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2021 Private Business Tax Retreat

Published on 25 Feb 2021 | Took place at Palazzo Versace, Gold Coast, National

This event covered the following topics:

  • Keynote Address: The post COVID economy
  • Re-thinking business structuring
  • Dealing with the Division 7A dilemma
  • Dodging the property ownership landmines
  • Small business CGT concessions — Making sense of the new rules affecting shares and units
  • Trust sleepers
  • Trust versus company: Analysis for the new decade
  • Transitioning between trust and company
  • Thought leadership – Leading the charge on tax reform
  • Managing the superannuation guarantee minefield
  • The A TO experience.

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Individual sessions

Keynote Address: The post COVID economy

Author(s):  Nicki Hutley This video covers:

  • Is it likely to get worse before it gets better?
  • How long could a recovery to pre-COVID 19 activity take?
  • What has changed forever and are there any lasting positives we can expect to arise out of this experience?
Materials from this session:

Re-thinking business structuring

Author(s):  Mark WEST

This paper covers:

  • Division 7A
  • Small business CGT concessions
  • Relevant trust issues
  • Company versus trust comparisons and issues
  • Business restructuring.
Materials from this session:

Small business CGT concessions — Making sense of the new rules affecting shares and units

Author(s):  Linda Tapiolas

This paper covers: 

  • The additional conditions which are now required to be satisfied, including how they apply to “later entities”
  • How the choice of legal structure can affect the availability of the concessions
  • Some traps for the unwary
  • The special rules which apply when seeking to use the small business roll-over in Subdivision 152-E to acquire shares or units as a replacement active asset
  • Downturn in turnover and reduction in valuation issues
  • Case study/ies with numbers – deep dive with legislation, rulings (if any) and numbers to work through the problem – merging the study into the presentation with a mix of numerical mini examples.

 

Materials from this session:

Trust versus company: Analysis for the new decade

Author(s):  Thomas TULLEY,  Catherine Parkinson

This paper covers:

  • Availability of the CGT discount versus the lower corporate tax rate
  • Division 7A issues in respect of unpaid present entitlements and loans
  • Investments and funding outcomes using different structures
  • Loss of debt/equity interests in related parties and tax effects.
Materials from this session:

Transitioning between trust and company

Author(s):  Tom Walrut

This paper covers:

  • Managing CGT with rollovers (outside of the small business CGT confessions)
  • Cleaning up historical Division 7A issues
  • Addressing State duty on the transfer of business assets and land (Queensland and NSW)
  • The pros and cons of alternate solutions
  • Revisiting SBC eligibility.
Materials from this session:

Thought leadership – Leading the charge on tax reform

Author(s):  Peter GODBER,  Robyn Jacobson

This presentation covers:

  • The Institute’s current tax policy and advocacy activities
  • The key tax reform issues identified during the Institute’s recent The Tax Summit: Project Reform event series
  • The Institute’s final position paper which was submitted to government
  • A range of tax policies, both existing and proposed, that are relevant to private clients, and how our tax system could be improved for all stakeholders.
Materials from this session:

Managing the superannuation guarantee minefield

Author(s):  Neal DALLAS

This paper covers:

  • Who is an employee for SGC purposes?
  • When is a contractor working under a contract that is wholly or principally for their labour
  • Safeguards to reduce risk of shortfalls
  • Managing the clearing house timing issue
  • Identifying shortfalls and offsetting payments.
Materials from this session:

Dodging the property ownership landmines

Author(s):  Thomas Aitkenhead

This paper covers:

  • Subdividing, ‘flipping’, mere realisation, change of purpose
  • Revenue v capital dichotomy
  • The recently enacted vacant land changes that deny deductions for holding costs
  • The recently enacted main residence exemption changes affecting non-residents
  • Recent developments impacting on the active asset test in the small business CGT concessions.
Materials from this session:

The ATO experience

Author(s):  Melinda Peters

This paper covers:

  • The options now available to taxpayers involved in a potential dispute and how
  • These can best be used to improve outcomes for your clients
  • Looking at your client from the Commissioner’s perspective
  • Practical insights into current experiences in the dispute space.
Materials from this session: