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2013 Tasmanian State Convention

Published on 17 Oct 2013 | Took place at Hotel Grand Chancellor, Launceston, TAS

    The 2013 Tasmanian State Convention this year had a common theme on risk management – including how to avoid the pitfalls of Div 7A, common mistakes with the small business CGT concessions and David Williams insights on making sure you don’t accidently get caught up in tax fraud, to name a few. The keynote speaker was the Inspector-General of Taxation, who spoke on the number of successes he has had in keeping the ATO “honest”.
    The convention included the following presentations:
  • trusts workshop: second generation control issues
  • key note address: observations on tax administration in Australia
  • tax policy update
  • Div 7A: one step forward - how many backwards?
  • a review of major tax developments in 2013
  • being involved in tax fraud can land you in jail - never a participant nor a helper be
  • small business CGT concessions - Keeping out of harms way
  • tax and social networking
  • superannuation: Actuarial insights into exempt current pension income and longevity
  • trust amendments after Clark
  • tax issues in business succession planning - industry update

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Individual sessions

Being involved in tax fraud can land you in jail - Never a participant nor a helper be

Author(s):  David Williams

Like professional negligence, tax fraud is not something that a practitioner normally expects to be involved in or accused of, but it can happen particularly in a “guilt by association” situation or where a client points the finger of blame to reduce their level of blame.

This paper covers:

  • common misconceptions and fallacies
  • identifying and being wary of potential indicators
  • how much reliance can you place on your client?
  • Saxby: even a simple objection can create an exposure
  • is the ATO aware more than you?
  • increased risks for professional advisers who are caught up in dodgy transactions, including heavier sentencing than five years ago
  • are juries more prepared to join up the dots in tax fraud cases?
Materials from this session:

A review of major tax developments in 2013

Author(s):  Michael PARKER

As always, the Australian tax landscape continually evolves and new issues emerge. This paper provides a summary of some of the more important tax issues to emerge during the current year. Issues covered will include:

  • the new Part IVA
  • the Board of Taxation’s review of Div7A
  • Treasury’s review of taxation of trusts
  • important case law developments.

To ensure the session was up to date, some further topical issues were added closer to the date.

Materials from this session:

Tax and social networking

Author(s):  Elen SEYMOUR

Social media can be used to amplify your tax business presence and provide opportunities to connect with current and future clients in informed and yet personal ways that were never previously possible. However, effective social media practices involve more than joining a site and pushing a product. Social media also holds traps (or notoriety) for the unwary. This paper discusses:

  • the practical aspects of setting up a social media account
  • managing the daily interactions
  • establishing an authentic valued presence
  • avoiding the traps.
Materials from this session:

Superannuation: Actuarial insights into exempt current pension income and longevity

Author(s):  Melanie Dunn

Superannuation is a highly tax-effective vehicle for the accumulation of retirement wealth. This paper explores some of the tax concessions available to self-managed superannuation funds and discuss the calculation of exempt current pension income. It includes case studies for fund losses and segregation, and some tips for maximising your exempt current pension income (ECPI). In addition you are provided with an update on new legislation affecting ECPI calculations including the continuation of pensions on the death of a member and the proposed $100,000 pension income limit. The paper finishes off with a discussion on longevity and how this impacts on planning for retirement.

Materials from this session:

Tax issues in business succession planning - Industry focus

Author(s):  Allan SWAN

Often sidelined, or sent to the “too hard” basket, business succession planning is a critical issue for all business owners. In this presentation, designed to benefit advisers and clients alike, succession expert Allan Swan focuses on how to apply business succession planning essentials to the industry sectors of:

  • farming and agricultural business
  • professional practices.
Materials from this session:

Small business CGT concessions - Keeping out of harms way

Author(s):  Robert WARNOCK

Increasingly, the ATO is successfully challenging taxpayers’ claims for the small business CGT concessions. Recent cases reveal common and not-so-common errors made by taxpayers. In particular, the ATO is focusing on the maximum net asset value (MNAV) test. This paper includes discussion on the areas under attack by the ATO and how advisers can prevent their clients from being caught out. It covers:

  • $6 million MNAV test – where taxpayers are getting it wrong
  • recent cases including Altnot and Bell – clarification or confusion?
  • most common errors made when applying the retirement exemption
  • getting the structuring and trust distributions right to qualify for the concessions
  • questions to ask when inheriting a client.
Materials from this session:

Div 7A: One step forward - how many backwards?

Author(s):  Michael HINE

This paper examines the Div 7A issues that continue to vex taxpayers, in even the most simple of cases. It covers:

  • Board of Review report and likely changes
  • does the Commissioner’s discretion under s 109RB work in practice?
  • what are the amendment periods for Div 7A?
  • trusts, sub-trusts and corporate beneficiaries and Div 7A
  • other practical Div 7A issues.
Materials from this session:

Trust amendments after Clark

Author(s):  Ron JORGENSEN

This paper considers:

  • trustee amendment powers and restrictions
  • FCT v Clark continuity of constitution, property and membership tests
  • TD 2012/21 CGT consequences of trust amendments
  • stamp duty consequences of trust amendments
  • analysis of common amendments.
Materials from this session:

Business succession for family farms and professional practices

Author(s):  Allan SWAN

Often sidelined, or sent to the “too hard” basket, business succession planning is a critical issue for all business owners. This paper, designed to benefit advisers and clients alike, focuses on how to apply business succession planning essentials to the industry sectors of:

  • farming and agricultural business
  • professional practices.
Materials from this session: