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45th Western Australia State Convention

Published on 23 Aug 2012 | Took place at Quay West Resort, Bunker Bay, WA

    With complex and constantly changing tax laws, tax practitioners are challenged every day to deliver answers on a broad range of difficult tax issues. With this in mind the convention program was designed to help practitioners navigate the many different real-world tax issues their clients will face in the current year and beyond.
    The convention brought together a panel of high-profile speakers from across the tax profession to bring insights, ideas and expertise on the most relevant and practical tax issues and challenges facing business and the tax profession.
    Participants gained critical insights into recent legislative and judicial developments as well as views on what is in store for the future.

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Individual sessions

Part IVA: Where to from here?

Author(s):  Tom Thawley

On 1 March 2012, the Assistant Treasurer announced that the Government would introduce amendments to the general anti-avoidance rule in Part IVA to ensure that recent arguments advanced by taxpayers “will no longer be successful”. The amendments which might ultimately be made are proposed to be retrospective, operating from 1 March 2012, notwithstanding that the nature of the amendments is unknown.

This paper considers:

  • the current operation of Part IVA
  • the recent cases referred to by the Assistant Treasurer
  • the potential amendments which might be introduced.
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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?
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The ship of Theseus and other trust perplexities

Author(s):  Fiona DILLON

Notwithstanding recent changes dealing with the streaming of trust income, many issues concerning the taxation of trust income remain. In this presentation, Fiona Dillon, the ATO’s Assistant Commissioner charged with its technical leadership of trust issues, takes you through some of these issues, highlighting the importance of the Government’s announced modernisation of the taxation of trust income reforms. In addition, Fiona discusses current developments and other topical issues in respect of the taxation of trust income.

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Taxation of trusts tug-of-war

Author(s):  Jonathan ILBERY

1 July 2013 is the proposed commencement date for changes to flow from Treasury’s review of Div 6 of ITAA36. There is no clear “front runner”. A further Treasury policy paper is expected shortly providing greater details as to the “proportionate within class” and “trustee assessment and deduction” models, referred to in the November 2011 Treasury consultation paper.

This paper provides an update on the progress of the review and commentary on the latest Government and Treasury announcements, and also practical guidance as to the likely legislative changes:

  • What the taxation of trusts landscape may look like in the not too distant future
  • Amendments that might be required to your client’s trust deeds
  • Trustee distribution.
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Superannuation - Consulting the compass

Author(s):  Sharyn LONG

In super, the one constant is change. In this paper, Sharyn Long updates you on all the current issues, including:

  • “Stronger super” and FOFA reforms – how will they change the way accountants and advisers work in super?
  • Contribution caps and excess contributions tax – the latest from the ATO
  • Pensions – the rules and the traps that can be.
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Risky business: How not to get sued (and what to do if you are sued)

Author(s):  Fiona HALSEY

Risk management should be at the top of the list for anyone who works in a professional business.

This paper covers:

  • Practice risk management for accountants – what habits really make a difference
  • Choosing a professional indemnity policy – not all policies are the same
  • Management of matters which may become litigious
  • Tips and traps if a PI claim is made against you or your firm.
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Successful succession planning

Author(s):  Ken SCHURGOTT

One very important aspect of any business structure is the effectiveness with which the business or structure can be passed on to the next generation.

 In this paper, Ken Schurgott covers:

  • The role of the adviser
  • Succession planning techniques for partnerships, trusts and companies
  • Utilising superannuation in succession planning
  • Updating estate and succession planning documents when restructuring
  • Family disputes, family provision and mutual wills.
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Corporate conundrums

Author(s):  Paul ABBEY,  Andrew Tran,  Matthew Budge

This paper focuses on using a company as a vehicle to carry on a business. It will consist of a broad discussion on a selection of tax issues associated with companies in the private client space – framed over the life cycle of a company.

Topics covered include:

  • why choose a company? Issues with mergers and demergers
  • flexible company structuring
  • getting capital out of a company – capital returns and share buybacks
  • compliance/planning
  • tax and accounting consequences of changes to the Corporations Law
  • definition of a dividend
  • hybrid instruments
  • share capital tainting.
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Philanthropy: Tax planning and sustainable giving

Author(s):  Peter DOWLING

In this presentation, Chris Dowling looks at the philanthropic options in today’s economic world, including:

  • advantages of structured giving
  • sustainable giving options
  • how charitable funds are distributed
  • australia’s not-for-profit landscape.
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What to look for when your client chooses to send employees to work overseas

Author(s):  Ben TRAVERS,  Dan HODGSON

Changes made in 2009 have dramatically increased the complexities for Australian residents working overseas, and their employers. In his paper, the authors provide a recap of the changes, and focus on how employers have responded.

In addition, as employers continue to struggle to find appropriate talent within Australia, the opportunities presented by the global employment market mean that we are seeing more temporary workers enter Australia than ever before. This paper provides an overview of the key issues that employers need to be aware of when employing workers from overseas.

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