3rd Annual Trusts Symposium
Face to face
Date: Monday 26 February 2018
Time: 9.00am to 5.15pm
Venue: Parmelia Hilton, Perth
Attend the full day and earn 7 CPD/CPE Hours
As the number of ATO audits on Australia's Trusts are increasing, it is crucial that as your clients trusted advisor that you stay informed. This Symposium will provide you with an indispensable update on all of the key issues from Division 7A, Section 100A, International dealings and Trust Variations plus all the complexities of trusts from Perth's foremost accountants, lawyers and barristers. You have to stay ahead in this unsparing world of Trusts and we have the program to give you the edge.
9.00am Chair: Loreena Gillon, Director, Arithmos Chartered Accountants; Chartered Tax Advisor
9.00am KEYNOTE ADDRESS: The Fiduciary Role of a Trustee
- The role and obligations of a trustee
- Conflicting interests and duties
- Court applications and directions for trustees
- Accountability and removal
Presented by Mark Fatharly, Partner, Murfett Legal; Chair of STEP WA; Preeminent Wills & Estates Litigation Lawyer, Doyle's Guide 2017
9.20am Division 7A: An Ongoing Heart Attack
Despite a 20 year history, Division 7A continues to play havoc with clients and advisers alike. Whilst reform is much needed, in its current state the regime still demands attention to detail in the face of changing interpretation and positions. This session will cover:
- A brief chronology of the Division
- Interposed entity provisions
- Distributable surplus issues
- Pre-Division 7A loans
- Division 7A and marriage breakdown
- Tips and traps before end of loan period
- The contemporary and upcoming issues practitioners need to understand
Presented David Montani, Tax Director, Nexia Australia
10.15am Will Section 100A Sink Your Clients?
More and more family trusts and their use in family dealings is gaining the attention of the Commissioner. Examine the application of section 100A where family trusts are involved.
- When will section 100A not apply as the arrangement was an ordinary family or commercial dealing?
- What exactly is meant by a reimbursement agreement?
- Dealing with UPEs, in particular where there are corporate beneficiaries
- The washing machine
Presented by Amanda Liston, Director, Amanda Liston Legal; Recommended Wills, Estates & Succession Planning Lawyer, Doyle's Guide 2017
11.10am Networking and Refreshment Break
11.25am International Dealings with Trusts and Beneficiaries
- Foreign trusts with Australian beneficiaries
- Trust and beneficiary residency
- How are Australian beneficiaries taxed on distributions?
- Income attribution rules to watch out for
- Australian trusts with foreign beneficiaries
- How are foreign beneficiaries taxed on distributions?
- Withholding taxes/ double tax agreements
- Case study examples
Presented by Professor Nolan Sharkey, Barrister, Francis Burt Chambers; Professor of Law, University of Western Australia
12.20pm Navigating the New Small Business Restructure Rollover: What Trusts Need to Know
The Federal Government has introduced new tax laws enabling small businesses to change their business structures with no adverse income tax or CGT consequences.
BDO has been involved in the formulation of these new provisions and this session will cover the following issues using worked examples:
- Overview of the new concession including eligibility, key conditions for the rollover relief and what it means to be a small business entity
- How to structure transactions to qualify for the concession as well as how to take advantage of the new flexibility for small businesses to restructure
- Meaning of 'genuine restructure' including safe harbours for 'genuine restructures'
- Importance of 'ultimate economic ownership'
- The concession for discretionary trusts
- The effect of rollover in relation to specific asset taxing scenarios
- Other provisions including anti avoidance
Presented by Mark Pollock, Partner, BDO
1.15pm Networking Lunch
PRESSING TRUSTS ISSUES
2.00pm Trust Variations: Practice and Pitfalls
We deal with trust deeds every day: discretionary, unit, SMSF, etc. and for tax, business or family reasons our clients often want to vary them. Trust deeds are not standard, variation clauses are not uniform and invalid variations can have extensive and expensive ramifications.
