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Tax Through the Bottom of a Glass
Published on 23 May 2013 | Took place at The Henry Jones Art Hotel, Hobart, VIC
- The Tax Institute’s inaugural Tax through the Bottom of a Glass Convention hosted 15 of Australia’s leading tax professionals to deliver practical advice to help practitioners reduce and deal with a number of tax related unknowns that their clients may encounter as their businesses grow and they start to conquer new worlds.
- As practitioners' most entrepreneurial clients' businesses grow, they are taking practitioners with them into uncharted waters where they will encounter various taxation issues and opportunities of which their clients may not yet be aware. In fact, many taxation issues that might have been perceived as only for the “big end of town” can be highly relevant to small and medium, and even micro enterprises in any industry.
- The alcohol industry acts as a perfect environment in which to look for tax unknowns that may impact on enterprises of any size. The industry may still be dominated by a few giant corporations, but at the same time there is a consumer movement back to wine from small wineries, craft beers and spirits, and renewed interest in cider, mead and other things given to us by Bacchus. There are many small, medium and micro enterprises active in the industry – and they can face many of the same taxation issues and opportunities as the industry giants.
- Topics covered included:
- Division 40: Intellectual property
- Trading stock - Do you roll out the barrel or the bottle?
- Wine: Is it always fruit of the vine?
- Keynote address: Sheds brewery - A taxing lifestyle business
- Indirect taxes or Portable Alcohol (ITPA) 101 - Is the glass half full?
- Wine and whiskey - Are they super businesses?
- "A day on the bog with Bill Lark"
- Yo ho ho and a bottle of rum: Smooth sailing with the ATO - Transfer pricing compliance
- Boons for beer. And wine, spirits and cider
- Does drinking on the job count as R&D?
- Turning water into wine
- Hiring, rewarding, motivating and retaining artisans
- Is your client's product destined to sale the seven seas?
- Don't forget to pass the port - Effective business succession planning
- Quenching a thirst or drinking to excess? Utilising the CGT small business concession to maximum effect
- The morning after: Dealing with the hangover
- the distinction between goodwill and IP, and the juridical boundaries of each
- ownership of IP in labels, marks, bottle shapes, designs and names
- tax treatments of copyrights, designs, marks and patents
- tax treatment of plant and trading stock
- restructuring plant and stock ownerships.
- at what stage in the production cycle do grapes, bulk wine and/or packaged wine become trading stock from the aspect of the grower and the winemaker?
- do the same rules apply to the production of spirits?
- how are the absorption cost rules to be applied for cellared wine?
- can trade stock values be adjusted for anticipated returns, eg due to cork taint or unintended secondary fermentation?
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- winery and peat bog – can they be owned by a super fund?
- what if the fund owns and runs the business?
- what happens when a member retires (or dies)?
- how will the fund auditor view all this?
- the anecdotal history of Australian spirits including the notorious “COR 10”
- the issue of the time it takes to get from production to cash in the bank
- how, despite Australia’s high taxes, Australian whisky can be exported all over the world including to Scotland
- why the tax system seems to favour wine and beer over distilled spirits
- and lots more.
- R&D 101: the recent changes summarised
- what constitutes R&D now?
- R&D in pots, stills and barrels: in-the-ground and above-the-ground opportunities
- R&D opportunities arising from the trendy and rapidly developing organic product market.
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- the Tasmanian experience in developing new generation irrigation schemes
- why other Australian irrigation schemes will likely follow the Tasmanian lead with new generation schemes
- the legal and practical implications of the new generation irrigation schemes: issuing of water entitlements, trading water entitlements, temporary and permanent entitlements, public searchable registers, mortgaging water entitlements
- commentary on the tax implications of the new generation schemes.
- is your artisan an employee or a contractor? This will have implications for, at the very least,income tax, FBT, SGC, payroll tax and workers compensation
- sign-on fees, golden hellos/restrictive covenants and restraints
- what sort of fringe benefit should I provide to be an employer of choice?
