These days, the ATO and other regulatory bodies have access to more data and analysis tools than ever before. Combined with the expansion of the ATO Tax Avoidance Taskforce, and it’s vital that you critically evaluate the strategies you’re using as a tax professional. Or, as Tom Delany, CTA, Principal of Tax Partner Pty Ltd, puts it, that you “road test” them. 

Tom has been a member of The Tax Institute for around 30 years now, and during that time has been a contributor to our Taxation in Australia and Tax Specialist journals, as well as presenting at many of our leading events. 

In his upcoming session at the 2021 Queensland Tax Forum, Road testing common tax strategies, Tom will explore common aspects of tax practice, including managing Division 7A loans, accessing small business CGT concessions, business structuring and much more. 

“The primary learning objective of this workshop is to provide attendees with an advanced understanding of the issues to consider when implementing common tax strategies, with particular reference to the tricks and traps associated with individual strategies,” he told us. 

Some of the core strategies Tom will be unpacking include: 

Managing Division 7A loans 

In a nutshell, Division 7a is a set of anti-avoidance provisions aimed at ensuring private company owners and their associates pay the appropriate dividend taxation. The provisions set out in Division 7A are complex and require plenty of rigorous attention to detail. 

Accessing small business CGT concessions 

Small business CGT concessions can mean big tax savings when your client sells a business – if all the requirements for eligibility are met. There are many considerations to take into account and each client is unique, needing a tailored approach. 

Trust distributions 

Trusts, a legal relationship set up to separate legal ownership and and beneficial ownership of assets may just be one of the more complicated spaces in taxation. Distributions from trusts and their tax implications present many challenges when it comes to ensuring your clients are compliant. 

Dividend access shares 

Issuing a dividend access share can be an attractive option for your clients if they are restructuring their shareholdings. However, the numerous tax implications which can arise which require careful planning and attention on the part of a tax specialist – preferably before any big decisions are made. 

Hear Tom discuss being named The Tax Institute’s SME Tax Practitioner of the Year in 2019. 

Tom is also looking forward to hearing other speakers at the QLD Tax Forum, as we bring together a list of knowledgeable tax leaders. One of the key sessions Tom mentioned was Mark West, CTA, West Garbutt speaking on Trusts – 100A reimbursement agreements; identifying and reducing taxpayer risks, a session where Mark unpacks the current ATO view on, and how to proactively manage and mitigate the risks in relation to reimbursement agreements. 

About the 2021 Queensland Tax Forum 

When: 27 May 2021 – 28 May 2021  

Where: Stamford Plaza Brisbane, located in Brisbane’s CBD, near the Botanic Gardens and Brisbane River. 

CPD hours: 13 

What to expect: The 2021 program has been designed to focus on expert-led technical sessions that provide participants with the practical insights and skills to navigate the changing tax landscape in the re-emerging world. With sessions covering topical issues surrounding trusts, intellectual property, superannuation, M&A and capital management, the Queensland Tax Forum will set the scene for the next decade of tax.

About Tom Delany, CTA 

Tom Delany, CTA, is the principal of Tax Partner Pty Ltd, which provides tax training, and tax consultancy services to accounting and legal firms including a wide range of tax advisory services such as high-level tax planning in addition to preparing tax advices, private ruling requests and objections on a variety of tax related topics. Tom holds a Master of Taxation from the University of New South Wales, a Bachelor of Business (with Distinction) from the University of Southern Queensland, is a FCPA, FIPA, Chartered Accountant, Tax Agent and a Chartered Tax Adviser.