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2012 Queensland Annual State Convention

Published on 01 Jun 2012 | Took place at Sofitel Hotel Broadbeach, Gold Coast, QLD

    The comprehensive program has been put together with a view to bringing you up to date on many topical matters including the application of Part IVA and the importance of purpose, contemporary issues with Division 7A and tax controversy.

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Individual sessions

Voluntary disclosure: Reasonably arguable position

Author(s):  Arthur ATHANASIOU

This paper covers:

  • voluntary disclosure/level of disclosure
  • nature of "reasonably arguable position": how it is achieved
  • analysis of the statutory framework for administrative penalties
  • disclosure risks.
Materials from this session:

Part IVA - Grappling with the problem of 'purpose'

Author(s):  Graeme COOPER

This paper covers court interpretations of the provisions of Part IVA including:

  • successful arguments/resonding failures
  • examining the right people
  • dispelling the myths
  • what matters and why
  • change ahead?

 

Materials from this session:

From audit to litigation: Get in front

Author(s):  Mark WEST

This paper covers:

  • audits: what to expect and how to manage
  • relevant ATO audit practices and procedures
  • parties information requests (FOI)
  • bringing things to a head: assessments, objections, decisions, appeals
  • litigation experiences: complaint/compensation processes.
Materials from this session:

A fresh look at year-end issues

Author(s):  Stephen HOLMES

Aside from the usual year-end planning issues, this paper highlights the things you need to add to your list in the light of recent changes to the law including:

  • new streaming issues and rules around CGT
  • things to do before 30 June and post-Budget
  • trust distributions: streaming dividends and capital gains
  • closely held trust issues and compliance at year-end: family trust elections, withholding tax
  • estate matters: capital vs income and life tenants.
Materials from this session:

Interest or deduction?

Author(s):  Steven GRANT

Are your funding costs deductible? This paper coveres how to ensure they are after the Economedes [2004] and Forrest [2010] decisions. Can you bank on getting a franking credit?

Topics covered include:

  • financing investments in shares, trusts, hybrid trust and direct assets
  • treating dividends as interest payments; franking credits; redeemable preference shares
  • ramifications of the Full Court’s decision in Mills v Commissioner of Taxation (re Perls V)
  • dividend access shares: high or low risk planning tools? What are the issues?
Materials from this session:

Tax free pensions: The fine print

Author(s):  Lyn FORMICA

This paper highlights current thinking in selected key areas of planning for those in the pension phase of retirement including:

  • transition to retirement pensions/superannuation
  • minimum and maximum payments
  • effect of death on CGT
  • segregated asset approach v proportionate approach
  • tax free and taxable proportions/reversionary pensions/commutation/in specie payments.
Materials from this session:

Judgement Day

Author(s):  Ross BURNS

The recourse available to the ATO is comprehensive and this paper informs by considering situations where action can be taken. Topics include:

  • personal liability for directors
  • garnishee notices
  • consolidated groups/payroll tax: pursuing associates and group members
  • security bond demands.
Materials from this session:

Dealing with Division 7A disasters

Author(s):  Paul SOKOLOWSKI,  Kaitilin LOWDON

At this time of year we are all concerned about dealing thoroughly with Div 7A issues. This paper covers the key practical problems that have arisen and are worthwhile keeping in mind and should be considered to ensure that the past is not repeated:

These problems include:

  • How to manage when things go wrong/seeking the Commissioner’s discretion
  • UPEs
  • Accountants who inherit disasters
  • Which shareholder will be assessed?
  • Time limits: when is it too late to amend?
Materials from this session: