5th Annual Small Business Tax Essentials
With the vast majority of businesses in Australia being small businesses, you need to be prepared to provide up to date and expert advice to small business clients. That means being across the game changing developments stemming from the budget and the election and the Banking Royal Commission. Eleven 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.
Description
Attend and earn 7 CPD Points/Hours
Chair: Simon How, Partner, Taxation Consulting, Bentleys SA
LATEST TAX UPDATES
9.00am to 9.30am: 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 what the government is focusing on, its intentions, and how this will impact your clients and their interactions with the ATO.
Presented by Sam Simpson, National Director, Integrated Compliance, ATO
9.30am to 10.15am: Some Recent Tax Cases, Rulings and Budget Changes
In one session you will catch up on recent and important decisions affecting tax practice, 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 Bernie Walrut, Barrister, Murray Chambers
10.15am to 10.30am Morning Tea
10.30am to 11.20am: 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 Brad Simpson, Tax Director, Commercial & Legal
11.20am to 12.10pm: Small Business Restructuring: Practical Guidelines
As a business grows, owners find themselves restrained by structures that are no longer appropriate or meet their needs. Focus on ways to restructure your client's business and ensure they are best placed to maximise growth opportunities.
- The availability of rollover relief to facilitate a move to a more appropriate business structure, whilst managing tax and duty consequences
- Using the small business concessions to restructure
- Tips and traps that often arise when restructuring
Presented by Andrew Burns, Manager, HLB Mann Judd
12.10pm to 1.00pm: Tax Tips and Traps on Profit Allocation for Professional Firms
The ATO has suspended its 'Assessing the Risk: Allocation of profits within professional firms' guidelines. Explore this development by examining:
- The reasons the Guidelines were suspended
- What happens to arrangements for the 2018, 2019 and subsequent income years
- Whether the safe harbours in the Guidelines are still useful even in there suspended state
- The cases that help determine appropriate allocations of profit
Presented by Craig Stone, Associate, Hood Sweeney Accounting & Business Advisory
Prepared by Fletch Heinemann, Partner, Cooper Grace Ward Lawyers
1.00pm to 1.45pm Networking Lunch
PRACTICAL TAX SOLUTIONS FOR SMALL BUSINESS
1.45pm to 2.35pm: Year End Strategies with a Trusts Focus: Don't Leave it Until the End
- Getting trust distributions right
- What does the trust deed require?
- Satisfying the ATO standards
- Beneficiaries and 'subsidiary' trusts
- Bamford, streaming and specific entitlement
- Issues with companies and partnerships
- Is there anything that needs to be done?
- What can be done if we get it wrong?
Presented by Clifford Hughes, Principal, Clifford Hughes & Associates; Accredited Specialist in Tax Law and Business Law
2.35pm to 3.25pm: 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
- Case studies (war stories)
Presented by Michael Butler, Partner and Liyao Wang, Lawyer, Finlaysons
3.25pm to 3.40pm Afternoon Tea
3.40pm to 4.30pm: Dealing with the ATO Enquiries and Managing 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, including:
- 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 Ben Wilson, Partner, CCK Lawyers
4.30pm to 5.15pm: INSIGHTS FOR ACCOUNTANTS FROM A FAMILY LAW EXPERT: What Accountants Need to Know about Small Business Owners and Family Law
- Why you need to keep updated about your client's personal situation
- The determination of the pool for a property settlement: What is property (or not) and what does the Court accept as a liability?
- Disclosure obligations of the parties (and their accountants)
- Third party orders and the Family Court: Can the Court really transfer debts or tax liabilities between the parties?
- Exploring settlement options
Presented by Rosie Cardone, Principal, Cardone & Associates
5.15pm Closing Comments by the Chair
Venue
Stamford Plaza Adelaide Hotel
Level 2, 150 North Terrace
Adelaide 5000
SA
Australia
Presenters
Chair: Simon How
Simon How is a Partner in Bentleys SA tax practice. Simon has over 20 years experience providing income tax advice to clients in a wide range of industries including Property, Consumer markets, Financial services and Energy & Natural Resources. Simon has broad experience advising on a range of tax issues including international taxation, tax consolidation, private group and financing issues and has assisted clients in relation to various structuring opportunities. Simon was previously a director with the KPMG Corporate Tax team (14 years) after 5 years working with Bentleys Canberra and before that 3 years with the Australian Taxation Office.