- can we income split?
- providing equity generally and employee share schemes in particular
- how to use phantom share schemes – profits versus capital growth/golden handcuff.
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- sales of vineyards /orchards /peat bogs, cellar doors, residual land and residences – what are the growing concern issues?
- what are the issues if the various assets are owned by different entities?
- sales of tree/vines with crop, sales of trees/vines with contracts to supply crop
- what are the common GST errors, including classification errors, made by producers of alcohol?
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- glass half full or half empty? Arm’s length methodologies
- venturing into the new world: double tax agreements
- life at sea: tax information exchange agreements
- Davey Jones’s locker: the future unknowns of transfer pricing.
- preparing for the binge: ensuring eligibility for the CGT small business concessions
- exotic chasers: some eccentricities of the CGT small business concessions
- mixing the drinks: the interaction of the CGT small business concessions and earn-outs
- cleaning up the mess: the traps that await those who leave the planning until after the disposal.
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Get a 20% discount when you buy all the items from this event.
Individual sessions
Division 40: Intellectual property
Author(s):
Campbell RANKINE
This paper starts with a short “Intellectual Property 101” component. It then considers:
Materials from this session:
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Trading stock - Do you roll out the barrel or the bottle?
Author(s):
Gil LEVY
This paper looks at some aspects of accounting for trading stock which are particularly applicable to the alcohol industry, including:
Materials from this session:
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Keynote address: Shed's Brewery - A taxing lifestyle business
Author(s):
Willie SIMPSON
An insider’s view of the industry now and in the future - opportunities and threats.Materials from this session:
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Wine and whiskey - Are they super businesses?
Author(s):
Matthew TOL
This paper focuses on self-managed super funds. The alcohol industry raises some interesting issues including:
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"A day on the bog with Bill Lark"
Author(s):
Bill LARK
Bill Lark of the Lark Distillery is a modern day pioneer of the alcohol/liquor industry. The Lark Distillery was the first licensed distillery opened in Tasmania since 1839 and is probably responsible for the emergence of the modern day boutique distilling industry in Australia. As a result, Bill has plenty of war stories to tell with some good news at the end. Bill's paper covers:
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Does drinking on the job count as R&D?
Author(s):
Tony INCE
Many business principals are not aware that they are entitled to the concession, while practitioners are generally unaware of the business’s activities that might qualify for R&D. The R&D tax concession can apply to any company that undertakes research on products, processes or inputs where the outcome is not known. Under the recently revised rules, a business undertaking R&D can effectively get cash tax rebates even where they are paying no tax in that year. This would apply to many involved in the production of beer, spirits, wine and cider. This paper commences with a brief overview of the R&D tax concession and then uses a number of case studies to show the practical application of the R&D tax concession to businesses that are down the end of the dirt road. It covers:
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Turning water into wine
Author(s):
Access to an appropriate and reliable water supply is critical to the success of any primary production venture. Water rights are a hot topic in many parts of Australia, and Tasmania is investing heavily in ensuring that its abundant water is made available where it is most needed. This paper starts with a short “Water Rights 101” component, and then covers:
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Hiring,rewarding, motivating and retaining artisans
Author(s):
Paul HOCKRIDGE
Hiring, rewarding, motivating and retaining artisans, indeed, while ensuring that you are an employer of choice, is quite a task. It is all the more difficult when you are in start-up mode and cash-strapped, as this necessarily limits your choices. Then, there is the bewildering array of state and federal tax legislation to comply with. Some of the issues this paper addresses includes:
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GST and the alcohol industry - Some of the stickies
Author(s):
Michael EVANS
This paper covers:
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Is your client's product destined to sail the seven seas?
Author(s):
Kerrie SADIQ
This paper covers:
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Quenching a thirst or drinking to excess? Utilising the CGT small business concessions to maximum effect
Author(s):
Chris EVANS
This paper covers:
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