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2012 Tax Specialists' Workshop

Published on 25 Oct 2012 | Took place at Peppers Moonah Links Resort, Mornington Peninsula, National

    The Tax Specialists’ Workshop is unapologetically tax technical with four intensive workshops run over two days.The sessions were successful because of delegate participation. Delegates were asked to prepare for and lead discussion on one aspect of two of the Workshop topics. Reading lists and guidance were provided to delegates to assist them prepare.
    This year the Workshop topics covered Part IVA (the emerging issues with the new legislation), mergers andacquisitions (with a particular focus on large SMEs), international tax issues (particularly foreign currency rules, Division 855 and offsets) and the very important topic of managing tax disputes.
    The Workshop questions were prepared by experts in each of these areas and group discussion led by very experienced practitioners who were involved in drafting the Workshop questions and discussion points. The questions endeavour to tease out the most difficult aspects of the topics as well as reinforce the basics.

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Individual sessions

Workshop 1 case studies and answers: Part IVA

Author(s):  David MARSCHKE

Notwithstanding there have been a number of recent cases dealing with Part IVA, its scope of operation and application remain uncertain. Arguably, a major contributor to this uncertainty is the federal government’s announcement that “it would act to protect the integrity of Australia’s tax system by introducing amendments to Part IVA of the income tax law”. A further announcement clarified the position stating “the Government does not propose to change the core operation of the ‘purpose’ test in Part IVA, which was designed to be the key determinant of whether the general anti-avoidance rule applies to a scheme”. The proposed amendments took effect from 1 March 2012. The uncertainty can have a serious impact for advisers in advising on and implementing transactions and restructures that involve a detailed analysis of the tax outcomes and ultimately result in “tax benefits”.

This workshop involves a number of case studies that will:

  • question whether Part IVA needs changing and analyse the impact of the amendments to the extent they have been released
  • consider the potential application of Part IVA to what could be characterised as “plain vanilla” transactions
  • explore the benefits of taxpayers contemporaneously addressing.
Materials from this session:

Workshop 4 case studies and answers: International

Author(s):  Tracey RENS,  Narelle MCBRIDE,  Alison RODI

This workshop covered current technical issues raised by international tax measures (outside of the accruals regimes).

The case studies consider:

  • specific limitations on finance deductions (ie ss 25-85 and 25-90, and TOFA equivalent and thin capitalisation)
  • claiming FITO – allowable taxes and calculation of offset
  • Division 855 – the application of the division
  • foreign company share disposals – determining the active asset exemption
  • CFI – what are the issues associated with determining and declaring a CFI amount?
Materials from this session:

Workshop 3 case studies and answers: M&A

Author(s):  Eddy MOUSSA

This workshop presents a list of common tax issues that an adviser would face when advising a foreign investor looking to acquire an Australian listed group. The case study covers the treatment of pre-sale dividends from a franking perspective, and what impact changes to the Corporations Act have on the ability of the Australian company to frank its dividends.

The workshop also examines some of the “lessons” to be learned in advising foreign buyers about structural issues regarding their ownership of the Australian investment by considering the four private equity Tax Determinations released by the ATO. Other issues discussed relate to funding for the acquisition and structure choice such as, thin capitalisation limits, interest deductibility, withholding tax, choice of acquisition structure and the impact of the acquisition structure on consolidation.

The workshop will also considers the treatment of earn out arrangements and otheremployee incentive arrangements that are typical in such an acquisition transaction.

In short, this workshop covers:

  • franking and Corporations Act changes
  • off-market buybacks
  • tax consolidation – rights to future income
  • private equity Tax Determinations – lessons
  • pre-sale dividends
  • Part IVA.
Materials from this session:

Workshop 2 case studies and answers: Managing tax disputes

Author(s):  Joanne DUNNE,  Michael CLOUGH,  Chris KINSELLA,  Peter COAKLEY

This workshop covers:

  • when does the dispute process commence?
    • selection of taxpayers to audit – the tax risk differentiation framework and desirability of tax risk governance processes
    • Commissioner’s information gathering powers including LPP and accountants’ concession.
  • strategic approaches to managing a tax dispute
  • critical aspects of a tax dispute
  • issues impacting on settlements and alternative dispute resolution
  • when to go to the Tribunal versus Court.
Materials from this session: