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2015 Financial Services Taxation Conference

Published on 18 Feb 2015 | Took place at Surfers Paradise Marriott Resort & Spa, NSW

The recommendations of the Murray Inquiry may significantly impact the Australian financial services industry. The tax and non-tax impacts of the Murray Inquiry was a focus of this event. Additionally, the Australian tax landscape for financial services continues to evolve, influenced by the ongoing international developments of BEPS, FATCA and GATCA and by developments closer to home, including the ATO’s changing approach to the resolution of industry issues.

This event was wide-ranging, covering numerous tax issues of relevance to our industry, including infrastructure, TOFA, nominees and custodians, Part IVA, transfer pricing and thin capitalisation, among others.

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Individual sessions

The Murray Review through a tax lens

Author(s):  Rob McLeod

This paper covers:

  • scheme of paper
  • the FSI tax observations
  • relevant tax policy framework
  • the FSI tax observations.
Materials from this session:

The Murray Review into Australia’s financial system

Author(s):  Rob Colquhoun,  Stephen Kirchner

This paper covers:

  • AFMA submissions and perspectives
  • resilience
  • superannuation and retirement incomes
  • regulatory architecture
  • consumer outcomes
  • the corporate bond market.
Materials from this session:

The politics of tax reform in Australia

Author(s):  John Hewson

This paper covers:

  • key reviews since Asprey
  • where Is Australia now?
  • ingredients for successful tax and transfer reform.
Materials from this session:

The ATO’s changing approach to resolution of banking and finance industry issues

Author(s):  James Campbell

This paper covers:

  • banking and finance income tax strategy 2014-15
  • internal derivatives guidelines
  • administrative solution – AUD LIBOR Cap
  • review of public advice and guidance - overview.
Materials from this session:

Managed investment trusts: Where are we now?

Author(s):  John Kirkness,  Brendan O'Brien,  Peter Oliver

This presentation covers:

  • background to the proposed attribution MIT regime
  • existing MIT regimes
  • overview of proposed attribution regime.
Materials from this session:

Update on capital management issues

Author(s):  Tim KYLE

This paper covers:

  • capital management in the financial services sector
  • hybrids
  • returning funds to investors.
Materials from this session:

FATCA/GATCA/CRS: What will be the impact?

Author(s):  William BROWN

This paper covers:

  • background on FATCA and CRS
  • CRS
  • key differences between FATCA and CRS
  • key FATCA and CRS dates
  • FATCA lessons for CRS
  • issues to consider and technical obstacles to avoid
  • simple example: hypothetical structure and CRS implementation.
Materials from this session:

Infrastructure

Author(s):  Richard BUCHANAN,  Addison Younan

This paper covers:

  • introduction
  • PPPs
  • privatisation.
Materials from this session:

Recent developments in thin capitalisation

Author(s):  Sarah BERNHARDT

This paper covers:

  • recent legislative changes to the thin capitalisation rules
  • Board of Taxation review of the arm's length debt test
  • prudential requirements.
Materials from this session:

ATO reinvention & managing disputes post independent review

Author(s):  Deborah HASTINGS

This paper covers:

  • reinvention of the ATO in managing and resolving disputes
  • review and dispute resolution
  • the way forward.
Materials from this session:

Financial services acquisitions and disposals

Author(s):  Teresa DYSON

This paper covers:

  • the key issues of acquiring and selling entities out of a tax consolidated group
  • the role of tax-sharing agreements, clear exits and impact on potential liabilities
  • implications for tax due diligence: what should be the focus?
  • topical tax issues from recent financial services M&A transactions.
Materials from this session:

Recent cases

Author(s):  Joanne DUNNE,  Jasmin Aldred,  Hilary Taylor,  Timothy Gorton

This paper covers a summary of tax judgments from the Federal Court, Full Federal Court and the High Court from January 2014 to the end of December 2014.

Materials from this session:

The reconstruction provision in the new Australian transfer pricing rules

Author(s):  Ian FULLERTON

This paper covers:

  • effect of tax treaties on the operation of the reconstruction provision
  • the "form" and "substance” of commercial or financial relations between entities
  • what would independent parties dealing wholly independently have done?
  • how do reconstructed transactions affect the calculation of tax payable?
  • does section 815-140 rely on the operation of the reconstruction provisions in cases of excessive debt?
Materials from this session:

BEPS - Topics of specific interest to financial services

Author(s):  Peter COLLINS,  Piotr KLANK,  Kate Phelan

This paper covers:

  • action 1 - challenges of the digital economy
  • action 4 - base erosion through interest and other financial payments
  • action 6 - prevention of treaty abuse
  • action 7 - preventing the artificial avoidance of PE status
  • impact of the overlap between action items.
Materials from this session: