10th Annual NSW Tax Forum - A closer look at Australia's largest tax program
The NSW Tax Forum is the largest tax program in Australia, making it a must attend event for the profession. With the event now only weeks away, here’s a closer look at some of the Forum’s key sessions and presenters, from the corporate, SME and ‘hot topic’ streams.
Setting the scene in the corporate stream, Savanth Sebastian of CommSec looks at the ever-changing state of the business environment. This session, 'A snapshot of the current economic climate' will deliver a pacey and dynamic examination of the economic changes and demographic shifts that are currently shaping the business world.
In his session 'What is Happening with BEPS and Other Elements of International Taxation?' Professor Richard Vann will explore a number of topics linked to this always-moving area of tax including a multilateral instrument to implement treaty-related BEPS measures; BEPS follow-up work in 2016–17; international dispute resolution; BEPS peer review mechanisms and the "inclusive framework"; as well as the diverted profits tax.
Challis Professor of Law at the University of Sydney, Richard is a Consultant at Greenwoods & Herbert Smith Freehills. Having taught at NYU Law School, Harvard Law School and the University of London, he has also held many government consultancies in Australia, and has also been involved in varied work with the Board of Taxation and as a member of Treasury's BEPS Advisory Group.
Also in the corporate stream, Jeremy Hirschhorn, CTA, of the Australian Taxation Office, focuses on the ATO’s approach to internal and external financing transactions. In his role as Deputy Commissioner for Public Groups in the Public Groups and International business line, Jeremy is responsible for overseeing tax administration and compliance for all public entities.
In his session 'Tax Risk and Financing Transactions – an ATO Perspective', Jeremy will cover key areas of concern for the ATO with regards to shareholder debt; the approach to the application of the transfer pricing provisions in finance matters; thin capitalisation integrity; and debt creation and loan-ups.
Looking at the SME stream, Andrew Noolan, CTA, presents 'Division 7A – an old chestnut'. A Partner in the Sydney law firm Brown Wright Stein Lawyers, Andrew's session on day one of the forum will cover some of the common - and less common - Division 7A problems and the potential solutions to them.
Reform to Division 7A seems to be on the way, but between now and 1 July 2018 practitioners will continue to need to recognise problems and identify solutions involving loans, payments, forgiveness of debts and the use of assets where a private company or corporate beneficiary is involved. Andrew covers these issues and more in his session.
Finally, the 'Hot Topics' stream covers the topical issues currently causing advisers headaches, and ones that will do so in the near future, including the superannuation reforms, FIRB, royalties, residency, and much, much more.