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The Tax Summit

Published on 18 Oct 2021 | Took place at MCED, Melbourne & Online, National

The Tax Summit tapped into the pulse of the tax profession, putting you at the heart of the inspiration, vision and excellence defining our professional future.

Keynote speakers delved into issues brought up by COVID-19, going beyond the technical. From understanding client needs in a digital world, to insights on the rapid evolution of new technologies, through to making space for collaboration, adaptability and wellness, learn how to think for a redesigned professional environment.

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Individual sessions

Unique COVID-19 Employment Tax issues

Author(s):  Hayley Lock,  Stacey Biggar

This paper covers:

  • Provision of home office equipment as loan or gift
  • Payment of health care and quarantine costs or charter flights
  • Change in benefit profiles (eg car use)
  • Budget announcements, reskilling employees and the car parking threshold adjustment and
  • Displaced interstate or international employees, including payroll tax and additional costs or change of LAFHA arrangements.
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International transactions

Author(s):  Mathew CHAMBERLAIN,  Madeleine Ottaviano,  Adele Williams

This paper covers a focus on a number of material international tax issues and outcomes associated with the pandemic.

 

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Tax write offs versus accounting write offs in an instant asset write off world

Author(s):  Stuart Glasgow

This paper covers:

  • High-level examples of tax-write offs versus accounting write-offs
  • What happens when the timing difference takes place?
  • Current year impacts in relation to trust - distributable and taxable income
  • Current year impacts to companies – dividends and franking accounts and
  • Commercial implications – matching tax and accounting treatment – how financiers look at financial statements.
Materials from this session:

Employee versus Contractor – when is it still important?

Author(s):  Matthew McKEE

This paper covers:

  • The difference between an employee and a contractor
  • Recent developments in industrial law such as the new casual employee definition and emerging issues with the sharing/gig economy
  • Key risks and obligations including those for small business employers and
  • What the courts have said in key cases such as Gupta v Portier, Kloger v Foodora and the Deliveroo unfair dismissal case.
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How to structure professional practices

Author(s):  Corey BEAT

This paper covers the question of how to structure professional practices.

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Justice Graham Hill Memorial Lecture 2021 - The Process of Tax Reform: The Why, The When and The What

Author(s):  Julianne JAQUES

This paper covers tax reform.

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Tax management of worker costs

Author(s):  George Bendall

This paper covers a focus on the range of taxes and reporting requirements and how they may apply.

Materials from this session:

Residency – Individuals – Part 2

Author(s):  Leanne Connor,  Neil Brydges

This presentation covers case scenarios presented and some practical applications.

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Mr Spock’s Guide to Division 7A – XC ZB CA ZD RB

Author(s):  Ron JORGENSEN

This paper covers:

  • Division 7A exposures of Australian expats and immigrants with “interests” in offshore entities
  • Practical measures for managing non-compliance risks in your practice
  • Identifying and using the Commissioner’s wide-ranging Division 7A discretions and reviewing the decisions
  • Avoiding double taxation – using actual dividends to address an earlier deemed dividend.
Materials from this session:

Risky Business – advisers acting on behalf of clients and their entities

Author(s):  Loreena Gillon

This paper covers:

  • Pros and cons of accepting a role
  • Motivation of the various parties
  • Risks of completing standard online documents
  • Potential for conflicts of interest to arise
  • Should you accept the appointment?
Materials from this session:

Multiple party investment trust structures – Part 1: Federal taxes

Author(s):  Daniel SMEDLEY,  Laura Spencer

This presentation covers:

  • Unitised trust and revenue losses in light of PCG 2016/16
  • Unitised trust and dividend flow-through and former s 160 APHL (14)
  • CGT Event E4 on payment of a non-assessable amount
  • CGT Event C2 on redemption or unit buy back
  • Application of the value shifting rules to non-arms’ length transactions
  • Consideration of redemptions and new unit issues vs transfers between parties and
  • Practicalities of the attribution managed investment trust (AMIT) within the SME market.
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Multiple party investment trust structures – Part 3: State Taxes

Author(s):  Steven PATERSON

This paper covers:

  • Landholder duty thresholds across various jurisdictions
  • Indirect and constructive landholdings
  • Aggregation and the double counting trap
  • Exemptions from landholder duty
  • Aggregation of exempt transfers in light of Razzy Australia Pty Ltd & Anor v Commissioner of State Revenue
  • Consideration of redemptions and new unit issues vs transfers between parties.
Materials from this session:

How much should I pay myself for what I do?

Author(s):  Paul SOKOLOWSKI,  Yina Tang

This presentation covers a focus on the Commissioner’s latest “nudge” approach to tax administration and compliance in the
area of the extraction of profits from professional service firms and other businesses.

 

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SMSFs – the current state of play

Author(s):  Liz Westover

This paper covers some of the consequences of recent super and SMSF announcements.

 

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Consolidation for smaller clients

Author(s):  Michael CHARLES,  Lucy Goldwater

This paper covers:

  • What will a private group need to do to enter tax consolidation and what will result?
  • Forget about it? Why your group cannot enter consolidation
  • No other option? Strategies to approach consolidation and how can you might minimise the pain (and avoid immediate and short-term tax costs)
  • Commercial and administrative advantages of being consolidated 
  • Looking to the future.
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Retaining and rewarding employees post pandemic

Author(s):  Cameron BLACKWOOD,  Toby EGGLESTON

This paper covers the taxation implications of various tools available for employers to reward and retain employees.

 

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Pitfalls of private practice

Author(s):  Alistair Little

This paper covers liability risks for private practitioners.

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40 years of Part IVA – a mid-term scorecard

Author(s):  Eugene Wheelahan

This paper covers:

  • Has it achieved the Government’s original objectives?
  • Is it still fit for purpose? and
  • What does its future look like?
Materials from this session:

Reconstruction or recharacterisation under transfer pricing – arguments for and against

Author(s):  David BOND,  Fiona DILLON,  Dioni Perera This video covers the relevant provisions in Division 815, the OECD Guidelines and recent Court decisions which focus on these issues.

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Current issues in consolidation

Author(s):  Ellen Thomas,  Adam Vassilieff,  Joseph Sahyoun

This paper covers an update on the recent issues and legislative amendments affecting taxpayers.

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BEPS Pillars 1 and 2 – the latest developments in international tax reform

Author(s):  David BRADBURY

This presentation covers:

  • Recent developments
  • Pillar One: key features 
  • Pillar Two: key features
  • Pillar One: implementation plan
  • Pillar Two: implementation plan.

 

 

Materials from this session:

The rise of tax governance in the world of ATO Justified Trust engagements

Author(s):  Chris Vanderkley,  Glenn Cooper

This presentation covers the ATO’s approach to reviewing governance across assurance programs such as the Top 100 justified trust program, where the concept of justified trust is applied to obtain assurance that taxpayers are paying an appropriate amount of tax and to identify areas of tax risk for further action.

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ATO and FIRB – are they one and the same?

Author(s):  Keir CORNISH,  Michael Parris

This presentation covers the trends, issues and experiences (through ATO and practitioner eyes) of the long-lasting impact of the everevolving “Guidance Note 47” on the Australian mergers and acquisitions tax landscape.

Materials from this session:

Arm’s length debt amount

Author(s):  David BELL,  Shahzeb Panhwar

This presentation covers:

  • What is the ALDA, and how is it used?
  • What are the practical issues and common pitfalls in applying the ALDA?
  • What is the ATO’s compliance approach to the arm’s length debt test outlined in PCG 2020/7?
  • What is the interaction with the transfer pricing regime?
  • Practical advice on managing the ATO’s risk assessment framework.
Materials from this session:

Legal Professional Privilege – The Accountant’s concession – recent cases and ATO activity

Author(s):  Mia Clarebrough,  Louisa Andolfatto This video covers:

  • A discussion on the concept of LPP and the Accountant’s
  • Concession, including the basis on which they can be relied upon, the differences in their application and how they may be waived
  • Recent cases concerning LPP
  • The ATO approach to the Accountant’s Concession and LPP
  • The ATO audit approach to LPP and Accountant’s
  • Concession claims and the Taxpayer view
  • Resolving LPP disputes.
Materials from this session:

The Division 328 threshold tests - more than small business gateways

Author(s):  Anna WILSON,  Andrew Brown

This paper covers a case study based workshop examination of the gateway tests to a bag of benefits.

Materials from this session:

Promoter penalties

Author(s):  Arthur ATHANASIOU

This paper covers:

  • Recent cases, including FCT v Bogiatto, FCT v Rowntree
  • The Courts’ approach to penalties – the factors and assessment
  • Is imprisonment a likely consequence for a convicted promoter? 
  • The Commissioners revised approach, including PSLA 2021/1.
Materials from this session:

Common issues and pitfalls in tax loss preservation and loss carry back

Author(s):  David W MARKS

This paper covers:

  • Applying loss carry back – the do’s and don’ts – and what we have learned in the first 4 months
  • Continuity of ownership issues
  • The same or similar business test and
  • Practical planning opportunities and problems (including whether claiming full expensing and then using loss carry back is an acceptable approach).
  • Aggregated turnover test
  • Board of Taxation review went into detail on this topic, nothing eventuated but it still referred to it.
Materials from this session:

Tax aspects of insolvency in the current settings

Author(s):  Cameron Shaw,  Aaron Dominish,  Matthew Vines

This presentation covers not only the tax aspects of insolvency in current settings, but will also incorporate broader debt recovery in the same context.

Materials from this session:

CGT Rollover review

Author(s):  Matt Ervin,  Stacey Hannam

This paper covers hot topics in CGT roll-overs.

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Multiple party investment trust structures – Part 2: Superannuation (SMSF) issues

Author(s):  Philippa Briglia,  Philip BRODERICK

This paper covers case studies to explore some of the unique SMSF issues that may arise through investing via unit trusts.

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Contemporary cross-border issues with trusts and estates

Author(s):  Sally BRUCE

This paper covers a focus on contemporary issues affecting existing entities and succession planning.

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Family Trust Elections and the Family Court

Author(s):  Danielle Constantine,  Todd Want

This paper covers family trust elections and the Family Court.

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Trusts and unpaid present entitlements (UPEs)

Author(s):  Paul HOCKRIDGE

This paper covers issues and strategies for dealing with UPEs.

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CGT implications of the surrender of life interests

Author(s):  Peter BOBBIN

This presentation covers the CGT consequences of surrender of a testamentary life interest.

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SMSFs – NALI and NALE in the “real world”

Author(s):  John Ioannou,  Andrew Butler

This paper covers the practical application of PCG 2020/5 including some unexpected aspects of both NALI and NALE.

Materials from this session:

The new online world of our clients

Author(s):  Adrian CARTLAND

This presentation covers:

  • Where are online transactions completed?
  • Broad consideration of residency in the corporate and noncorporate context
  • How to effect payments
  • Signing documents online.
Materials from this session:

Cryptocurrencies and NFT tax treatment – current state of play

Author(s):  Will Fennell,  Joni PIROVICH

This presentation covers a practical and insightful approach to the foundational as well as the latest tax issues in this space.

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Cases update

Author(s):  Adam Craig

This paper covers a highlight the significant recent cases.

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Charity registration – what’s the purpose?

Author(s):  Anna Longley

This presentation aims to help practitioners understand the requirements for charity registration, with a particular focus on the definitions of “charitable purpose” and “public benevolent institution”.

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Are you dealing with a valid trust?

Author(s):  Linda Tapiolas

This paper covers common trust problems.

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Capital versus revenue – expansion of the basic principles

Author(s):  Kathryn Bertram,  Julian Wan

This paper covers covers the basic principles underpinning the distinction between capital and revenue expenditure and the extent to which the following cases expand upon the basic principles.

Materials from this session:

Building trust with the ATO

Author(s):  Renae Ali,  Justin BYRNE,  Annemarie Wilmore This video covers:

  • How to pro-actively engage with the ATO and build trust (early engagement)
  • Obtaining certainty in relation to filed positions
  • What to do when the ATO comes knocking
  • How to manage a dispute with the ATO
  • Key issues and challenges which may arise during the objection, litigation and settlement processes
  • How to positively influence your relationship with the ATO, including the role of evidence and contemporaneous documents
  • Current trends in tax disputes.
Materials from this session:

Tax treaties – benefits conferred? benefits denied?

Author(s):  David WATKINS

This paper covers the principal purpose test, as well as a range of other similar measures.

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Transfer Pricing – where to from here?

Author(s):  Kristen DEARDS,  Lorena Sosa This video identifies and explores the areas of continuing uncertainty in the transfer pricing landscape following the High Court’s rejection of special leave in Glencore.

Materials from this session:

Current issues and considerations with corporate tax residency

Author(s):  Elizabeth Cullinan,  Vicky Lin

This paper covers:

  • Consider the history of the Australian residency test for foreign companies
  • Discuss how the concepts in the new test will be applied
  • Highlight the implications using before and after examples
  • Consider tax authority responses to COVID restrictions on international travel.
Materials from this session:

Intangibles and royalties – where are we heading?

Author(s):  Chris Ferguson

This presentation explores the recent trends and ATO publications (TRs, TAs, PCGs and more) that are relevant to the modern way of managing intangible assets.

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Tax Policy & Advocacy update: A debate by our experts

Author(s):  Scott TREATT,  Andrew MILLS,  Robyn Jacobson,  Julie Abdalla This video discusses and debates a number of key issues facing the tax system and the tax community.

Materials from this session:

Technology and taxation

Author(s):  Jimmy Nguyen

This presentation covers:

  • Technology that exists or is being developed to assist with process improvement (and issues it might cause) for tax practitioners 
  • Executing tax specific documentation in the electronic world (including eSigning and the Electronic Transactions Act) and how that might apply to documents a tax practitioner considers on a regular basis.
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Structuring contractor arrangements

Author(s):  Adrian VARRASSO,  Wendy Lim,  Sasha Watkins

This paper covers structuring contractor arrangements for the future and key cases.

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Tax Practitioner Board activity

Author(s):  Payne Karen,  Keith JAMES

This presentation covers key focus areas of the Tax Practitioners Board (TPB) and provide an analysis of steps undertaken since its review.

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ATO focus areas for the large market over the coming year

Author(s):  Rebecca SAINT

This presentation covers more about where the ATO’s specific concerns lie in relation to large market participants.

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Shifting landscape of the distinction between capital and revenue

Author(s):  Angela Lee,  Terry MURPHY This video covers the recent cases on the question and provide insights on trends and where the jurisprudence is heading.

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Cost base issues

Author(s):  Louise Hickman

This paper covers the various elements of cost base.

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US and UK tax update session for Australian corporates

Author(s):  Stuart Landsberg,  Rob Hines

This presentation covers the latest updates that are relevant to Australian corporates operating in this sphere.

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Developments in M&A

Author(s):  Darren McClafferty,  Sylvester Urban

This presenation covers an overview of certain key developments affecting M&A transactions.

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