This session will focus on discretionary family trusts and will take a look at the issues around trust variation:
- What to look for when drafting a variation clause
- Interpretation of variation clauses
- What the courts have said
- The changes that may trigger a resettlement
- Managing your practice risk
Presented by David Murphy, Special Counsel, Jackson McDonald
3.00pm Issues You Need to Know about Trust Vesting
- Amendments v resettlements
- Deeds of vesting and variation
- Bringing forward vesting dates
- Nominal duty and in specie transfers
- Dealing with unpaid present entitlements
Presented by Timothy Pepper, Consultant, Robertson Hayles Lawyers
4.00pm Networking and Refreshment Break
HEAR FROM THE LEGAL EXPERTS
4.15pm Panel Discussion and Q&A
This is the opportunity to gain further insights and guidance from the top legal experts and ask any questions you may have, including on issues such as:
- Lost trust deeds
- Trust distribution resolution
- Family trust elections
- Recent development and case affecting trust law
Colin Munro, Director, Munro Doig; Certified Taxation Advisor
Chris Smailes, Partner, EY Law; Leading Tax Lawyer, Doyle's Guide 2017
Grahame Young, Barrister, Francis Burt Chambers
5.15pm Closing Comments by the Chair
Loreena Gillon operates a Chartered Accounting firm in West Perth, and has done so for the past 19 years. Her practice has a client base of predominantly professionals including medical practitioners, solicitors, engineers and architects, all of whom operate through various structures. She has a special interest in the area of Deceased Estates and is a regular presenter on the topic. Loreena is a Chartered Accountant, Chartered Tax Advisor with The Tax Institute and a member of the Society of Trust and Estate Practitioners (STEP).
Mark Fatharly has over 22 years' experience acting as both counsel and solicitor in commercial and general civil litigation in a range of courts and tribunals. A significant part of Mark's practice is in the area of trust, estate and property disputes. He is an accredited mediator, the Chair of STEP WA since 2016, and a Director and Vice Chair of STEP Australia. Mark has been recognised in Doyle's Guide as a leading practitioner in WA in Wills and Estates Litigation.
David Montani has 24 years of experience in taxation and business advisory. His area of specialisation is in taxation consulting and has advised a wide portfolio of clients on an extensive range of taxation matters. David leads Nexia Perth's Tax Consulting Division; a group of specialist advisers dedicated solely to business and corporate tax advice. A significant part of David's business is providing advice to other accounting firms on behalf of their clients under the Nexia Tax Alliance._Particular areas of specialty include business restructures, property transactions, Capital Gains Tax, Division 7A and business sales. David's approach is to deliver solutions-based outcomes that assist clients in making important decisions concerning their businesses. He also regularly delivers specialist tax training to member firms of the Nexia Tax Alliance.
Amanda Liston is the Principal of Amanda Liston Legal. She specialises in elder law, estate planning, wills and deceased estate administration. In 1995 Amanda graduated with BJuris LLB in South Africa. After immigrating to New Zealand in 2001 and then to Australia in 2005, Amanda requalified and was admitted to the Supreme Court of Western Australia in 2008. Amanda obtained a Master of Laws (Applied Law) - Wills and Estates from the College of Law in 2014. Amanda is a member of the Society of Trust and Estate Practitioners (STEP). Amanda serves on the pro bono panel of the State Administrative Tribunal where she specializes in guardianship and administration matters. She also serves on the board of a not for profit Aged Care Facility.
Professor Nolan Sharkey FCA is a Tax Barrister specialising in international tax with a focus on Australia, China and Singapore. He is a member of Francis Burt Chambers in Perth. He is Winthrop Professor of Law at the University of Western Australia and Professorial Fellow in Tax at UNSW. He is also a Chartered Accountant and has been involved in taxation advisory services for over 20 years. He holds a Ph.D. and university awards in Law, Tax, Accounting, Psychology and Asian studies. He has published extensively in relation to Chinese and international tax and has consulted widely in the area. He regularly receives invitations to speak internationally. His academic work has included extensive fieldwork in China and advising China's government on tax reform. He speaks English, Mandarin and Irish.
Mark Pollock is a Tax Partner with BDO in Perth and specialises in adding value to growing private companies and high net wealth families. Mark was a member of the Tax Institute of Australia's WA State Council from 1992 to 1999 as well as being on their education committee during the same period. Previously, Mark was a Partner at PKF and Chairman of PKF's National and International Taxation Committees. He currently is the Chairman of BDO's Asia Pacific International Private Client Services group and has over 30 years of experience providing tax and business advice to a wide range of clients. Mark also leads BDO's professional practices network providing tax technical support to smaller accounting practices.