Sam Simpson
Sam is a National Director in the Australian Taxation Office (ATO) and is responsible for the Phoenix Taskforce within the Integrated Compliance business line. Within the ATO this role includes responsibility for nine integrated compliance teams focused on applying broad-ranging compliance activities aimed at reducing the incidence and impact of illegal phoenix activities. External to the ATO, Sam manages the collaboration of the 33 other State and Federal member agencies of the Phoenix Taskforce who seek to share information and coordinate activities to tackle illegal phoenix behavior. Sam joined the ATO in January 2000 in the Goods & Services Tax area where he was predominately responsible for auditing large business before transitioning into strategy and senior management roles. He has implemented, provided leadership, oversight and developed cross-government governance arrangements for multiple joint agency taskforces. Key programs include the Criminal Asset Confiscation Taskforce and the Serious Financial Crime Taskforces. Prior to joining the ATO he held a number of accounting roles with organisations such as Ernst & Young, Community Business Bureau and an apartment and property development businesses.
Bernie Walrut
Bernie Walrut has practiced as a commercial lawyer in Adelaide and briefly in Queensland since 1974. He currently practices as a barrister, whilst he primarily undertaking advice work, he does appear in the Supreme Court, Federal Court and tribunals in taxation and valuation matters. In recent years his work has been predominantly taxation, trusts and estates, succession planning, commercial and valuation matters and some major commercial and infrastructure projects. Bernie holds an LLB from the University of Adelaide, Masters degrees in Aquaculture, Information Technology, Taxation and Law from various Australian Universities and a PhD from the University of British Columbia. Bernie regularly gives presentations on taxation, property and trust matters. Bernie also has an interest in the development of the concepts of property particularly in its application to taxation, the ownership of animals and the developing rights in fisheries and aquaculture. He has given various presentations both in Australia and overseas on these topics.
Brad Simpson
Brad Simpson is a director at Commercial & Legal and leads the firm's tax advisory group. He specialises in income tax, international tax, and stamp duty with a focus on delivering high value advisory services to small and medium businesses in the South Australian market. Brad has significant experience providing tax advisory services to family business, small and medium corporates, and the not-for-profit sector across a range of areas including acquisitions and restructures, capital structuring, inbound and outbound investment, and succession planning. Prior to joining Commercial & Legal, Brad worked in KPMG's corporate tax division, both in Adelaide and Melbourne. He is a Chartered Tax Advisor and a member of Chartered Accountants Australia and New Zealand.
Andrew Burns
Andrew Burns provides expert tax consulting and business services advice to his clients across a range of industry sectors. Andrew has expert knowledge in a full range of tax matters, including income tax, FBT, GST, payroll tax, stamp duty, land tax and superannuation. He provides advice in relation to international tax issues, salary packaging, business and investment structures, as well as ongoing or one-off transactions. Andrew is highly regarded in the industry, being a regular contributor on taxation at conferences and in papers. Andrew has worked with sectors such as government, ASX-listed companies, wine, agribusiness, water, and not-for-profit. In addition, Andrew has more than 15 years' experience assisting the family business sector in SA.
Craig Stone
Craig Stone is an Associate in Accounting & Business Advisory services and responsible for the management of superannuation services at Hood Sweeney. With over 16 years' experience, his intimate knowledge of self-managed superannuation funds and their legislative requirements, Craig ensures the professional provision of dedicated services to clients. With their best interests always at heart, he ensures that his clients' superannuation funds remain compliant - a demonstration of his dedication to perfection, ensuring estate planning documentation for clients remains up to date and appropriate to each clients' circumstances, including liaising with various professionals including lawyers and financial planners. Craig is passionate about assisting clients with their superannuation, estate planning and taxation affairs. He aims to improve their situation by minimising tax, simplifying their tax structures and helping them understand the benefits of the strategy that has been developed and implemented on their behalf. Craig is an active participant in various community organisations and he takes pride in sharing his expertise by past lecturing at the Taxation Institute of Australia.
