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2018 Financial Services Taxation Conference

Published on 07 Feb 2018 | Took place at QT Gold Coast, Gold Coast, NSW

This event covered the key tax issues currently affecting the financial services industry. Emerging issues including residency, the taxation of stapled structures and the diverted profits tax were covered along with core updates from new cases and rulings and an ATO briefing on their focus areas. The program also included a number of sessions on reforms such as the mandatory disclosure regime and tax transparency measures. A wide range of breakout sessions were also offered including transfer pricing, GST, life insurance and super, corporate restructures and foreign investments by Australian funds. I trust that you will enjoy the 2018 Financial Services

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Individual sessions

M&A in financial services

Author(s):  Paul ABBEY,  Jeanelle MENEZES

This paper covers:

  • demergers
  • stapled groups
  • special dividends and schemes of arrangement.
Materials from this session:

Mandatory disclosure rules & reporting

Author(s):  Karen PAYNE

This paper covers:

  • the pros and cons of an MDR
  • how an MDR would work practically (in conjunction with the reportable tax position schedule, or some other disclosure)
  • what design options have been considered (including the UK’s DOTAS regime and the OECD’s work on BEPS Action 12)
  • what is the best design for an MDR in Australia
  • the broader regime context that is relevant for this purpose.
Materials from this session:

Residence – Central management & control

Author(s):  Stuart Dall,  Bob Deutsch,  Richard EVANS

This presentation covers:

  • the impact of the Hua Wang Bank and Bywater decisions
  • Draft TR 2017/D2 and any differences from TR 2004/15
  • practical compliance guidelines – a discussion of the examples and what they may mean
  • a practical focus on what the new approach may mean for groups operating in multiple jurisdictions and foreign investment vehicles with Australian based managers.
Materials from this session:

The ATO’s approach to significant financial services tax issues

Author(s):  Jeremy HIRSCHHORN

This presentation covers:

  • the direct importance of corporate tax collections from the financial services industry
  • large corporate groups tax compliance and their effect on the health of the entire tax system
  • the tax system’s reliance on data provided by the financial services industry
  • areas of focus.
Materials from this session:

Mergers and acquisitions in financial services

Author(s):  David WOOD

This paper covers:

  • pre-sale dividends and Dick Smith
  • pre-sale dividends and ‘related payment’ rules
  • earnout arrangements
  • scrip for scrip rollover
  • tax sharing agreements and ‘clean exit’
  • foreign resident withholding obligations.
Materials from this session:

Macro economic outlook and implications for taxation

Author(s):  Shane Oliver

This presentation covers observations on the latest economic trends impacting the sector.

Materials from this session:

Restructures, turnarounds and insolvency

Author(s):  Julian PINSON,  Christopher Hill

This paper covers:

  • insolvency - overview
  • the professional administrator’s perspective – key concerns and how tax factors in
  • tax issues - introduction
  • recovery action by the Commissioner
  • tax issues common to the various forms of external administration.
Materials from this session:

Life and superannuation accounting update

Author(s):  Kieren Cummings,  Matina Moffitt

This paper covers:

  • introduction to IFRS 17, insurance contracts
  • overview of AASB 1056.
Materials from this session:

Transfer pricing post Chevron

Author(s):  Julian HUMPHREY,  Tim Keeling

This paper covers:

  • introduction and Chevron background
  • Chevron - key observations
  • outstanding questions
  • which currency.
Materials from this session:

Australian tax treatment of foreign investments by Australian collective investment vehicles

Author(s):  Brad Ivens,  Jessica Hall

This paper covers:

  • increasing trend in outbound foreign investment
  • classifying foreign investment vehicles under Australian law
  • current and emerging ATO guidance and other developments
  • other matters with foreign investments.
Materials from this session:

Practical issues for interest withholding tax and section 128F

Author(s):  Ian KELLOCK,  Bronwyn KIRKWOOD

This paper covers:

  • overview of interest withholding tax
  • Section 128F exemption
  • double tax agreement exemptions.

 

Materials from this session:

Diverted profits tax

Author(s):  Alia Lum

This paper covers:

  • operative provisions
  • practical issues.
Materials from this session:

GST and financial services - The looming battleground

Author(s):  Amelia O’Rourke

This paper covers:

  • input tax credit entitlement
  • reverse charge.
Materials from this session:

Australia’s hybrid mismatch rules: Application and interactions

Author(s):  Manu SRISKANTHARAJAH

This paper covers:

  • a brief history: action plan to draft law
  • Australia’s anti-hybrid rules
  • how will the rules apply?

 

Materials from this session:

Tax transparency initiatives – The current state of play

Author(s):  Chris Vanderkley,  Helen Kelly

This paper covers:

  • mandatory tax disclosure
  • voluntary tax transparency code
  • country by country (CbC) reporting
  • common reporting standards
  • other Australian initiatives.
Materials from this session:

Stapled groups

Author(s):  Andrew Hirst

This presentation covers:

  • staples - the building blocks
  • development of staples
  • land - part of business

creation of staples/moving assets into staples.

Materials from this session: