5th Annual Small Business Tax Essentials
The vast majority of businesses in Australia are small businesses and you need to be prepared to provide up to date and expert advice to them. That means being across major Div 7A changes about to come into effect 1 July 2019 and small business structuring and re-structuring tax problems. Six 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 4 CPD Points/Hours
Chair: Jacqui Peachey, Partner, Deloitte Private
8.30am to 9.00am: 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 what the government is focusing on, its intentions, and how this will impact your clients and their interactions with the ATO.
Presented by Jarred Needham, Assistant Director, Integrated Compliance, ATO
9.00am to 9.55am: 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. These represent a significant change to managing Division 7A loans and unpaid trust present entitlements (UPEs), including:
- Simplified repayment terms
- Self-correction mechanism to rectify breaches
- Legislating to bring UPEs into Division 7A
There might also be additional changes arising from the 2018 Treasury Consultation Paper, such as replacing both the 7-year and 25-year loan terms with a standard 10-year maximum term, abolishing the distributable surplus limit on the amount of a deemed dividend, and bringing pre-1997 loans into Division 7A.
Explore the impact of these changes and examine practical case studies to illustrate potential strategies going forward.
Presented by David Montani, National Tax Director, Nexia Australia
9.55am to 10.10am Morning Tea
10.10am to 11.05am: Practical Guideline of Small Business Restructuring
As a business grows, owners find themselves restrained by structures that are no longer appropriate or meet their needs. Explore 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 consequences
- Using the small business concessions to restructure
- Tips and traps which often arise when restructuring
Presented by Tim Poli, Director, Kings Park Legal; CTA
11.05am to 12.00pm: Asset Protection: Structures and Strategies to Build a Moat Around Your Client’s Castle
Asset protection is the process of organising one’s assets and affairs to guard against risks and in advance of any threat. Sources of threats include, but are not limited to, claims by trustees in bankruptcy, obligations imposed on directors, relationship breakdown, business relationship breakdown and claims against an estate following death. This presentation will cover:
- Privacy considerations
- Investment structures: business and intergenerational planning, tax opportunities and strategies when structures are already in place
- Estate structuring and steps to minimise the impact of a contested will
- Bankruptcy, trust structuring and relationship breakdowns
- Family Court considerations, financial agreements
- Case Studies
Presented by Adrian Hanrahan, Financial Adviser, Australian Unity
12.00pm to 12.45pm: INSIGHTS FROM A FAMILY LAW EXPERT: What Accountants Need to Know about Small Business Owners and Family Law
- Communications and privilege: Is your client covered or exposed?
- The duty of disclosure
- The asset pool and corporate structure: hidden gems vs lemons
- Exploring settlement options and expanding the pie
- Documenting and implementing a settlement
Presented by Sam Fahey, Director, FMD Legal
12.45pm Closing Comments by the Chair
Presenters
Chair: Jacqui Peachey
Jacqui Peachey is a Deloitte partner with over 15 years' experience assisting private businesses, family groups and high net worth individuals to manage their accounting and tax compliance obligations and issues related to ownership transfer, exit strategies, management reporting, cash flow analysis and due diligence assignments. Jacqui has worked closely with many families to assist them with all aspects of succession planning and family governance.
Jarred Needham
Jarred commenced in the ATO in 2003 in Client Services and moved to the Aggressive Tax Planning business line in 2007 where he worked as a Litigation Liaison Officer and Tax Technical Leader, providing strategic and technical advice in relation to audits and reviews of taxpayers and promoters involved in tax avoidance schemes in WA, Victoria and Queensland. He moved to the Tax Evasion and Crime area of the ATO in 2014 as an Assistant Director and established the ATO Phoenix Taskforce team in WA and he is still currently in this role
David Montani
David Montani is Nexia Australia’s National Tax Director, providing tax technical and strategic support to Nexia nationally. Prior to this role, David had 26 years of experience in taxation and business advisory, with the last 15 years in specialist taxation consulting, leading Nexia Perth's Tax Consulting Division. Responsible for a team of specialist advisers dedicated solely to business and corporate tax advice, a significant part of David's business was providing advice to other accounting firms on behalf of their clients under the Nexia Tax Alliance. Particular areas of specialty include business restructures, property transactions, Capital Gains Tax, Division 7A and business sales. David's approach is to deliver solutions-based outcomes that assist clients in making important decisions concerning their businesses. He also regularly delivers specialist tax training to member firms of the Nexia Tax Alliance.
Adrian Hanrahan
Adrian is a Certified Financial Planner®, a Qualified Accountant, a Registered Tax Practitioner and a SMSF Specialist Adviser™ that holds degrees in Law, Economics, Financial Planning & Investment Management, as well as specialist qualifications in derivatives. Adrian consults to the Financial Planning Association as a subject matter expert where he assists with the writing and review of course materials and assessments for the Certified Financial Planner® education program. Adrian sits on a number of national committees representing the profession and responding to draft legislation and government consultations on taxation and superannuation law matters. Adrian is a regular contributor to numerous national publications and an experienced presenter to both clients and other professionals.
Sam Fahey
Sam specialises in all areas of family law ranging from simple parenting disputes, to large and complex financial cases. Sam has particular experience and an interest in complex financial cases involving large family businesses and/or farms, third parties, taxation issues and/or international aspects; and cases involving relocation of children, whether internationally, inter-state, or intra-state. Sam was admitted as a barrister and solicitor of the High Court of New Zealand in 2007 and began practicing in a well respected New Zealand law firm principally in the areas of Family Law, Tax and Commercial Litigation. At the end of 2007 the partner who Sam primarily worked under at the time was appointed as a Judge of the Family Court of New Zealand, and in early 2008 Sam then relocated to Perth. On arrival in Perth in 2008 Sam chose to specialise in family law. He was admitted as a barrister and solicitor of the Supreme Court of Western Australia, and the High Court of Australia. He then spent three and a half years working closely with one of Perth’s most prominent Senior Counsel on a number of complex financial matters. Sam became an Accredited Family Law Specialist at the end of 2013. He then completed a Masters of Law (Family Law) at the end of 2014. In 2017, and again in 2018, he was named by Doyle’s Guide as one of Western Australia’s Leading Family Lawyers, and particularly recommended in High Value and Complex Property Matters. Sam has been an active member of the Family Law Practitioners Association of Western Australia for a number of years, including as a member of Council in 2013/2014 and 2017/2018. He is also a member of the Tax Institute of Australia, and an active member of the Law Society of Western Australia, including the Family Law Accreditation Committee. Sam prides himself on taking a ‘solutions focussed’ approach. He works with clients to identify what they want to achieve, and to put in place a strategy to achieve this. Sam is committed to thinking outside the box to resolve disputes in a way that it commercially pragmatic, and cost proportionate.
Venue
Parmelia Hilton
Level 1, Meeting Room, 14 Mill Street
Perth 6000
WA
Australia