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46th Western Australian State Convention

Published on 22 Aug 2013 | Took place at Pullman Resort, Bunker Bay, WA

    As tax law continues to increase in complexity and areas of controversy abound, tax remains an area of challenge for businesses and practitioners alike. This convention was aimed at detailing practical strategies and tactics which you can adopt in light of these challenges for the benefit of your clients and your practice.
    Topics covered included:
  • trusts update - What the ATO thinks and why you should care
  • tax losses - Using them, not losing them
  • tax developments
  • trusts: Are they still worth it in the current tax climate?
  • FBT and salary packaging update
  • strategies for the SME practitioner's kitbag
  • tax reform for private business
  • not-for-profit
  • are SMEs getting the most out of consolidation?
  • superannuation update

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Individual sessions

Trusts update: What the ATO thinks and why you should care

Author(s):  Andrew MILLS

This paper provides an update on trusts and the ATO’s views. In particular, it examines:

  • making trust distributions effective
  • what happens when beneficiaries disclaim entitlements?
  • “income of the trust” – the debate and guidance
  • streaming – when you can and when you can’t
  • transferring assets to and from trusts – some CGT issues
  • other current issues.
Materials from this session:

Tax losses: Using them, not losing them

Author(s):  Natasha McCarthy

With many entities having accrued tax losses over the past few years due to project life cycle factors and/or changing economic conditions, it is important to assess whether those losses remain available to be utilised against future profits. This paper focuses on the key testing requirements for utilising and carrying forward tax losses, including tips and traps for satisfaction of the various recoupment tests and other limitations. In particular, it examines:

  • carrying forward losses in companies and trusts
  • practical issues with satisfying the continuity of ownership test for both small and large businesses
  • satisfying the requirements of the same business test
  • other limitations and concessions with respect to deductibility of tax losses
  • proposed loss carry-back measures.
Materials from this session:

Trusts: Are they still worth it in the current tax climate?

Author(s):  Syd JENKINS

Trusts have been the subject of extensive review and change in recent years. While the focus has been on the traditional “family discretionary trust”, there are a number of other types of trusts that are effective structures for various purposes. Where are we at with these other types of trusts? This paper considers the relevance of recent changes in the law and their current use in taxation, superannuation and estate planning, specifically:

  • testamentary trusts
  • child maintenance trusts
  • property trusts
  • special disability trusts
  • charitable trusts
  • unit trusts
  • hybrid trusts.
Materials from this session:

FBT and salary packaging update

Author(s):  Steve FRAPPLE

This paper covers the latest developments in the FBT and salary packaging arena, including issues relating to the not-for-profit sector. It also delves into the detail of any relevant issues recently considered by the ATO, coming at these topics from both compliance and planning perspectives.

Materials from this session:

Strategies for the SME practitioner's kitbag

Author(s):  Daniel FRY,  Alan KRAWITZ

Every tax practitioner needs a kitbag of strategies for dealing with their clients’ affairs ranging from the simple to the more complex. This is a practical paper designed to consider some of the more essential strategies that should be employed by all SME practitioners including:

  • transfers of property in and out of superannuation funds, discretionary trusts and unit trusts
  • SMSF borrowing arrangements
  • family law and Div 7A
  • time periods for objections and amending assessments
  • restructuring after 1 July 2013.
Materials from this session:

Tax reform for private business

Author(s):  Keith JAMES

This paper focuses on:

  • Division 7A - What is its real purpose and what is its future?
  • Are Division 6 and Divisions 7 and 7A joined at the hip?
  • Should we have a retained business tax rate and a distributed tax rate in place of a corporate tax rate?
  • What tax rate should apply to retained passive income?
  • Should there be targeted “consolidation” rules for private business, or should the old section 80G and group rollover rules be reconsidered for private groups?
Materials from this session:

Not-for-profit

Author(s):  Martin Kirkness

With an estimated 600,000 entities and 60,000 organisations contributing over $43b to Australia’s GDP and employing 8% of the workforce, the not-for-profit sector is a significant contributor to the Australian economy. Many entities are significant businesses in their own right and the regulation of the sector is changing.

This paper examines the new regulatory environment for charity registration, the tax framework within which charities operate and the impact of recent decisions on the tax framework of the sector. The practical consequences of the changes discussed will be illustrated with examples from practice.

Materials from this session:

Superannuation update

Author(s):  Jemma SANDERSON

Superannuation is the main source for many Australians to fund their retirement and their twilight years. Therefore, it is imperative that we remain abreast of the latest guidance, issues and strategies to provide the most appropriate advice to our clients to enable them to optimise their superannuation. This paper provides an update on various superannuation issues, including:

  • the latest on contributions, including guidance from the AAT and the ATO
  • the impact of any superannuation “surcharge” announced
  • the extension of the pension exemption upon the death of a member
  • paying out minimum pension payments
  • how the 5 April 2013 announcements affect your clients.
Materials from this session: