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2021 Local Tax Club - Brisbane CBD - Part 9: Trusts – 100A reimbursement agreements; identifying and reducing taxpayer risks

Wednesday, 27 October 2021 - 7:30 AM to
9:00 AM

Registration Time: 16:45:00 PM

Member Price: $125.00

Non Member Price: $150.00

CPD hours:1.50

Trusts – 100A reimbursement agreements; identifying and reducing taxpayer risks

Reimbursement agreements have been a topic raised by the ATO in recent years. Examples have been listed on the ATO website since May 2016 and a draft ruling was listed for development in October 2018. That draft ruling has not issued by 31 July 2021, and there has been a general lack of available technical material from any sources. Particular difficulty for the ATO and for taxpayers arises from the lack of case law precedent on the meaning of ‘ordinary family dealings’ as used in section 100A.

This session will focus on discussing what is understood to be the current ATO view on, and also how to proactively manage and mitigate the risks in relation to, reimbursement agreements.

In particular, the session will cover:

· The current ATO technical position (as understood from audit experiences but, if the draft ruling issues prior to the session, the session can review the positions per draft ruling) and the current ATO compliance activity.

· When will section 100A apply and what are the consequences?

· What steps can taxpayers take to reduce any identified risks, including documenting positions and gathering evidence, particularly around ordinary family or commercial dealings?

· Looking to the future and identifying sound tax planning strategies going forward.

Topic Presenter: Mark West, CTA, West Garbutt

Mark is qualified as a lawyer, chartered accountant and chartered tax adviser, Mark provides advice across the spectrum of taxes. Mark assists with all legal matters involving taxation law. He advises on appropriate business or investment structures/restructures and on making applications for rulings from the ATO. He assists with tax audits and with related settlement negotiations with the ATO and State revenue authorities. He has acted for clients in tax cases before the Administrative Appeals Tribunal and the Full Federal Court. Mark has been listed as a leading tax lawyer in Queensland by Doyles Guide and The Best Lawyers™ in Australia.

Tax Update Presenter: Hayden Jones, Vincents Charted Accountants