Tax Strategies: Advising Individuals
Issues covered include: wealth accumulation, property tax, insurance payment, cryptocurrency, client's marriage, separations, family and accounting, succession and estate plannning
Description
Every client's situation is unique and they'll expect you to provide expert tax advice tailored to their specific needs. Keep your clients happy so that they return year after year and refer you to others by keeping up to date on the latest tax trends and developments. Explore tax strategies behind various life events and situations your clients will experience, including moving overseas, property investment, Centrelink, cryptocurrency, marriage and separation, and estate and succession planning.
Attend and earn 7 CPD Points/Hours
This conference was recorded in VIC on 31 May 2019
Chair: Daniel Arnephy, Director, Accru Melbourne
WEALTH ACCUMULATION
9.00am to 9.50am: Clients Moving Overseas or Coming Back to Australia? Tax Residency Needs that Must be Considered!
Do you have clients moving overseas to take up employment or start a new business venture? Whether your client is a 'resident’ or a 'non-resident' can profoundly impact how your client is treated under Australian tax law, including what income is subject to tax in Australia and what concessions are available. The question of tax residency is often complex, as it involves complex common law concepts ('resides,' 'permanent place of abode' and 'usual place of abode'). This session explores:
- Tax implications of being a non-resident or a resident
- Tests to determine tax residency and how they're applied
- The 'critical factors' most relevant to deciding residency
- Recent case law and war stories
- Proposals to reform the residency rules
Presented by John Storey, Managing Director and Andrew Henshaw, Director, Velocity Legal
9.50am to 10.50am: Property Tax for Individuals: Poorly Understood Issues Leading to Audit Activity
- Developer or investor: income/capital
- Tips and traps for downsizers
- At arms length or 'as if' at arms length and NALI
- Passive income and active assets
- Section 152-40(4)(e)
- Valuation issues: Decleah Investments (Decleah Investments Pty Ltd and Prince Removal and Storage Pty Ltd as Trustees for the PRS Unit Trust v Commissioner of Taxation [2018] FCA 717)
- Exemptions for 'farmland': land tax and GST
- Partial main residence exemptions and section 118-147
- Substantiation issues: Is five years enough?
Presented by Chris Wallis, Barrister, Greens List Barristers
10.50am to 11.05am Morning Tea
11.05am to 11.55am: Tax, Superannuation and Centrelink Implications after Insurance Payment
- Key superannuation issues: tax components, preservation age, permanent incapacity condition of release
- Overview of personal insurance benefits and claims
- Tax calculation for insurance claimants accessing benefits from superannuation
- Examples of tax calculation errors
- Disability income streams and tax treatment
- Litigated income protection payments and tax
- Centrelink issues that TPD claimants need to be aware of
- Personal injury compensation settlements and tax
Presented by Andrew Reynolds, Principal Adviser, Fitzpatricks Private Wealth
11.55am to 12.45pm: Tax Considerations on Cryptocurrency: What Accountants Need to Know
- Examining blockchain and why it's important for accountants
- Cryptocurrencies: payment, utility, stablecoin, tokenised security, sovereign
- How traditional tax principles interact with cryptocurrencies
- Industry responses to Treasury's ICO Discussion Paper and possible tax proposals
Presented by Jim Koutsokostas, Special Counsel and Joni Pirovich, Lawyer, Hall & Wilcox
12.45pm to 1.30pm Networking Lunch
TAX AND FAMILY LAW
1.30pm to 2.20pm: What do Accountants Need to Know Before a Client's Marriage?
- Impact of marriage on wills
- Trusts and beneficiaries
- Estate planning: prenuptial agreements and protecting assets
- Same sex couples and marriage
- Taxation issues: reassigning debt - Can it be done?
- Case study
Presented by Lee Formica, Partner, Lander & Rogers
2.20pm to 3.10pm: Separations, Family and Accounting: Tax Effective Settlements
- Capital gains tax: Matrimonial liability?
- Division 7A of Part III of ITAA: treatment in family law matters
- Stamp duty exemptions
- GST: Does it apply?
- Practical and in-depth case study
Presented by Paul Fildes, Principal, Taussig Cherrie Fildes Lawyers; Accredited Specialist in Family Law
3.10pm to 3.25pm Afternoon Tea
SUCCESSION AND ESTATE PLANNING
3.25pm to 4.20pm: Multi-Generational Planning and Long Term Tax Saving
- Use of testamentary trusts in planning and the advantages: asset protection and taxation
- Payment of superannuation death benefits in a tax-effective manner
- Dealing with family discretionary trusts and second generation planning: passing control, not the assets
Presented by Nathan Yii, Principal Lawyer, Nathan Yii Lawyers; CTA
4.20pm to 5.15pm: Business Succession on Death, Disablement or Trauma: Plan with the End in Mind
- Where no business succession plan = a business succession plan
- The importance of operating structure
- Valuation considerations
- Insurance funded buy sell agreements
- Stakeholder agreements
- Interplay with estate planning
Presented by Sophie Cohen, Director, Head of Partners Legal, Partners Wealth Group
5.15pm Closing Comments by the Chair
Venue
Rendezvous Hotel Melbourne
Level 1, 328 Flinders St
Melbourne 3000
VIC
Australia