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Corporate Tax Retreat

Published on 17 Oct 2013 | Took place at Palazzo Versace, Gold Coast, QLD

    The Corporate Tax Retreat is now in its third year and again explored the issues of greatest importance in the corporate tax arena at the moment.
    The program was split into two main streams:
  • anti-avoidance and hurdles for corporate tax managers
  • the emerging tax landscape
    Within those broad themes, the following was covered:
  • Part IVA and specific anti-avoidance regimes
  • base erosion and profit shifting
  • revisiting the Henry Report
  • a review of the current economic environment
  • the current ATO approach
  • Board of Tax reviews
  • announced but unenacted legislative measures.

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Individual sessions

Base erosion and profit sharing

Author(s):  Niv TADMORE,  Benjamin LANCASTER

We are living in a post-GFC world where economies, trade, commerce and technology are rapidly changing. In this evolving environment, the question is whether the tax policies and rules should also change, and if so, how?

This paper unpacks this question by drilling into key BEPS issues, outlining the current state of play, examining viable reform options, and speculating how BEPS will affect the tax system in the future. It covers:

  • BEPS - What is it and what does it mean?
  • the international context
  • the Australian context and insights into the forging of the Australian Policy
  • possible BEPS-driven reform and implications for the taxpayers and the ATO.
Materials from this session:

Australian transfer pricing in a BEPS world

Author(s):  Ben LANNAN,  Dritton XHEMAJLAJ,  Ed FREEMAN

Over the last twelve months a number of transfer pricing reforms have been legislated in Australia with prospective and retrospective impact. The aim of these reforms is to better align our laws with OECD international standards. They are also aimed at ensuring MNC’s pay an appropriate amount of tax in Australia and will feature in the Australian Government’s response to BEPS.

This paper covers:

  • overview of the new transfer pricing legislation
  • transactions and structures most impacted
  • increased disclosure and transparency
  • TP within a BEPs world – the next 12 months
  • implications for corporate governance and dispute resolution.
Materials from this session:

Thin capitalisation and debt financing - the state of play

Author(s):  Simon JENNER,  Nishlin MOODLEY

In the May 2013 Federal Budget, the Government announced the most significant changes to the thin capitalisation rules since their commencement in 2001. It also announced certain related measures that intend to limit deductions for financing costs. This paper explores those announced changes and the potential implications. It covers:

  • the new “safe harbour” limits
  • implications of the repeal of section 25-90
  • proposed amendments to section 23AJ
  • issues associated with re-financing.
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Part IVA - Recent amendments

Author(s):  John W DE WIJN

This paper considers the reasons for the recent amendments to Part IVA, the new definition of tax benefit, and the correct approach to determining purpose under s177D. It covers:

  • the emperor’s new clothes
  • tax benefit: out with the old, in with the new!
  • an objective determination of purpose.
Materials from this session:

Announced unenacted

Author(s):  Trevor PASCALL

An appropriate place to start the reform agenda section of the program is to review the list of announced tax changes which are yet to be legislated.This presentation covers:

  • the list of announced changes
  • where are they at.
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Henry Report - Implications for future tax reform

Author(s):  Greg SMITH

This paper discusses medium term prospects for tax reform in Australia. Beginning with the 2009 Henry Review proposals for a future tax architecture, it reviews economic and other developments since that time, exploring their implications for reform opportunities over the next several years.This paper covers:

  • Australian tax policy in a changing economic setting
  • key challenges now facing the tax system
  • some reform options to 2020
  • constraints, prospects and change leadership
  • overview of the state of the Australian economy.
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Reinventing the ATO - ready, willing and underway

Author(s):  Neil OLESEN

An outline of the new approaches the ATO is taking around law interpretation, dispute resolution, and tax design; their context and intent; and the early experiences and outcomes.

Materials from this session: