Friday, 31 January 2014

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The Tax Institute
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.

Wednesday, 29 January 2014

Speaker Profile: Business Succession Planning – Buy/Sell Investor Agreements

In the latest speaker profile in our series, we sit down with Patrick Ellwood, ATI from McCullough Robertson Lawyers who is presenting the Business Succession Planning – Buy/Sell Investor Agreements session at the upcoming 29th National Convention in Hobart.

Tell us about yourself

I am a Senior Associate at McCullough Robertson Lawyers, where I have worked since 2006. I specialise in personal and business succession and work with accountants, financial planners and other advisers to assist clients across a wide range of industries.

How long have you been affiliated with The Tax Institute?

I undertook The Tax Institute’s Certificate in Foundation Tax course (now CTA1 Foundations) in 2009 and have been involved ever since.

What does National Convention mean to you, and more broadly, to the tax industry?

It is an opportunity to get up to speed on a range of areas which have changed over the last 12 months and to get a sense of where these changes are likely to lead over the next few years. It is also a chance to catch up with colleagues from around the country who I wouldn't otherwise get a chance to meet.

What is the topic that you are presenting at the 29th National Convention?

I am presenting on business succession planning with a particular focus on insurance funded buy sell deeds. I will be talking about the tax aspects of business succession arrangements but will also address the commercial issues that commonly arise when these agreements are being negotiated by business owners.

What can attendees expect to learn from your session?

Attendees will learn some practical tips for assisting their clients with the negotiation of business succession agreements, including how to structure the ownership of insurance policies and how to manage the business valuation process on the exit of an owner.

What new or hot topics will you cover?

I will outline strategies for addressing insurance shortfalls and dealing with uninsurable owners, which are common traps when trying to put in place a comprehensive succession plan for a business.

How will attending your session help delegates help their clients?

The session will give delegates the tool kit they need to explore business succession issues with their clients. In addition, with many delegates being business owners themselves, it will hopefully give them some practical tips that may be useful for them on a personal level!

Which other sessions at the conference are you most interested in attending?

I am always interested in sessions around the taxation of trusts and Division 7A, given the amount of turmoil in this area over the last few years.

What do you like to do when you’re not knee-deep in tax?

I’m usually either travelling or if I've just returned from a trip, researching where to go next!

29th National Convention 2014
You’re invited to join us in Hobart for the 29th National Convention 26-28 March 2014. The Tax Institute’s National Convention is widely recognised as the essential annual event for tax professionals. But hurry! Advanced pricing ends this Friday!

Find out more about the conference and register now.

Wednesday, 15 January 2014

Speaker Profile: Do you (not just your clients) need to appoint a Guardian as well as an Attorney?

In the latest speaker profile in our series, we sit down with Kate Hanslow from Worrall Lawyers who is presenting the Do you (not just your clients) need to appoint a Guardian as well as an Attorney session at the upcoming 29th National Convention in Hobart.

Tell us about yourself

I am a Senior Associate Lawyer at Worrall Lawyers, a law firm based in Hobart. I completed a Bachelor of Arts and Bachelor of Laws degree with Honours from the University of Tasmania, and was admitted to practice in August 2007.

I joined Worrall Lawyers in January 2008, and since that time, I have practiced solely in the areas of Estate Planning, Estate Litigation, and Estate Administration.

How long have you been affiliated with The Tax Institute?

I have used the resources and training opportunities offered by The Tax Institute since commencing practice, including attending a number of seminars. For Estate Planning to be completed well, it requires a high level understanding of the taxation implications of planning for death and incapacity.

Two of my colleagues at Worrall Lawyers are also Associates of The Tax Institute.

What does National Convention mean to you, and more broadly, to the tax industry?

The National Convention provides a great opportunity for advisors from a range of backgrounds meet together for networking and professional development, and I am excited at the opportunity to both attend and present at the Convention.

What is the topic that you are presenting at the 29th National Convention?

The presentation is titled "Do you (not just your clients) need to appoint a Guardian as well as an Attorney?" The aim of the presentation is to assist advisors to better understand the role of a Guardian, and how the functions of a Guardian differ from an Attorney.

We will look at the reasons why a Guardian needs to be appointed in addition to an Attorney, and examine the consequences of a person having failed to appoint a Guardian to act on their behalf.

What can attendees expect to learn from your session?

A number of myths about the appointment of Guardians and Attorneys will be dispelled, with the outcome hopefully being to reinforce to attendees the need to actively review their own Estate Planning arrangements, and to plan appropriately for circumstances of incapacity.

What new or hot topics will you cover?

Recent changes to legislation in the area will be examined, along with a discussion about the use of Advanced Care Directives.

How will attending your session help delegates help their clients?

This session will have relevance for attendees themselves, in highlighting the need for them to review and complete their own Estate Planning. It will also give attendees greater insight into an area which is often not raised with clients, but which is likely to affect many of their clients and their families in daily life. Understanding the area of Guardianship better provides advisors with the opportunity to "value add" when speaking with their clients about their Estate Planning.

Which other sessions at the conference are you most interested in attending?

I am particularly looking forward to attending Suzanne Mackenzie’s session about the payment of superannuation death benefits to adult children, as well as Adam Levin’s session on trusts and passing control, both of which are areas that I deal with in my daily practice, and are important areas to be proficient in when advising clients.

What do you like to do when you’re not knee-deep in tax?

When not at work, I enjoy spending time with friends and family, and, of course, travelling whenever I am able to.

29th National Convention 2014
You’re invited to join us in Hobart for the 29th National Convention 26-28 March 2014. The Tax Institute’s National Convention is widely recognised as the essential annual event for tax professionals. But hurry! Advanced pricing ends this Friday!

Find out more about the conference and register now.