David Murphy advises clients in the areas of State and Federal taxation, asset protection, trusts and business succession strategies. He also has considerable knowledge and experience in the establishment of charitable and not-for-profit entities. David also practices as a commercial lawyer and is experienced in the legal aspects of corporate transactions (including transactions involving the disposal of business or equity interests) and drafting and advising clients on various commercial documentation. David also provides advice to a number of high net wealth individuals on the legal aspects of their personal and business related affairs.
Tim Pepper' s expertise is primarily in the areas of tax, superannuation, wills and estate planning, business succession, trusts and property law. With more than 30 years of involvement in the legal field, Tim is a highly experienced commercial lawyer who works closely with financial advisers, accountants and their clients to provide common sense strategies and effective solutions for the protection of their families, their business and their superannuation. Drawing on varied experiences including advising on commercial operations in Hong Kong, London and Australia and having consulted to many large financial institutions, Tim understands that devising appropriate solutions entails an understanding not only of the law but the implementation of strategies that will meet the client's long term needs. Tim works with his referrers as a team recognising that it is paramount that they work together towards protecting the long term interest of their mutual client. As Tim describes: "My paramount aim is to provide a service of the highest quality with speed and efficiency within a competitive market-place. In delivering legal services, I respect the client's allegiance to an established professional relationship with the financial or business adviser. My role is not to impinge on the advisers' area of expertise. He aims to work effectively with the adviser and seamlessly deliver legal solutions through timely responses, fixed fee arrangements and common sense communication.
Colin Munro is a Director of Munro Doig, Solicitors in West Perth. He is a Certified Taxation Adviser. He was first admitted as a legal practitioner in South Africa in 1981 and has been a partner in large firms in Johannesburg and Perth. He holds the degrees BA, LLB and a (postgraduate) Higher Diploma in Tax Law. He practises in all aspects of revenue law and trusts. His practice focuses on the structuring and taxation of entities and transactions. Colin is a regular presenter at seminars conducted by entities such as the Tax Institute of Australia, North of the River CPA Discussion Group, CPA Australia, the Law Society of Western Australia and Legalwise Seminars and has been an occasional lecturer in taxation topics in the Master of Laws programme at the University of Western Australia.
Chris Smailes is a tax and commercial lawyer who is a Partner at EY and leads the law team in Perth. He was a founding Partner in leading tax law firm Norton & Smailes which merged with EY in 2016. Chris works predominately with high net wealth individuals and family corporate groups in advising on tax , estate and trust issues. Chris regularly presents at seminars for various professional bodies as well as to client groups.
Grahame Young's major areas of expertise include taxes on transactions (being transfer and landholder duty, capital gains and income tax and GST), equity and trusts, corporate and property law, estates and succession. All of these practice areas can be involved when undertaking structuring and restructuring corporate and family groups, whether for generational succession or introduction of new equity interests or on a requirement for separation of interests. Grahame provides a "one stop shop", although he works cooperatively with other professionals so they can maintain client relationships. Grahame has had many years' experience in all aspects of trusts and estate administration and has a particular interest in the impact of equity in commercial transactions. He knows the exemptions, concessions and reliefs that may be available. Grahame's corporate and commercial advice is informed by the practical experience of acting as a director of substantial listed and private companies. He is the editor of Duties Legislation Western Australia and is recognised as a leading practitioner in that area. He is a guest lecturer for the University of Western Australia's Master of Taxation course. He has published and delivered many papers in Western Australia, nationally and internationally on a wide variety of subjects.
Parmelia Hilton Perth
Level 1, Meeting Room, 14 Mill Street
Parmelia Hilton is located on 14 Mill Street, just a short stroll
from St George's Terrace. The Esplanade train station is the nearest train
station which is a short 5 minute walk to Parmelia Hilton Perth.
There is parking on Mill Street (100 metres from Parmelia Hilton) in
the Convention Centre with an hourly rate of $5.80 and a 10 hour
maximum price of $23.80. Parking is not included in the registration fee
and is subject to change.
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