.

Materials from this session:

Keeping our ear to the ground - The ATOs administration of the resource rent taxes

Author(s):  Stephanie MARTIN

This presentation outlines the ATO’s approach to administering the resource rent taxes. This includes looking at the ATO’s compliance approach and examining technical and administrative issues.

Materials from this session:

Fixtures: What stamp duty can teach you about income tax

Author(s):  Antony BARRIER,  Philip BISSET

This paper will examine recent stamp duty cases and consider their relevance to interpreting various provisions of the Income Tax Assessment Acts and Double Tax Agreements. The paper reviews the relevance of the cases when considering issues such as:

  • taxable Australian real property
  • the definition of an depreciable asset for the purposes of Division 40
  • the definition of land for tax purposes
  • fixtures
  • goodwill.
Materials from this session: