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Defuse the Ticking Time Bombs

Published on 01 Dec 2015 | Took place at City West Receptions, Perth, WA

This event ensured you can identify and deal with threats and prepare both yourself and your clients for 2016. Participants heard directly from the ATO on how they can assist with addressing the issues as they arise. Topics:

  • managing Issues and Disputes with the ATO
  • Division 7A - pitfalls & traps
  • professional indemnity insurance fundamentals
  • value shifting: navigating the minefield
  • Division 245: The potential income tax cost of a forgiven debt
  • lessons from the litigation battlefield - how accountants get into trouble and how not to.

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

shopping_cart Add all items to cart - $240.01
Individual sessions

Division 245: The potential income tax cost of a forgiven debt

Author(s):  Tristan Boyd

This paper covers:

  • debts subject to the rules
  • forgivness
  • gross forgiven amount
  • net forgiven amount
  • application of net forgiven amount
  • record keeping.
Materials from this session:

Value Shifting: Navigating the minefield

Author(s):  Matthew Budge,  Andrew Howell

This paper covers:

  • overview of the GVSR
  • distinguishing between DVS and IVS
  • what happens when you have more than one?
  • when value shifts give rise to immediate taxable gains
  • other practical issues.
Materials from this session:

Division 7A: Pitfalls and traps

Author(s):  Tinashe Kamangira

This paper covers:

  • what is Division 7A
  • company loans to shareholders and their associates
  • trust structures and interaction with Division 7A
  • corrective action for Division 7A issues
  • Board of Taxation proposals for self-corrective action.
Materials from this session:

Lessons from the litigation battlefield

Author(s):  Fiona HALSEY

This presentation covers:

  • key areas where accountants are sued
  • developing areas of likely problems
  • scoping
  • creating liability where it isn’t necessary
  • professional indemnity insurance
  • other litigation which affects accountants, and how to protect yourself.
Materials from this session:

Professional indemnity fundamentals

Author(s):  Phillip Keays

This presentation covers:

  • the basics
  • coverage issues
  • the conduct of the defence of a claim.
Materials from this session:

Managing issues and disputes with the ATO

Author(s):  Tracey Kelly,  Michael Tenace

This presentation covers:

  • how to obtain certainty including through private rulings
  • how to deal with reviews and audits
  • how to resolve disputes once they emerge.
Materials from this session: