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2012 Tasmanian State Convention

Published on 18 Oct 2012 | Took place at Cradle Mountain Chateau, Cradle Mountain, TAS

    The Tasmanian State Convention is the state’s leading event in tax education, and this year the convention invited some of the very best names to present on a wide on a range of issues.
    The convention covered the following topics:
  • the role of the Clean Energy Regulator
  • the carbon farming initiative and opportunities arising from it
  • cash economy audits and benchmarking
  • client communciation
  • the power behind your brand
  • the impact of the FWA 2009
  • reducing penalties and reasonably arguable positions
  • the ins and outs of dutiable property in Tasmania
  • emerging issues in corporate governance
  • valuations and the small business CGT concessions
  • succession planning in primary production
  • income tax anti-avoidance and SMEs

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

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Individual sessions

The role of the Clean Energy Regulator

Author(s):  Chloe MUNRO

The Clean Energy Regulator was established on 2 April 2012 and is the government agency responsible for administering legislation that will reduce
carbon emissions and increase the use of clean energy. The Regulator administers the carbon pricing mechanism, the National Greenhouse and Energy Reporting Scheme, the Carbon Farming Initiative and the Renewable Energy Target. Through the effective administration of these schemes,
the Regulator aims to deliver regulatory services of the highest standard to support a clean energy future for Australia.

In this presentation, Ms Munro, Chair and CEO of the Regulator, discusses the Regulator’s:

  • roles and responsibilities
  • compliance, education and enforcement policy
  • priorities for the next 12 months
  • long-term vision for the carbon market.
Materials from this session:

The Carbon Farming Initiative

Author(s):  Elisa DE WIT

The Carbon Farming Initiative, which forms part of the government’s Clean Energy Future package, provides income-producing opportunities for the land sector. Projects in the forestry, agricultural and landfill sectors have the ability to generate carbon credits, which can then be sold to entities which have a carbon price liability.

This paper provides an overview of those opportunities and will explain:

  • the types of activities that can participate
  • the types of credits that can be generated
  • the types of markets into which the credits can be sold.

The paper also covers the taxation implications arising out of project activity.

Materials from this session:

Cash economy audits and benchmarking

Author(s):  Adrian ABBOTT

The ATO has developed benchmarks for over 100 industries. Benchmarks compare businesses to determine whether audit activity is warranted. This paper is designed for proprietors of SME businesses and advisers.

The paper covers the following issues:

  • use of industry benchmarks by the ATO
  • how to prepare for and manage cash economy audits
  • record-keeping for protection in the audit process.
Materials from this session:

Client communication

Author(s):  Margaret SUTHERLAND

Miscommunication or lack of communication is usually the main reason for a breakdown in relationships,both personal and professional.This presentation concentrates on communication in a professional relationship – the one between a company and a client. People business with people they like, plain and simple.

Topics covered include:

  • face-to-face communication
  • anonymous communication, eg phone and email
  • plain speaking – conveying your message so that it is being understood
  • listening to what is really being said
  • building empathy through communication.
Materials from this session:

Businesses: sham contracting, buying and selling. The impact of the FWA 2009

Author(s):  Andrew CAMERON

The Fair Work Act 2009 has resulted in a major change to industrial relations in Australia and the full impact on businesses, both large and small, is still uncertain. The Fair Work Ombudsman is very active in auditing and monitoring employers and Fair Work Australia has issued some creative
interpretations of the Act.

In this paper, the author looks at the impact of the legalisation when buying or selling a business, the crackdown on sham contracting, and other matters of concern that may affect how you advise your clients.

Materials from this session:

Brand You: The power behind your brand

Author(s):  Rick MARTON

Every individual or business has a brand regardless of whether they know it or not. Your reputation often precedes you and therefore it impacts on your opportunities. The great brands of the world continue to grow even while others struggle to maintain market share. Think Apple, Virgin or IKEA; the techniques they use are simple.

This paper shows you how to:

  • refine your brand – supercharge it with value, clarity and direction
  • engage your team – getting others to support your journey
  • delight the customer – kick-start great word of mouth.
Materials from this session:

Reducing penalties and resonably arguable position presentation

Author(s):  Arthur ATHANASIOU

A thorough understanding of how the system of penalties is administered by the ATO is one of the best ways of minimising the severity of the impact. What is a “reasonably arguable position”, and how can it help your client? In this paper the penalties framework is discussed in detail, and covers:

  • how the ATO assesses your client’s behaviour: negligence, recklessness and intentionally disregarding a tax law
  • how and when to make a voluntary disclosure
  • what is a reasonably arguable position, and how to go about preparing a RAP
  • SIC and GIC – how to have them remitted
  • the best strategies to negotiate a reduction in penalties.
Materials from this session:

The ins and outs of dutiable property in Tasmania

Author(s):  Dayne Johnson

The state government budget featured increases to duty and other state-based taxes, and there have been recent important changes to the application of duty. This paper outlines the new rates (coming into effect in October 2012) and provides a comprehensive overview of the current legislative framework for the application of duty, with a practical look at:

  • business transfers
  • special rules for land-rich entities
  • exemptions for rural and other transfers.
Materials from this session:

Advisers as Directors - Emerging issues in corporate governance

Author(s):  Matthew Pawson

Many professional advisers, including accountants and lawyers are lulled, lured, tempted, persuaded or cajoled into becoming directors of private
companies controlled by clients or other stakeholders.

This paper examines:

  • the nature and extent of the duties and obligations of directors
  • the impact of the Centro and James Hardie decisions best practice for corporate governance
  • tips and traps for first- time directors.
Materials from this session:

Valuations and the small business CGT concessions

Author(s):  Lachie McCOLL

This paper explores the valuation challenges in applying the $6 million net asset concession and the importance of clear instructions.

The paper covers: 

  • the valuation perspective
  • “Market value”
  • instructing the valuer: the why, what, when and how
  • idependence and experience
  • implications for small businesses.
Materials from this session:

Succession planning in primary production

Author(s):  Andrew Beattie

Succession in a family farming business is a complex juggling of the needs and wants of the “retiring” generation, the new farmer(s) and their partners and often siblings of the new farmers who will not be farming in the future.

This paper includes a case study and the author’s experience of:

  • a framework for a successful succession process
  • the importance of defining succession versus estate planning
  • why people matter most and the importance of developing family culture and philosophy early
  • importance of timeframe
  • balancing flexibility and fairness
  • importance of agreements and education on the future implications of any agreed outcomes.
Materials from this session:

Income tax anti-avoidance and SMEs

Author(s):  Karen GOODFELLOW

Significant legislative changes to Australia’s anti-avoidance provisions, in response to court decisions perceived by the regulator to have shown up shortcomings in the existing Part IVA, have led to significant uncertainty when it comes to structuring commercial transactions in a tax-effective manner, both large and small.

This paper focuses on the relevance of anti-avoidance rules to the affairs of SMEs and to ‘ordinary’ family dealings, including:

  • a brief look at the history of our anti-avoidance provisions, including recent decisions
  • a stocktake on the current state of play
  • the Commissioner’s stated approach to applying Part IVA to transactions typically undertaken by SMEs
  • a discussion on the practical implications for advisers.
Materials from this session:

Tasmanian pre-convention trust distribution workshop and case studies presentation

Author(s):  Ken SCHURGOTT

This paper covers:

  • what is “income”?
  • income of the trust estate
  • the proportionate approach
  • streaming
  • creating a specific entitlement
  • streaming capital gains 
  • streaming franked distributions
  • other complications
  • resettlements
  • Unpaid Present Entitlements – practical ways of achieving a “compliant structure”
  • Greenhatch
  • recharacterisation clauses.
Materials from this session: