5th Annual Small Business Tax Essentials
Issues covered include: Phoenix business activities, tax case update, historical loans, unpaid present entitlements, small business restructuring, practical tax solutions for small business
Description
The vast majority of businesses in Australia are small businesses, so you better be prepared to provide up to date and expert advice when a small business client comes to you for help. That means being across the game changing developments stemming from the budget and the election. Twelve experts working at the coalface of tax and small business advisory will give you the latest updates and cutting edge strategies on all of the key issues your small business clients will expect you to know.
Attend and earn 7 CPD Points/Hours
This conference was recorded in VIC on 30 May 2019
LATEST TAX UPDATES
Chair: Roelof van der Merwe, National Tax Director, Findex
9.00am to 10.00am: OPENING ADDRESS: Phoenix Business Activities: What Attracts the Commissioner's Attention?
With the ATO's recent concentration on the cash economy, fraud, and phoenix companies, it's critical that tax professionals get up to date on the whole-of- government approach to illegal phoenix activity, the Phoenix Taskforce, what the Commissioner is focusing on, and how this will impact your clients and their interactions with the ATO.
Presented by Vince Lagana, Director, Integrated Compliance, ATO and Anna Wilson, Barrister, Foley's List
10.00am to 10.45am: Tax Case Update: The Latest Decisions and the Impact on Your Practice
In one session you will catch up on recent and important High Court decisions, examine the key takeaways of recent ATO rulings, guidance and releases, and get up to date on hot topics, trends and recent developments so you'll be prepared to advise your clients with the latest information and strategies.
Presented by Simon Tisher, Barrister, Foley's List
10.45am to 11.00am Morning Tea
11.00am to 11.55am: Dealing with Historical Loans and Unpaid Present Entitlements in the Changing Division 7A Landscape
The long-awaited amendments to Division 7A are proposed to start on 1 July 2019. They represent a significant change to how taxpayers will need to manage their Division 7A loans and unpaid trust present entitlements (UPEs), and in particular quarantined loans and pre-2009 UPEs. Examine the impact of these changes and explore practical case studies demonstrating potential strategies going forward.
Presented by Jacci Mandersloot, Director, MC Tax Advisors
11.55am to 12.50pm: Small Business Restructuring in the Shadows of a Federal Election
Small business taxpayers have several different options to choose from when restructuring (or selling) a business. These options include rollovers and the small business CGT concessions. This presentation will consider, all in the shadows of a Federal election and the possible changes that will bring:
- When one type of relief may be preferred over the other
- What attracts the ATO's attention and what can be done to minimise that risk
- How to have the greatest chance of success if selected for a review or audit
- How to not inadvertently trigger a liability for duty
Presented by Neil Brydges, Principal Lawyer and Denise Tan, Senior Associate, Sladen Legal
12.50pm to 1.35pm Networking Lunch
PRACTICAL TAX SOLUTIONS FOR SMALL BUSINESS
Chair: Theodora Elia-Adams, Partner, Taxation, EY
1.35pm to 2.30pm: Tax Effective Structuring Strategies for Asset Protection: Managing Business Owner Risks
- Main business structuring choices available
- Key factors to consider when business structuring: it's not always about tax!
- Key asset protection principles
- Tax effective restructures to fix heritage issues or to get to a more appropriate structure
Presented by Ross Higgins, Partner, Private Advisory, Mills Oakley
2.30pm to 3.20pm: Year End Strategies with Trusts Focus: Don't Leave it Until the End
- Increasingly common trips and traps
- 'Standard' form distribution minutes: yes that old bugbear again
- Beneficiaries: know who is and who may not be a beneficiary
- Notional Settlors, and other excluded beneficiaries
- Requirement to appoint or nominate beneficiaries
- Default beneficiaries and ability to accumulate
- Consider perpetuity periods and distributions to 'subsidiary' trusts
- Distributions:
- Getting the timing right
- Income vs capital
- Case study of how it can all go wrong: it's not just the tax consequences at risk
Presented by Paul Goldin, Principal, Vectigal Legal
3.20pm to 3.35pm Afternoon Tea
3.35pm to 4.25pm: Dealing with the ATO Audits, Enquiries and Tax Disputes
Acting for clients who are targeted by the ATO or state revenue offices can be high stress and high risk, particularly if there is a lot at stake. Look at practical issues that commonly arise for taxpayers and advisers.
- Understanding what the ATO is looking for
- Scoping enquiries and issues in dispute
- How to prepare an objection or pursue an appeal
- Balancing dispute costs against prospects of success
- The onus of proof
- Exploring settlement opportunities
Presented by Damian O'Connor, Managing Principal, Tax + Law; CTA
4.25pm to 5.15pm: INSIGHTS FOR ACCOUNTANTS FROM A FAMILY LAW EXPERT: What Accountants Need to Know about Small Business Owners and Family Law
- Why do you need to keep updated with your client's personal situation?
- The issue of using retained company earnings to pay out a spouse in a family law settlement and the tax consequences
- Payments to a spouse who do not work in a business but still claimed as a salary expense, particularly post separation of the parties
- The ability of the Family Court to make orders in family law proceedings transferring tax or other debts between spouses
- How the binding order made by the Family Court could adversely affect a third party to the marriage such as a business partner, co-director or shareholder, etc.
Presented by Rose Lockie, Partner, Gadens
5.15pm Closing Comments by the Chair
Venue
Rendezvous Hotel Melbourne
Level 1, 328 Flinders St
Melbourne 3000
VIC
Australia