The day kicked off with a golf tournament, which was virtually washed out as torrential rain hit the Gold Coast. Many of the groups only lasted 6 holes but one committed group battled through the horrible conditions and finished the round, which was quite impressive! Rose Thompsett won the tournament with 36 points.
Autopia, one of the events sponsors has brought along two Audi’s, including an Audi R8, worth an impressive $450,000! Unfortunately the winner of the passport draw doesn’t get to take the car home.
Highlights from some of the afternoon sessions:
Jeremy Hirschhorn, Chief Tax Counsel, Australian Taxation Office and Greg Travers, Director, William Buck discussed a practical, advisory approach to the new Part IVA.
Jeremy explained his ‘snip test’ approach to Part IVA. “If you can snip off part the transaction and the commercial outcome doesn’t change much but the tax outcome is vastly different, you may be in trouble.” Another take out was "Imagine sitting in a witness box. Could you put your hand on your heart and explain why you undertook this transaction?
In the afternoon Bernard Salt delivered an entertaining update on the generational and demographic shifts that are occurring and the opportunities they present for the tax profession.
The Tax Institute's 30th National Convention is being held on the Gold Coast. With an expert team of leading tax professionals shaping the content and a growing list of delegates who are amongst the best and brightest in the tax profession, the National Convention is undoubtedly the premier taxation conference in Australia.