National Tax Conference 2011

	Yasser El-Ansary, Tax Counsel – the Institute of Chartered Accountants in Australia
	Valentina Stojanovska, National Manager – Tax, Superannuation and Financial Advisory Services - the Institute of Chartered Accountants in Australia

Hear from the Institute as they welcome delegates, introduce the big topics and set the tone for this big event.

The Hon Bill Shorten MP will take the audience through the Labor Government’s tax policy agenda and outline his plans for an improved and simplified tax system that is capable of meeting the future challenges confronting our nation.

Dr Neil Warren, Professor of Taxation Law, Australian School of Taxation and Business Law, University of NSW
The Hon Bill Shorten MP, Assistant Treasurer and Minister for Financial Services and Superannuation
Geoff Brayshaw AM FCA, Non Executive Director, Fortescue Metals
Margaret Jackson AC FCA, Chairman, FlexiGroup Limited 
Yasser El Ansary, Tax Counsel, the Institute of Chartered Accountants in Australia

This informed panel discussion will focus on the big questions. Where are we headed? What are the big issues? What has been done? What should be done? How do we get to where we need to be?

This expert panel will draw from relevant case studies to propel discussions and further the idea of finding a way forward.

Greg Travers CA, Director - Taxation, William Buck

Division 7A and the treatment of UPEs has been one of the biggest tax issues and challenges affecting SMEs. 2011 is the year you need to understand:

• What is caught?
• Why is it caught?
• What options are available and effective to deal with this issue (ATO safe harbours or otherwise)?
• Relevant considerations and implications.

Join Greg as he provides an update on developments in this critical area, guidance on the issues and available options and pitfalls of certain actions and inactions.

Prof. Richard Vann, Challis Professor of Law, Director, Ross Parsons Centre of Commercial Corporate and Taxation Law, The University of Sydney

The OECD released a substantial update to its Model Tax Convention in 2010 and is engaged in several  important ongoing projects. Australia has been extending its treaty network, and in doing so, has been reacting to the latest OECD work.

This session will explore these developments focusing on the taxation of business profits, collective investment vehicles, sovereign wealth funds, expatriates and exchange of tax information.

Chad Dixon CA, Partner - Taxation, Ernst & Young
Rob King CA, Partner - Taxation, Ernst & Young
Brett Mawby, Head of Tax, Peabody Energy Australia

The oil, gas, coal and iron ore sectors face major tax reforms with immediate impact, including the Minerals Resources Rent Tax (MRRT), Petroleum Resources Rent Tax (PRRT) and potential exploration incentives.
This session will consider:

• How companies, their financiers and suppliers will be affected and immediate actions for resource companies
• Managing the key issues and priorities for affected resource companies
• Implementing the new taxes - the lessons from the PRRT to date.

For a corporate perspective, Brett Mawby will also address the industry’s commitment to mining tax reform, implications of mining tax uncertainty, the consultation process ahead and MRRT in practice.

Hear from The Hon Joe Hockey MP, Shadow Treasurer and Federal Member for North Sydney, on the big issues facing Australia in 2011 as you enjoy a two-course lunch in the Palladium Ballroom.

Greg Mascaro CA, Partner – Tax Consulting, HLB Mann Judd

As an advisor to small business operators, it is important to stay abreast of the current tax law changes to small business.

This session is designed to assist SME advisors to consider current changes to the small business CGT concessions, including:

• Updates on the small business tax issues and developments in relation to clients’ operations
• Small business structuring/planning opportunities in relation to SME clients.

Neil Ward CA, Tax Partner - Financial Services, Deloitte

With a renewed push to make Australia more attractive as a financial centre both in Asia Pacific and globally, there is a focus on the role that tax reform can play in this area. The focus on tax is primarily aimed at reviewing the impact of tax on cross-border activities and domestic competitiveness, efficiency and stability.

This session will cover the reforms that are under consideration, their progress to date and their potential impact on areas such as the Banking and Funds Management sectors.

Michael Evans CA, Taxsifu
Tony Long, Assistant Commissioner, Indirect Tax, Australian Taxation Office

Changes to the administration of the GST system affect the rights and obligations of taxpayers as well as the way that they go about day-to-day business. Mistakes can be costly! Clients should be asking:

• Has the new rulings system affected the correct GST treatment of the goods and services they buy and sell?
• What ATO advice can I no longer rely upon?
• Must I follow rulings my supplier received?
• Will the self-assessment rules alter the way I apply for rulings, correct mistakes or claim a refund?
• If a company in a group is sold, can it have a clean exit?
• Who issues tax invoices if I buy and sell through an agent?
• Do I have to change the way I deal with non-residents?
• How do the changes in going concerns, partnerships and trust rules affect the land transactions I have?

Prof. Graeme Cooper - Professor of Taxation Law, University of Sydney

The theories that drive tax reform and tax reformers evolve over time so that what once seemed logical and compelling, can look decidedly unappealing to a new generation. This session examines the changes in thinking that have been driving tax reforms over the last decade in Australia, the USA and the UK. The new theories challenge the kinds of ideas that motivated the Asprey Review in the early 1970s, the Keating tax reforms in the mid 1980s and even the Ralph Review of Business Tax, in 1999. They lead in some startling directions. Traces of these ideas can be seen in the Henry Report and will no doubt drive the input to the proposed Tax Forum. This session foreshadows where the proposed Tax Forum – and the tax reforms after that – might be taking us and why.

Network with your peers in a relaxed environment during our themed Cocktail Function in the Palladium Foyer.

Hear from our guest of honour, His Excellency, Dr José Ramos-Horta, The President of East Timor and Nobel Peace Prize winner in the Palladium Ballroom.

Michael D’Ascenzo AO, Commissioner of Taxation, Australian Taxation Office

A demonstrated leader and innovator - known internationally for his expertise in taxation and superannuation, Michael D'Ascenzo AO shares his views on the current taxation climate.

The Hon Michael Kirby AC CMG

In his successive judicial positions, Michael Kirby decided many important questions of tax law. In the High Court of Australia, he participated in approximately 50 cases, most of them concerning income tax. A repeated theme was the need to avoid ‘lore’ and to bring tax decisions into closer harmony with general trends in the interpretation of other federal statutes.

In this contribution, he will review some of his leading cases including Raftland on ‘sham’; Futuris Corporation on the impact of judicial review legislation, and both Central Bayside and Word Investments on state laws concerning ‘charities’. Consistent with his warnings against ‘hubris’ expressed in Murray is his strong opposition to a proposal to create a specialist federal tax court.

Michael D’Ascenzo AO, Commissioner of Taxation, Australian Taxation Office and
The Hon Michael Kirby AC CMG

Join two of the most influential people in the history of tax, as they take questions directly from the audience in this extremely rare opportunity. This session is not to be missed.

Questions can be emailed to: nationaltax.speakers@charteredaccountants.com.au prior to the event and may be asked on your behalf at the conference.

Ali Noroozi CA, Inspector General of Taxation

This session will begin with an examination of the evolving nature of the role of the Inspector-General of Taxation. This will be followed by a discussion of his most recently released reports of his reviews and their implications for tax administration in Australia. The session will culminate with an update on current and future reviews.

Damien Bourke, Executive Director, Ernst & Young Law
Mark Robertson, Barrister

This session will explore when new trust obligations arise and ergo, a new trust – upon the amendment of a trust deed. It will deal with the ATO’s Statement of Principles (August 2001), following the Commercial Nominees decision in light of the comments of the Federal Court. The issue is particularly topical now following the High Court decision in Bamford and our obligations as professional advisors to find a way through the mire of options which are now available to modernise trust deeds post Bamford.

Alf Capito CA, Senior Tax Partner, Head of Asia-Pacific Tax Policy, Ernst & Young
Peter Janetzki CA, Tax Partner, Head of International Tax, Ernst & Young

Australian outbound investors, whether through controlled foreign companies (CFCs), minority investments or other mechanisms, are facing major change in the Australian tax landscape. This session will consider the changes including:

• Upcoming reforms to Australia’s CFC laws
• The new integrity rules governing minority investments in foreign businesses (relevant for fund managers also)
• The attack by the ATO on cross-border financial arrangements involving associated parties.

Mark Leibler AC, Senior Partner, Arnold Bloch Leibler
Paul Sokolowski, Partner, Arnold Bloch Leibler

Success brings many welcome things. Unfortunately, it may also bring attention that may not be so welcome. If you have wealth – earned, inherited or otherwise obtained – a dedicated and well funded ATO will at some stage want to know how you got it, what you’ve done with it and whether the revenue has had its proper slice. A tax audit is born.

No two audits are the same. The duration of audits and things to watch out for, or expect, vary as much as clients do. This session will share the experience of leading tax advisors in dealing with and guiding clients through the life of a tax audit.

The role of an advisor is critical to the outcome of any audit. The key duties, functions and responsibilities of advisors will be explored in this insightful session.

David Bloom QC 
Kevin Fitzpatrick, Chief Tax Counsel, Australian Taxation Office 
Peter Poulos, Partner - Tax Controversy, Maddocks 
Facilitator: Chris Kinsella FCA, Partner - Tax Controversy, Maddocks
 
The reality is that there is always some degree of subjectivity as to where to draw the line between acceptable and unacceptable arrangements for tax purposes. Join this exceptional panel from the ATO, the Bar and legal practice as they weigh in on current developments in this area and debate over where the line should be drawn.

How has the Bamford dust settled? (1 hour)
Andrew Clements, Tax Partner, Mallesons Stephen Jaques

This session will consider the implications of the Bamford decision as well as provide practical guidance on the appropriate drafting of resolutions and trust deeds.
Andrew will also provide an update on developments regarding Division 6 and seek to clarify the current debate regarding the basic issues concerning trusts.

Streaming trust distributions (30 mins)
Alexis Kokkinos FCA, Partner, Pitcher Partners

The ATO’s decision impact statement on the Bamford’s case indicates a changing ATO view on the ability to stream classes of income through a trust to different beneficiaries. The second part of this session will consider this changing view (together with recent developments) and its implications for taxpayers in relation to different classes of income, including capital gains, dividends, interest and foreign income.

David Drummond, Partner and Head of Tax Risk Management Services, KPMG
Mark Konza, Deputy Commissioner of Taxation (Large Business & International), Australian Taxation Office

In recent times, the ATO has implemented a new approach known as the Risk Differentiation Framework (RDF) for taxpayers it considers pose a tax compliance risk. This new framework has been applied to taxpayers across almost all industry and business sectors. In this session, David will discuss:

• The IASB’s status on accounting for tax uncertainties
• Observations on the outcomes in the US following the announcement of an Uncertain Tax Positions (UTP) schedule
• Implications for Australian business taxpayers and advisors
• The inherent tension between management of UTPs under the current accounting standard framework
• Implications for the exercise of access powers by the ATO
• Future state.

Also, hear from Mark Konza as he provides a unique insight into the ATO’s views and approaches to UTPs and its RDF.

Pete Calleja, Partner and Asia Pacific Leader – Transfer Pricing, PwC
Nick Houseman CA, Partner – Transfer Pricing, PwC
Paul McNab, Partner – Tax Controversy, PwC

Australia’s first transfer pricing court decisions have recently been handed down, nearly a quarter of a century after the introduction of Division 13. Longstanding practices by taxpayers and the Commissioner are likely to be called into question as the courts attempt to reconcile the meaning of Division 13 within the complexities of globalised multinational businesses in the 21st century.

This session will involve an interactive discussion between the presenters of some of the issues arising from recent court decisions from the perspective of how multinationals can practically address some of the risks involved in managing controversy, including:

• What do these decisions mean for the ATO’s transfer pricing rulings and administrative practices?
• Are profit methods allowable in Australia?
• What are the standards of evidence required?
• What are some practical tips for managing risk?

Michael Bersten, Partner and Leader – Tax Controversy, PwC
Paul McCartin, Senior Manager – Tax Controversy, PwC

In recent years, tax administrations have increased their levels of co-operation to unprecedented levels. Tax administrations are frequently using exchange of information procedures to better understand the facts, tax risks and foreign tax laws which can lead to significant difficulties for an unprepared taxpayer. The various OECD Forum of Tax Administration projects and the recent expansion of the Joint International Tax Shelter Information Centre (JITSIC) to include countries such as China, France and Germany demonstrates that tax authorities are seeing benefits from improved levels of communication and co-operation. The focus on the JITSIC taskforce on high wealth individuals, losses, hybrid structures and transfer pricing are all current areas of interest to tax authorities.

The challenge for taxpayers and their advisors is to ensure that they prepare for compliance activity on the assumption that information is being shared by revenue authorities.