Clifford Hughes
Clifford Hughes consults to legal, accounting and planning practices in respect of taxation, business structuring and succession issues for their clients. He is an Accredited Specialist in Taxation Law, an Accredited Specialist in Business Law and a Chartered Tax Adviser.
Michael Butler
Michael has spent over 25 years working solely in taxation law – he is a true specialist in his field. His deep experience in tax law means he can provide advice that considers each client’s unique situation and suggest tax-effective options and solutions to help clients achieve their commercial goals. Michael’s expertise at state, federal and international levels includes income tax, capital gains tax, GST, WET, fuel tax credits and carbon tax, as well as stamp duty, payroll tax and land tax. Also experienced in international taxation, Michael has assisted a number of Australian and foreign companies with the implementation of international transfer pricing methodologies and advised on the tax and GST implications of operating in Australia. His special interests include property and mining taxation, estate and business succession planning, international tax matters and tax dispute resolution. He has advised a range of clients on the tax and GST implications of property subdivisions and developments, and mining operations and joint ventures, and also helped private clients to deal with the difficult tax and family issues that arise during asset division. Michael has established a truly international tax and revenue practice from his base in Adelaide, servicing clients throughout Australia and all over the world. He provides clear, concise and commercially-focused advice and a high value and responsive service.
Liyao Wang
Liyao was born and grew up in China, and received her education from primary school to post-graduate university in China. She obtained her Bachelor of Laws (International Economic Law) and Master of Laws (Economic Law) at Chinese universities, and later commenced a Doctorate of Civil Law in Germany. Liyao then studied law in Australia, and qualified as a Barrister and Solicitor of the Supreme Court of South Australia. Because Liyao grew up and was educated in China and Germany, and has also studied law in Australia, Liyao understands both the civil law and common law systems. Liyao is therefore uniquely placed to provide legal and commercial advice. Liyao specializes in taxation, cross-border investment, migration, and Chinese legal matters generally.
Ben Wilson
Ben was admitted to practice law in 2001 and appointed a partner in 2008. Ben is an excellent lawyer, highly regarded in tax circles and an experienced adviser on corporate and commercial transactions and private wealth and estate planning matters. He advises on all aspects of taxation and revenue law, including in the context of sales of businesses, restructures, and other corporate transactions. Ben also assists clients with ATO and revenue audits, has prepared and lodged Notices of Objections, applications for private rulings, and has conducted negotiations regarding various tax issues with both the ATO and RevenueSA. Ben is a member of the Law Society of South Australia and a fellow of the Tax Institute. He is a former state chair of the Tax Institute, and its South Australian Professional Development Committee.
Rosie Cardone
Rosie began her legal career in 1975 when the Family Law Act first came into operation. She has seen many changes in Family Law over the years and has gained a wealth of experience in all aspects of family and de facto law and child support. Rosie founded Cardone and Associates in 1994 and is highly respected for the care she takes with her clients and of their matters, for her professionalism and insight into their needs, and the positive manner in which she guides her clients to focus on the important issues. Rosie has particular experience in complex property settlements involving complicated financial structures and in highly sensitive and difficult children’s matters. She is known for her sensible advice, the intelligent manner in which she prepares her clients either for mediation or court, the thoroughness of her documents, her positive attitude, her tenacity and sense of humour. Rosie has been a long-standing member of the Law Society of South Australia and for many years was involved at executive level. She is also a member of the Family Law Section of the Law Council of Australia and has held various mentoring roles in the profession. In recent years, Rosie also obtained certification in High Performance coaching which she offers to executive and professionals who want to avoid jaded Synicil and burnout.