2017 financial services taxation conference · 2018-04-05 · beps and international tax issues...

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2017 FINANCIAL SERVICES TAXATION

CONFERENCE

8–10 February 2017Palazzo Versace, Gold Coast

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2 - THE TAX INSTITUTE - 2017 Financial Services Taxation Conference

WELCOME2017 Financial Services Taxation Conference

On behalf of The Tax Institute and the 2017 Financial Services Taxation Conference Organising Committee, it gives me great pleasure to invite you to Australia’s leading financial services tax conference. In 2017, the conference will be held at the Palazzo Versace on the Gold Coast over three days, from 8 to 10 February.

BEPS and international tax issues impacting on the financial services industry feature in the program, including sessions considering hybrids, branch attribution, transfer pricing and MAAL/DPT. The program also devotes space to recent developments and future directions in a number of key areas including infrastructure, CRS, regulatory capital, TOFA as well as catching up on 2016’s most important cases and rulings. Delegates also have the opportunity to deepen their knowledge of issues of continuing importance including Division 6C and common issues for retail funds. The regulatory/policy environment is also represented with updates from the Board of Tax, consideration of the Second Johnson Report and a presentation from the ATO on current issues in the financial services arena.

I am sure that you will find the 2017 Financial Services Taxation Conference enjoyable and worthwhile.

I look forward to seeing you there.

Monica Jordan, FTI Chair, Conference Organising Committee

Thank you

The Tax Institute gratefully acknowledges the generous assistance of members of the Conference Organising Committee:

Monica Jordan, FTI, ANZ Banking Group (Chair, Conference Organising Committee)Matt Hartshorn, CTA, Macquarie (Co-chair, Conference Organising Committee)Patrick Broughan, CTA, DeloitteRob Colquhoun, Australian Financial Markets Association Ltd Kos Dimitriou, CTA, National Australia Bank Joanne Dunne, CTA, MinterEllisonSimon Haines, Australian Taxation OfficeAndrew Hirst, CTA, Greenwoods & Herbert Smith FreehillsJulian Humphrey, CTA, KPMGIan Kellock, CTA, AshurstJames Loughhead, CTA, WestpacMatt Osmond, PwCGrant Peters, CTA, Ernst & YoungDavid Wood, CTA, King & Wood Mallesons

Proudly sponsored by:

THE TAX INSTITUTE - 2017 Financial Services Taxation Conference - 3

TECHNICAL PROGRAMEvent summary

Wednesday 8 February 2017

Time Session Presenter

12.00pm–1.00pm Registration and light lunch

1.00pm–2.30pm Session A: The Changing Shape of Regulatory CapitalThis session will address:

� Current state of the market � Factors influencing issuer behaviour � International trends � Current bank and life/general insurer capital rules and topical tax issues � Capital proposals for the future including total loss absorption capacity (TLAC) � Comparison of instruments and markets � Future direction in Australia including the work of the Board of Taxation.

Tony Frost, CTA, Greenwoods & Herbert Smith Freehills

Bob Herbert, Morgan Stanley

2.30pm–3.00pm Afternoon tea

3.00pm–4.00pm Session B: MAAL/Diverted Profits Tax In this session, the MAAL and DPT will be considered and contrasted, including considering where they apply and do not apply, and where they intersect. The UK experience of its diverted profits tax will be considered. The ATO will also comment on its guidance in relation to the MAAL and how it proposes to apply the two new regimes.

Tony Cooper, EY

Jonathan Woodger, Australian Taxation Office

4.00pm–6.30pm Free time

6.30pm–8.00pm Welcome drinks reception

Thursday 9 February 2017


8.00am–9.00am Registration

9.00am–9.15am Conference Opening Address and Senior Tax Counsel Update Matthew Pawson, CTA, Rae & Partners Lawyers

Stephanie Caredes, CTA, The Tax Institute

9.15am– 10.15am Session 1: Keynote Presentation – Perspectives on Future Directions in Corporate TaxRecently, the level of tax paid by corporate taxpayers and the nature of Australia’s corporate tax system have been the subject of intense scrutiny.

In 2016 alone, the OECD continued work on its Base Erosion and Profit Shifting project; the Panama Papers were the subject of intense media scrutiny; the Senate was due to issue its report on its Inquiry into Corporate Tax Avoidance in 2016; and a number of companies signed up to the Board of Taxation’s Voluntary Tax Transparency Code. In addition, in 2016 the federal government ruled out changing the GST, the 2016/17 Budget proposed a diverted profits tax as well as corporate tax cuts, and in the 2016 election campaign, Australian politicians debated what a fair corporate tax system should look like.

In the keynote session to the conference, two speakers from different perspectives will consider where the Australian corporate tax system is heading, whether the Australian corporate tax system needs reform, and what that reform should look like. Conference attendees are encouraged to participate and provide their thoughts in this session.

Michelle de Niese, Corporate Tax Association

Prof Miranda Stewart, Crawford School of Public Policy

10.15am–10.45am Session 2: Board of Taxation Update This short update session will highlight the new role of the Board’s CEO, how the Board operates and how to get involved, and the projects the Board is currently working on.

Ann-Maree Wolff, Board of Taxation



Thursday 9 February 2017 (cont.)


10.45am–11.00am Morning tea

11.00am–12.00pm Session 3: Areas of Focus for the Financial Services IndustryThis session will canvas:

� The increased public interest in the taxation of multinationals � Taxpayers’ changing expectations � How regulators are modifying their approach � Significant issues in the financial services industry.

Jeremy Hirschhorn, Australian Taxation Office

12.00pm–1.00pm Session 4: TOFA – Current Issues and Future ReformThis session will provide an update on the proposed TOFA rewrite announced in the May 2016 Federal Budget, including a discussion around key legacy issues and the extent to which the proposed reforms should address some of these issues.

Steele Broderick, CTA, Treasury

Natalie Raju, KPMG

1.00pm–2.00pm Lunch

2.00pm–3.00pm

OR

Session 5A: CRSCRS commences 1 July 2017. This session will consider:

� Implementation issues, with four months to go � Effect of the 16 choices available to Australian financial institutions � Impact of the US position on CRS � Interactions between CRS, FATCA and AML/KYC � Lessons learnt from FATCA and Wave I countries.

Fred Law, CTA, National Australia Bank

Anthony Siouclis, Australian Taxation Office

Session 5B: Common Tax Issues for Retail Funds In this session common tax issues which arise when structuring retail products will be highlighted, including tax and regulatory issues that are difficult for issuers and fund managers to resolve or to explain to retail investors. This is to highlight areas where legislative or policy reform/simplification or administrative solutions could assist the industry. It will also consider regulatory developments, including from the Financial System Inquiry, that will alter the obligations to retail investors and engagement with regulators. Recent policy initiatives (for example the new CIV proposals, and the Asian Funds passport) will also be critically considered – will they attract more retail funds business to Australia? If not, what more is needed?

Andrew Clements, FTI, King & Wood Mallesons

Brendan O’Brien, CTA, AMP Capital

3.00pm–3.15pm Afternoon tea

3.15pm–4.15pm Session 6A: Infrastructure UpdateThis session will consider recent issues in infrastructure, including:

� Capital management and structuring (such as equity securitisations, cross-staple debt and synthetic cross-staple equity, structuring into staples and upstream financing)

� Capitalised labour � Cash contributions to asset development � Position of assets transferred by a customer � Repair vs improvement � Sovereign wealth fund exemption � Relationship of ATO to FIRB.

Julianne Jaques, Victorian Bar

Rhys Manley, Australian Taxation Office



Friday 10 February 2017


9.00am–10.00am Session 8: Transfer Pricing and Financial Services OrganisationsThis session is a panel discussion. The panellists will discuss the key practical and technical transfer pricing issues facing financial services organisations in Australia.

Dianna Govan, ANZ

Christine Cornish, National Australia Bank

Michael Jenkins, Australian Taxation Office

10.00am–11.00am Session 9: Cases and Rulings Update This session will review important rulings and income tax case law which has been determined in the Federal Court and High Court between January and December 2016, including an analysis of win–loss percentage. It will also consider significant case law from other Commonwealth jurisdictions that will be potentially persuasive in Australia.

Joanne Dunne, CTA, MinterEllison

11.00am–11.15am Morning tea

11.15am–12.15pm Session 10A: Latest on the Superannuation Reforms and Related Tax Issues This session will provide the latest update on the legislative reforms, ATO and other tax-related developments affecting the superannuation industry, including issues relating to the reforms following the 2016 Budget. The presenters will aim to cover issues impacting large funds, SMSFs and members.

Bevan Grace, AustralianSuper

Daniel Butler, CTA, DBA Lawyers

Thursday 9 February 2017 (cont.)


3.15pm–4.15pm Session 6B: Digital Developments – The Technology-Enabled Tax Function This session will cover the current tax technology trends being seen in the market as tax functions respond to the digital era and will include:

� The digital era – summary of the internal and external factors impacting the tax function, eg CRS, BEPS, tax authority modernisation (data-driven tax audits)

� Evolution of the tax function – insights on leading practice � Shining the spotlight on key technology trends:

– Analytics – Robotics – Tax portals, eg SharePoint – Blockchain

� Q&A.

Kelum Kumarasinghe, EY

Simon Jenner, CTA, EY

4.15pm–5.15pm Session 7: Division 6CDivision 6C is of fundamental importance to the managed investment trust regime and the proposed tax regime applying to collective investment vehicles.

This session will provide insights on various matters, including:

� Technical issues � Key areas of uncertainty in the operation of Division 6C � Practical application to commercial transactions.

Terry Murphy, QC, CTA, Victorian Bar

Siew-Kee Chen, CTA, Deloitte

5.15pm–7.00pm Free time

7.00pm–11.00pm Conference dinner – Sheraton Mirage



Friday 10 February 2017


11.15am–12.15pm Session 10B: Branch Attribution This session will cover current branch/PE attribution issues:

� Current Australian law, ATO practice and interaction with treaties � International comparison and potential conflicts � Future direction of Australian law, including Board of Taxation report � Current practical issues and risks, including:

– Transfer pricing methodologies and financial services – Applying ATO inter-branch derivative guidelines – Liquidity charges and notional funding costs – in Australia and overseas

� Impact of BEPS, MAAL and DPT.

