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VIC 7th Annual Tax Forum

Published on 17 Oct 2019 | Took place at Crown Promenade, Melbourne, VIC

This event covered topics such as Division 7A, M&A updates and current issues from the ATO. There was also plenty of sessions on topical tax issues such as residency (both corporate and individual), estate planning and divorce. International tax continues to be a key area of focus and developments, with many countries seeking to take a bigger slice of the global tax pie. On this front we had sessions on transfer pricing, the multilateral instrument and current cross-border financing issues.

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Individual sessions

SME cases update

Author(s):  Robyn Jacobson

This paper covers:

  • individuals - residency
  • personal services income
  • capital gains tax
  • deductions
  • Division 7A
  • foreign income tax offsets.
Materials from this session:

Corporate cases update

Author(s):  Claire Nicholson

This paper covers:

  • Glencore Investment Pty Ltd v Commissioner of Taxation of the Commonwealth of Australia [2019] FCA 1432
  • Victoria Power Networks Pty Ltd v Commissioner of Taxation [2019] FCA 77
  • Commissioner of Taxation v BHP Billiton Ltd [2019] FCAFC 4
  • Glencore International AG v Commissioner of Taxation [2019] HCA 26
  • Anglo American Investments Pty Ltd (Trustee) (No 2) v Commissioner of Taxation [2019] FCA 1028
  • law companion rulings
  • taxation rulings.
Materials from this session:

Professional firms - A history of the technical landscape

Author(s):  Adam Dimac,  Andrew O'BRYAN

This paper covers:

  • Everett (February 1980)
  • IT 2330 - income tax: income splitting (June 1986)
  • Galland (December 1986)
  • IT2501 - Income tax: assignment of partnership interests (October 1988)
  • IT2503 - Income tax: Incorporation of medical and other professional practices (November 1988)
  • IT 2540 - Income tax: capital gains: application to disposals of partnership assets and partnership interests June 1989).
Materials from this session:

M&A: Is it safe to go back in the water?

Author(s):  Enzo COIA,  Anna Williams

This paper covers:

  • why did we get out of the water?
  • what are the new emerging dangers?
Materials from this session:

SME M&A update

Author(s):  Daniel Burt,  Stuart Dall

This paper covers:

  • look through earn-out rights
  • apportionment of sale proceeds
  • unit-for-unit exchanges and PCG 2016/16
  • the value (if any) attributable to tax losses.
Materials from this session:

Legal professional privilege

Author(s):  Amber Agustin,  Fiona Knight

This presentation covers:

  • principles of LPP
  • recent development: Glencore International AG & Ors v Commissioner of Taxation [2019] HCA 26
  • complex and unresolved issues concerning LPP
  • key concerns: Commissioner's perspective and experiences
  • key concerns: Lawyers' perspective and experiences.
Materials from this session:

ATO and large corporates

Author(s):  Chris Ferguson

This presentation covers the latest developments in respect of the ATO’s compliance strategy and tax administration of corporates.

Materials from this session:

ATO – Current issues for private groups

Author(s):  Anna Longley

This presentation covers:

  • private groups contribution
  • the private groups population
  • risk cluster approach
  • private wealth risk clusters
  • Division 7A
  • extinguishing a UPE.
Materials from this session:

Unintended consequences: Think twice about family law

Author(s):  Tracey Dunn,  Helen Suke

This paper covers:

  • leading authorities – family law
  • capital gains tax (‘CGT’) rollovers
  • deeming provisions – Section 103-10 ITAA 1997
  • Division 7A.
Materials from this session:

Foreign resident capital gains withholding – 3 years on – Where are we now?

Author(s):  David Earl,  Lynn KOH,  Tim Lewis,  Jake Selleck

This paper covers:

  • the foreign resident capital gains withholding (FRCGW) regime
  • practical considerations and application to certain transactions.
Materials from this session:

Australian residents, foreign trusts and foreign funds – The new black!

Author(s):  Neil Brydges

This paper covers:

  • who is an Australian resident?
  • what is a foreign trust?
  • a trust ceasing or becoming an Australian resident
  • taxing Australian beneficiaries of foreign trusts
  • foreign currency bank accounts
  • civil law entities
  • withdrawing entitlements from foreign pension (superannuation) funds.
Materials from this session:

Division 7A – A new frontier

Author(s):  Michael PARKER

This presentation covers:

  • history
  • Board of Taxation
  • consultation paper – simplified loan rules
  • consultation paper – transitional rules
  • forgiveness of loans
  • UPEs under sub-trust arrangements.
Materials from this session:

State taxes update

Author(s):  Nicholas Clifton

This paper covers:

  • State Taxation Amendment Act 2019 (Vic)
  • duty on fixtures
  • economic entitlements
  • corporate reconstruction duty
  • foreign owner surcharges
  • land tax – principal place of residence – contiguous lots
  • State Taxation Acts Further Amendment Bill 2019.
Materials from this session:

Individual tax residency

Author(s):  Julianne JAQUES

This paper covers:

  • significance of determining individual residency
  • individual residency – the legislation 
  • legislative history
  • Harding v Commissioner of Taxation [2019] FCAFC 29
  • the Commissioner’s opinion
  • the first test: the ordinary meaning of “resides”
  • the second test: domicile and permanent place of abode.
Materials from this session:

Director’s liability

Author(s):  Tamara CARDAN,  James Donoghue

This paper covers:

  • overview of the DPN provisions
  • Division 269 - DPN provisions in detail
  • further provisions impacting directors.
Materials from this session:

Super death benefits and conflicts of interest – The latest battleground

Author(s):  Philip BRODERICK

This paper covers:

  • control cases
  • BDBN challenge cases
  • conflict of interest cases
  • discretion challenge (claim staking) cases.
Materials from this session:

Corporate tax residency: State of play

Author(s):  Denise HONEY

This paper covers:

  • corporate residency – Basic tests 
  • incorporation test 
  • voting control test
  • management and control test
  • consequences of Australian tax residency
  • tax treaty implications.
Materials from this session:

Research and development tax incentive (RDTI) update

Author(s):  Chris Vittas

This paper covers:

  • recent cases’ (and not so recent) – a common theme
  • record keeping (and tax audit experiences) – another common theme.
Materials from this session:

How taxpayers can discharge their burden of proof

Author(s):  Gareth Redenbach

This paper covers:

  • the onus of proof following the Cassaniti decision
  • the burden of proof in tax cases
  • the facts, submissions and decision in Cassaniti
  • implications of the decision in Cassaniti.
Materials from this session:

Estate planning: Not an exercise just for the rich and famous

Author(s):  Nathan Yii

This paper covers:

  • estate planning and “four worlds”: prevention is better than a cure
  • ownership structure
  • what is a testamentary trust?
  • the family home: asset protection and maintaining the Division 118 main residence exemption on death taxation advantages of testamentary trusts
  • structuring testamentary trusts to protect vulnerable beneficiaries
  • other benefits of testamentary trusts: Bankruptcy & family law.
Materials from this session:

Transfer pricing update

Author(s):  Michael JENKINS,  Jessica Uchida

This paper covers:

  • compliance issues and the use of PCGs
  • justified trust initiatives
  • APA program status
  • other recent developments.
Materials from this session: