Tax Traps Mini Series
Find out what the hot spots for this year will be, enhance your skills in managing tax disputes and learn how to handle bad debts and debt forgiveness in a post COVID-19 world. 3 hours well spent.
Description
Attend and earn 3 CPD hours
FASEA CPD Categories
Estimated 3 CPD hours in Technical Competence
If you register for the full series as a live online product after the date of an individual session, you will be sent the recording for the sessions that have passed. Alternatively, you can register for individual sessions by following the links below.
Session 1
Friday 5 February 2021
With so much change to keep on top of lately, you may have not be fully aware of the New Loss Carry Back Rules or the Instant Asset Write-Off Rules that were rushed through Parliament, or the opportunities they provide for your clients. Businesses with aggregated annual turnover of less than $5 billion can carry back losses from the 2020, 2021 and 2022 income years to offset previously taxed profits in the 2019, 2020 and 2021 income year. In addition, they can claim an immediate deduction for depreciating assets acquired after Budget night until 30 June 2022. This session explores what opportunities this provides for your clients while the new measures are in place.
10.30am to 11.30am Loss Carry Back Rules and Instant Asset Write-Off Rules: Insights and Opportunities
- Conditions that must be met
- Dealing with tax losses
- Calculating the tax offset
- The assets that do and don’t qualify for the immediate deduction rules
- How the rules apply to assets that are subject to a depreciating asset lease
- Grouping rules and timing rules
- Insights and opportunities
Presented by Gary Poon, Partner, Tax, BDO
Register here for Session 1 only
Session 2
Friday 12 February 2021
The ATO Justified Trust program for the Next 5000 Private Groups commenced in November 2020. If you’ve received a letter, or soon expect to, you will need to know the implications and how to respond. Join us for this convenient 1 hour webinar from David Prichard at ESV Business Advice and Accounting, for his practical guidance on love letters from the ATO.
10.30am to 11.30am Love Letters from the ATO: Responding to the Justified Trust Next 5000 Program
- The ATOs Justified Trust Next 5000 Program: What’s happening and why?
- How to respond if you receive a letter?
- Pulling paperwork and preparing for review
- Voluntary disclosure
- Interacting with the ATO: What do they really want?
Presented by David Prichard, Partner, ESV Business Advice and Accounting
Learning Objectives
- Understand the ATOs Justified Trust Next 5000 program and what it means
- To obtain clear guidance on what to do if you receive a letter from the ATO as part of the Justified Trust Next 5000 program
- Improve interactions with the ATO to ensure you are providing the information they are seeking
Register here for Session 2 only
Session 3
Friday 19 February 2021
Examine the ATO dispute lifecycle and explore both the legal and practical issues that privately owned and wealthy groups ordinarily face when dealing with the ATO.
10.30am to 11.30am Tax Disputes and Dealing with the ATO
- Risk Reviews: What is the Commissioner’s current practice in targeting privately owned and wealthy groups?
- Audit process management: How extensive are the Commissioner’s powers when it comes to information gathering?
- Objections: What are the legal restraints that are imposed by the Tax Administration Act 1953 on a taxpayer’s ability to object against a tax assessment?
- Appeals or Settlements: What appeal processes or otherwise alternative dispute resolution mechanisms are available to taxpayers?
Presented by Jonathan Ortner, Partner and Micaela Bernfield, Lawyer, Arnold Bloch Leibler
Learning Objectives
- Understand the lifecycle of an ATO dispute
- Learn where the ATO is focusing their attention in 2021
- Consider objections, appeals and settlements and the processes for each
Register here for Session 3 only
Presenters
Gary Poon
Gary Poon is a highly experienced Partner in BDO’s Melbourne Tax Team, with 15 years of experience in the tax profession.
Gary has experience in advising government and corporate clients on various tax matters, but his passion lies in complex transactions. Gary takes great pleasure in advising businesses on structuring of investments and restructures for tax-effective divestment of assets, held by both local and foreign shareholders. Gary is known for his interest and experience in the agribusiness industry. Gary’s strengths lie in his attention to detail and his methodical approach to taxation issues. He is highly regarded by his peers for his strong technical skills. Gary has contributed written articles to Bloomberg and Tax & Super Australia, and has presented at various tax discussion groups and forums over the years.
David Prichard
David leads ESV’s Tax Consulting practice and is a market leader in providing taxation services to large and mid-sized businesses, family groups and high net wealth individuals. He has over 25 years’ experience in the provision of taxation services including time at the ‘Big 4’ accounting firms in the UK and Australia and an ‘in-house’ stint at one of Australia’s largest FMCG companies.
David has extensive experience working with clients in a wide variety of industries including manufacturing and distribution, FMCG, IT and technology, professional services, energy, resources and property. He also works closely with the ESV Forensic team, providing expert reports in support of various matters.
By taking the time to build a close working relationship, David develops a deep understanding of clients’ objectives and issues before delivering practical and timely advice based on his commercial experience.
David is a Chartered Tax Adviser, Fellow of The Chartered Institute of Taxation (UK), and is an Affiliate member of Chartered Accountants Australia and New Zealand. He has also been a speaker on technical matters for the Tax Institute.
Jonathan Ortner
Jonathan Ortner is a partner in the firm’s taxation group and practices in all areas of direct and indirect tax with a particular focus on the taxation of trusts and corporate income tax and mergers and acquisitions. Jonathan has also advised extensively on cross-border taxation issues; employment taxes, including the tax treatment of employee share schemes, termination payments and fringe benefits; and the GST implications of transactions and dealings in the development of property. He has particular experience in dealing with the Australian Taxation Office on complex tax issues in a dispute resolution context. In 2017, Jonathan won 'Emerging Tax Star' in the Tax Institute's "Tax Adviser of the Year" Awards and was a finalist in the 2018 Lawyers Weekly “30 Under 30 Awards” in the Tax category.
Micaela Bernfield
Micaela Bernfield is a lawyer at Arnold Bloch Leibler. Micaela advises across a wide range of taxation matters with a particular focus on tax residency, corporate and international tax, taxation of trusts, GST and tax controversy matters. Micaela has managed all stages of the ATO tax dispute lifecycle, from audits and reviews to objections and appeals.”