Practically Using the Small Business Restructure Rollover - SME Tax Symposium

Dung Lam is a Senior Associate at McCullough Robertson and has practised in the SME sphere for more than a decade. Advising on a wide variety of taxes, from income tax, CGT and GST to state taxes such as payroll and land tax, Dung also assists taxpayers in tax disputes with the ATO and state revenue authorities. We spoke to her about the upcoming SME Tax Symposium, where she will present the session ‘Practically Using the Small Business Restructure Rollover’.

Effective from 1 July 2016, the new Small Business Restructure Rollover allows small businesses to potentially restructure their operations without triggering any tax implications. While the new rollover provides some fantastic opportunities for small businesses, there are traps and tips which need to be taken into account when practically applying it.

Dung told us her session will look at the “Practical issues that only come out when you actually apply the law. The rollover is deceptively drafted to read simple but it is actually quite complicated to use. I'll be covering some traps and tricks we have seen so far in reviewing the rollover's applicability to client situations.”

Asked about any hot topics or new issues her session will cover, Dung replied “The rollover is new in itself and there is not much on it currently. My session will consider the application of the rollover combined with the abolition of stamp duty on non-land business assets in NSW, and also its proposed $10 million turnover threshold”.

Dung tells us the session will help delegates help their clients as “The rollover is one possible restructure tool that may allow clients to move out of inefficient structures. The session will hopefully allow practitioners evaluate using the rollover as compared to other options”.

Looking at the wider event, she said “The SME Tax Symposium is an excellent forum for practitioners to discuss matters that affect the SME market. Practising the SME market is a different skill set from the general tax industry where one becomes specialised deeply in one particular strand of tax, be it corporate tax or indirect tax. The SME market requires practitioners to have a broader range of tax and duty skills, so having a forum dedicated to this generalist skill set is important”.

Asked about other sessions at the Symposium she is most interested in attending, Dung told us “They all look good, but the panel session ‘ATO Challenges in the SME space’ looks particularly interesting as we are seeing increased audit/review activity from the ATO. The 'Estate Plan and changes to Super’ is also highly relevant".

The 2016 SME Tax Symposium takes place 13-14 October at the Swissotel Sydney. Featuring seven sessions and two 2 workshops, this one and a half day event includes up to 10 CPD hours. Find out more.

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