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SME Structures - Avoiding a Train Wreck

Published on 28 Feb 2013 | Took place at Tattersall's Club, Brisbane, QLD

    As tax advisors, sometimes we can be forgiven for thinking just about issues within the Income Tax Assessment Acts. However, as SME advisors, we can consider issues that impact our clients that some may view as “fringe issues” in comparison. The changes in the tax framework, in the prosperity of the economy, which in turn impacts on the prosperity of our clients, means we need to have more than just a degree of familiarity with these 'fringe' issues and how they rank against issues that we are more familiar with.
    Your clients will, in the next year, talk to you about changing their structure, how a marital breakdown or insolvency issue will impact their group and, although they don't know it yet, what the proposed Part IVA amendments will do to their decision making process.
    This full day event gave attendees some insight into developing this knowledge and provide the ability to field these queries from your clients and to point them in the right direction.
    Topics covered include:
  • updates on structures for SMEs
  • SME business restructures – the move from trust to corporate
  • how tax advisors should interact with family lawyers and insolvency practitioners
  • superannuation as an SME tool
  • how the proposed Part IVA amendments will impact your world.

Get a 20% discount when you buy all the items from this event.

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Individual sessions

Structures introduction

Author(s):  Dominic Moon

As a result of proposed legislative rewrites, policy reviews, ATO repositioning and the demands of clients, there may be confusion or reluctance on providing advice to clients on how to establish themselves.

This paper covers:

  • the importance of Discount Capital Gain Access and SMEs
  • keeping life simple from a UPE perspective
  • alleviating stamp duty on restructures.
Materials from this session:

Asset protection/Family law issues

Author(s):  Justine WOODS

As advisers, there is often an undue emphasis on tax implications when considering issues impacting SMEs. The longer you are in practice, the more likely you will have to contend with implications other than tax which you will need to guide your client through.

This paper covers:

  • what should you consider when establishing structures from a Family Law perspective
  • not all marital breakups are tax effective
  • protecting assets from secured creditors does not protect assets from the Family Court.
Materials from this session:

Train wreck case study

Author(s):  Adele Townsend

What happens when the train crashes? This paper provides practical advice on how to assist your client in this situation. Step through this case study where all of the events that you have been planning for with your client arise simultaneously:

  • the ATO initiates a GST audit
  • the client is part way through the year end audit
  • the married business owners advise you that they have separated and are planning to divorce
  • the bank is about to call in the receivers due to the impact of the GFC. 

How do you set priorities in this situation? What should you advise on and when do you need help from specialists. How much do you tell each party about the other issues?

Materials from this session:

Utilising super in your family business structure

Author(s):  Neal DALLAS

An SMSF can be an important part of a family business structure, helping not only to achieve a better tax outcome during the life of a business and on its disposal, but also to protect some key business assets. This paper demonstrates how an SMSF can be utilised to own business assets and the key issues to consider.

Topics covered include:

  • what assets can be owned by the SMSF:
    • business real property
    • other assets
  • how assets can be held by the SMSF:
    • directly
    • related and non-related trusts
  • geared acquisitions – options where there is not sufficient cash in the SMSF
  • implications on disposal of the business
    • planned exits – retirement and intergenerational transfers
    • unplanned exits – death and disablement.
Materials from this session:

Corporate restructuring for your SME business

Author(s):  Dean STEER

There are a number of reasons why your client might want to restructure their SME business into a company or a corporate group with a holding company structure. For example, UPE issues with an SME business operated through a trust, or the desire to move a more mature SME business into a corporate group structure with a holding company (for example, for asset protection purposes or to allow for new investors).

This paper focuses on restructures of an SME business into a company or a corporate holding company structure. It covers, with examples:

  • CGT rollovers:
    • trust to a company
    • corporate holding company restructures
  • SME corporate group – should you form a tax consolidated group?
    • pros and cons
    • ACA calculations – tips and traps following restructure.
Materials from this session:

Part IVA and restructures

Author(s):  David MARSCHKE

The proposed amendments are here and you will need to have an awareness of their impact when providing advice to clients on any proposed restructures. In this paper, the following issues are presented in a practical format, with case studies to demonstrate the issues:

  • the perceived mischief – is the taxpayer’s purpose relevant?
  • tax benefits – tax effects v non-tax effects
  • the new paradigm for counterfactuals
  • possible application of Part IVA to very simple transactions (this was never meant to happen!).
Materials from this session: