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VIC Tax Forum

Published on 26 May 2022 | Took place at Crown Conference Centre & Online, National

The Tax Institute have once again gathered some of the greatest minds in the industry and with the help of the organising committee, have put together another fantastic forum tackling issues that are front of mind such as:

  • Justin Dearness, Australian Taxation Office; Paul Sokolowski, CTA, Arnold Bloch Leibler and Yina Tang, CTA, Pitcher Partners discussing their views on the recently published s100A and Div 7A ATO guidance materials with some insight into how this affects taxpayers and what practitioners should be aware of
  • Cryptocurrency and digital assets as a whole is already a major investment type and strategy. Yet when it comes to understanding the tax consequences of such investments, most would say it is still largely ‘untested’. Join us for a two session breakdown of Blockchain, Cryptocurrency and NFTs
  • Build to rent – a fast growing investment choice of developers but what does it really mean and what are the tax issues that developers should be aware of? Matt Ervin, KPMG and Rebecca Lawrence, CTA, KPMG who specialise in this space will share some of their insights
  • Additionally, we are pleased to include an array of exceptional keynote speakers including: Bernard Salt AM, The Demographics Group; Kirsten Fish, CTA, Second Commissioner for Law Design and Practice, Australian Taxation Office and Karen Payne, CTA, Inspector-General of Taxation and Taxation Ombudsman.

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Individual sessions

ATO – What’s happening in the SME space?

Author(s):  Kelly Canavan,  Moira MERRICK

This presentation covers an update on what we consider are our current priority risks for the Private Groups’ sector. We will also share our key findings from our programs of work, including the trends and the emerging risks we are identifying; and the quintessential arrangements that impact private groups.

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Tax and trusts – the topic that keeps on giving

Author(s):  Philip Bender

This paper covers:

  • UPEs to private companies and Div 7A (TD 2022/D1)
  • Section 100A developments (Guardian’s case; TR 2022/D1; PCG 2022/D1; TA 2022/1
  • Disclaimers
  • Court jurisdiction to explore vesting issues
  • Consequences of trust vesting – TR 2018/6
  • Settlements of trust
  • Duty/CGT triggering events
  • Extending the vesting date – or maybe not?
  • Variation of trust deeds after vesting date (Re McGowan & Valentini Trusts [2021] VSC 154).

 

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Tax issues for small scale property developments

Author(s):  Rajan Verma

This paper covers some practical case studies of such developments and the potential taxation issues faced.

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Build to Rent

Author(s):  Matt Ervin,  Rebecca Lawrence

This paper covers a work through a series of practical examples to explore the GST and income tax outcomes of these projects.

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Intergenerational wealth transfer

Author(s):  Bernie O'SULLIVAN,  Will Monotti

This paper covers:

  • Key changes in the landscape of intergenerational wealth transfer in recent years
  • Understanding your client’s structure, where control lies and what assets are actually owned
  • Protecting wealth from relationship breakdowns down the lineal line
  • Transitioning control of the family business – particularly when it operates via trusts and
  • Gift and loan back – a viable strategy?
Materials from this session:

International tax and Intellectual Property

Author(s):  Chris Ferguson,  Rachel Sciascia

This presentation covers:

  • The ATO’s focus on intangibles and associated public guidance
  • Aligning both the legal and tax aspects of intangible arrangements
  • The need for documentation and systems that effectively identify intangible assets and reflects the substance of intangible arrangements 
  • Practical steps to be implemented to ensure reporting obligations are met and ATO concerns are adequately addressed now and in the future.
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Back to basics – Blockchain, Cryptocurrency, and Non Fungible Tokens (NFTs)

Author(s):  John BASSILIOS,  Adam Dimac

This presentation covers a beginner’s guide to blockchain, cryptocurrency, and NFTs and a Tax 101 to equip advisers with the basic understanding and terms you need to know.

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Corporate cases update

Author(s):  Anna WILSON,  Anthony BRADICA

This paper covers selected recent court and tribunal decisions and their implications, as well as ATO rulings on issues that are of particular relevance to corporate taxpayers.

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NALE/NALI

Author(s):  Shaun Backhaus,  Daniel BUTLER

This paper covers:

  • NALI/NALE – the key risks and latest developments
  • What might be covered by the proposed legislative re-write
  • Recent ATO clarification on certain LRBAs in PCG 2016/5
  • NALE with specific expense versus general expense nexus
  • What services provided to an SMSF or a unit trust will give rise to NALI and
  • How to minimise risks with discount policies.
Materials from this session:

Employee contract distinction – employment tax case, payroll tax, superannuation

Author(s):  Iona Goodwin,  Melinda Bell,  Anthony BRADICA

This paper covers:

  • The practical implications arising from the High Court decisions
  • How the decisions, combined with other legal developments, will impact particular industries (including the gig economy)
  • Assessing the impact for business, including on historical arrangements and
  • The taxation implications of the decisions, including PAYG withholding, superannuation and payroll tax.
Materials from this session:

Why corporates should engage with tax corporate governance

Author(s):  Megan Bishop,  Sue WILLIAMSON

This paper covers:

  • Tax gap and tax landscape – how the tax compliance landscape is changing to prevention rather than correction and where tax corporate governance sits in that landscape
  • How having a tax corporate governance framework can assist in internal and external stakeholder management
  • What the ATO’s expectations are including analysing justified trust review outcomes and updated guidance for policies and controls testing
  • Tips for designing an effective tax corporate governance framework
  • Living tax corporate governance – implementation and controls testing.
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High wealth private group ATO reviews: Top 500, Next 5,000 and the next 180,000

Author(s):  Paul HOCKRIDGE

This paper covers:

  • Who is targeted in each review program and the concept of justified trust
  • How the ATO approaches these reviews and key issues they particularly focus on
  • What the ATO are finding from completed reviews
  • How to make written tax governance frameworks practical and affordable for small private groups
  • What advisers should do when notified of an ATO private group review
  • Evidence gathering, risk identification and voluntary disclosures and
  • How an adviser can escalate matters if they are unhappy with the ATO’s conduct during a review.
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Division 7A – the landscape shifts again

Author(s):  Arthur ATHANASIOU

This paper covers:

  • Interprets the circumstances when a company will provide ‘financial accommodation’ to a trust
  • Affects company sub-trust arrangements, including those that were previously endorsed by the Commissioner in Taxation Ruling 2010/3 and Practice Statement PSLA 2010/4
  • Changes the Division 7A treatment of UPEs owing to companies 
  • Might interact with the ‘targeted amendments to Division 7A’ which were originally announced by the Government in the 2016-17 Budget.
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Outcomes from the Federal Election

Author(s):  Julie Abdalla,  Robyn Jacobson,  Andrew MILLS,  Scott TREATT This video covers the significant issues and key measures that will affect you and your clients.

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Tax Policy and Advocacy Update

Author(s):  Julie Abdalla,  Robyn Jacobson,  Scott TREATT This video covers an update from the tax policy and advocacy team.

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