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Yarra Valley Tax Retreat
Published on 21 Jul 2022 | Took place at RACV Healesville Country Club & Resort, VIC
This event covered some of the following topics:
- Setting up your structure – considerations when commencing a new business
- Main residence exemption: is it the devil or an angel in the details?
- Property investment and diversifying wealth
- When divorce rears its (potentially) ugly head – managing tax issues that arise in a marriage or relationship breakdown
- Deceased estates and tax-effective estate planning: Some key issues
- Divorce, death and super – how to exit an SMSF
- Death and divorce
- Division 152
- How we all became the Brady Bunch! Navigating tax, super and structuring issues for blended families
- When it all needs to come undone – Dismantling structures
- The pros and cons of different structures
- Asset protection and income splitting
- Exit and / or bringing in outside investors and;
- Employee issues including incentives.
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- Deriving income from a main residence
- Demolishing and rebuilding
- Relationship breakdowns
- Asset protection
- Succession and deceased estate issues and;
- Foreign residents
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- State Taxation considerations and potential concessions
- Whether the activity amounts to a hobby or a business
- CGT and active asset considerations
- Primary production concessions and;
- Structuring considerations
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- CGT and stamp duty on property settlements and transfers of business and investment assets
- Capital allowance and trading stock rules
- Subdivision 126-A rollovers – elements and consequences
- Tidying up loan accounts and unpaid present entitlements – dealing with debt forgiveness, accrued losses, Division 7A, and section 100A (particularly the exception for ‘ordinary family dealings’)
- Trust splitting and other family trust issues
- Child maintenance trusts and;
- Potential professional conflicts for advisors who have previously worked for both partners, or for the business entity/group
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- Management of the final year, deceased estate and testamentary trust tax returns
- Treatment of income and expenses, and capital gains including the Div 128 CGT rollover
- Thinking of community: charitable giving on death and;
- The interaction of estate planning with various assets and entities, including succession planning for businesses
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- Options and procedural requirements for exiting a member on divorce
- Liquidity issues and in specie transfers from SMSFs in the context of death and divorce
- Key steps on death of a member, including super law requirements and practical considerations and;
- Tax considerations in relation to payment of death benefits
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- CGT concession stakeholders
- Considerations that arise in respect of exiting stakeholders
- The use of the concession when restructuring follows a family split
- Other common traps encountered and what you can do to support claims and;
- Interaction with CGT rollovers – particularly under subdivision 126-A
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- Who has control of family wealth through their roles as directors, shareholders, trustees, appointors, beneficiaries, and SMSF members?
- Is there an imbalance of power or sibling rivalry tied up with the business or extraneous to it?
- Who works in the business? Are they being appropriately compensated or are they pumping their earnings back into the business? Are some family members slogging it out in the business whilst others are simply along for a ‘free ride’?
- What issues can arise when a client puts everything into their business, leaving no assets that can be dealt with separately?
- What issues can arise in relation to trust distributions?
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- Exiting stakeholders and structures, including the impact that this can have on the tax profile of family entities
- Extracting personal wealth and assets from an entity upon or in the lead-up to retirement
- Separating out one or more businesses and / or investments between family members or entities
- Transferring assets to related family entities
- Application of the share buy-back provisions
- Funding succession / transition; and
- Earn-out arrangements
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Get a 20% discount when you buy all the items from this event.
Individual sessions
Setting up your structure – considerations when commencing a new business
Author(s):
Linda Tapiolas
This paper covers:
Materials from this session:
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Main residence exemption: is it the devil or an angel in the details?
Author(s):
Neil Brydges,
Edward HENNEBRY
A person’s main residence in many cases is their most significant asset. The tax concessions available on a main residence are arguably the most generous in the tax legislation. However, in some cases, actions, inactions, or wrong decisions can result in the main residence exemption being lost in whole or part. Against this background, and in the context of the main residence exemption, the presenters address:
Materials from this session:
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Property investment and diversifying wealth
Author(s):
Andrew HENSHAW
In an attempt to diversify their wealth investments coupled with a desire to escape the day to day of their main income activity, clients often invest in subsequent properties/homes. In many cases these include small farms undertaking a certain level of primary production activities. Over the past few years with an increase of remote work and also a desire to get away from the city, such activity has been even more attractive. Along with the many other adjustments to consider, such an investment can give rise to several taxation considerations. This paper explores the various aspects of the taxation implications including:
Materials from this session:
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When divorce rears its (potentially) ugly head – managing tax issues that arise in a marriage or relationship breakdown
Author(s):
Paul HOCKRIDGE
Marriage and relationship breakdowns can cause substantial stress for our clients. Helping them traverse the tax implications along this rocky road can alleviate some stress associated with their separation and the division of their assets. Paul draws from his expertise and experience in navigating this course with his clients, and provide insight for practitioners to comfortably guide their clients through issues including:
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Deceased estates and tax-effective estate planning: Some key issues
Author(s):
Miranda STEWART
Effective estate planning can be achieved only with a thorough understanding of the tax consequences of death. This paper covers some of the key tax issues that should be considered when embarking on estate planning for your clients, including:
Materials from this session:
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Divorce, death and super – how to exit an SMSF
Author(s):
Philippa Briglia,
Philip BRODERICK
Exiting an SMSF can have its challengers, particularly as a result of a divorce or death. In this paper, Phil and Philippa address these issues including:
Materials from this session:
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Division 152
Author(s):
Michael PARKER
Where they apply, the small business tax concessions are generous. But determining eligibility is often complex; more so now than ever with recent changes to the rules meaning extra tests that need to be met in some cases. Claims are also attracting ATO attention with justified trust programs having revealed to the ATO that some ineligible businesses have mistakenly claimed, triggering this to become a current area of ATO review focus. Against that background, in this paper Michael addresses:
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How we all became the Brady Bunch! Navigating tax, super and structuring issues for blended families
Author(s):
Leanne Connor
Relationships can cause friction and issues that call for practical resolutions to enable a family business to thrive. The delicate balancing act is often even more fragile for clients who re-partner and create blended families. Practitioners need to be attuned to possible issues and provide practical solutions to handle clients’ second or third marriages, especially when there are children from different relationships. We need to consider numerous factors, such as: Leanne shares her wealth of experience to provide insight for practitioners to apply in helping our own clients navigate the minefield and accommodate various family members in a balanced and equitable manner. This practical session will focus on how to handle blended family matters, as demonstrated through the use of real-life examples to highlight the issues and provide potential solutions.
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When it all needs to come undone – Dismantling structures
Author(s):
Mark Molesworth
There comes a time when our clients want or need to retire. Some do so by selling their business or handing it down to the next generation and immediately taking on retirement pursuits. Others prefer to transition to retirement gradually, in line with a detailed and gradual succession plan. Either way, their retirement and the succession of the business will have tax consequences that can vary significantly depending on the business structure, tax profile of various assets and taxpayers, and the steps taken to give effect to the succession and retirement. Practitioners should consider the tax implications of likely strategies well before their client begins writing their retirement speech or LinkedIn post. This paper delves into the tax implications arising from the dismantling of structures and the implementation of succession plans for family businesses, including:
Materials from this session:
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