Julian Pinson, FTI, Greenwoods & Herbert Smith Freehills

Jerome Wood, Commonwealth Bank of Australia

12.15pm–1.15pm Session 11A: The Second Johnson Report The 2009 Report handed down by the Australian Financial Centre Forum into Australia as a Financial Centre, known as “the Johnson Report,” laid out a roadmap for tax and regulatory form to enhance Australia’s financial services capability. Notwithstanding that the Johnson Report received bipartisan support, progress has been slow and some recommendations have been shelved.

This session will provide a stock-take of the Johnson recommendations from both a banking and funds management perspective. It will also highlight new issues and barriers that have arisen in the intervening 8 years, and set out policy responses to these barriers.

Carla Hoorweg, ATI, Financial Services Council

Rob Colquhoun, ATI, AFMA

OR Session 11B: Transaction CostsThis session will comprise an M&A case study highlighting issues in relation to transaction costs – considering amortisation, capital cost base issues, when deductibility arises and when s 40-880 should be considered.

Matt Birrell, KPMG

1.15pm–2.15pm Lunch

2.15pm–3.15pm Session 12: BEPS and Hybrid Mismatch ArrangementsThis session will cover:

� Overview of the OECD’s Hybrid Mismatch Arrangements Report – including, consideration of the main themes of the OECD report by reference to examples

� State of play – Australia’s response, including the Board of Taxation report and international responses to date

� Practical example of what this may mean for taxpayers – including cross-border transactions with third parties, investments in transparent entities, CFC/branch implications and the imported mismatch rule.

Karen Payne, CTA, Board of Taxation

Andrew Hirst, CTA, Greenwoods & Herbert Smith Freehills

3.15pm–4.15pm Session 13: BEPS for Banks and Insurance CompaniesThe financial services industry is facing significant change as Governments start acting on BEPS.

This session will examine the response of Governments to BEPS that affect the banking and insurance sectors, including:

� Announced or enacted anti-hybrid rules (including UK, Australia and NZ); � Branch hybrid mismatch arrangements; � Diverted profits tax; � Multi-lateral instrument including treaty shopping and permanent establishments; � Thin capitalisaton, CFC and cashbox rules for the banking and insurance sectors; and � Other important global tax changes (eg US debt-equity regulations, Brexit, State Aid). � The likely impact of these measures on legal structure, compliance & reporting, overall tax burden, financing structures, profile of investors and operational models

Peter Collins, FTI, PwC

Matt Osmond, CTA, PwC

4.15pm–4.25pm Conference close

4.30pm–5.00pm Conference close drinks


PRESENTER PROFILES An overview of our experts

Steele Broderick, CTA, is a Senior Adviser in the Melbourne office of the Commonwealth Treasury, focusing on domestic tax issues in Treasury’s Corporate and International Tax Division. He has over 10 years experience providing tax advice, joining Treasury in 2014, having previously held roles in law interpretation in the ATO. Steele is a Chartered Tax Adviser, a Chartered Accountant and holds a Masters of Applied Taxation. He specialises in providing advice to government on a wide range of corporate tax issues, including those impacting the financial services sector such as the recent review of the Taxation of Financial Arrangement rules.

Matt Birrell, is a Partner in KPMG’s Deal Advisory Tax Practice. Matt has over 20 years of experience providing Australian taxation advice to a range of taxpayers, including Foreign Multi-Nationals, Financial Institutions, Australian listed and unlisted groups, Domestic and Foreign private equity houses, Superannuation Funds, Australian private families and Australian and foreign Governments.

Matt specializes in M&A Tax, property and infrastructure and has extensive experience advising on complex mergers, acquisitions, corporate and family reorganisations and public and private fundraisings.

Daniel Butler, CTA, is one of Australia’s leading SMSF lawyers and has worked predominantly in the SMSF, tax and related fields for over 30 years. He is a regular presenter on SMSF topics and has published extensively in professional journals, including contributing a monthly article on SMSFs to the Taxation in Australia journal and other media. Dan is a member of the ATO’s Superannuation Industry Relationship Network (SIRN), the Chair of The Tax Institute’s National Superannuation Committee, a member of the Law Institute of Victoria’s Tax Committee, and is involved with a number of other tax and SMSF committees. Dan presents on the subject “Taxation of Superannuation” at the University of Melbourne’s Master of Laws/Tax program. Dan is also a CTA and a Specialist SMSF Advisor.

Stephanie Caredes, CTA, Tax Counsel, is responsible for The Tax Institute’s policy and advocacy activities and regularly engages with all levels of government, including Treasury and the ATO. Prior to joining The Tax Institute, Stephanie gained extensive experience in private practice advising on a wide range of federal and state taxation issues. Stephanie holds a Masters level degree in Law from the University of Sydney and is admitted as a Solicitor and Barrister in both the Supreme Court of New South Wales and High Court of Australia. She has also published a variety of articles and commentary in relation to taxation issues.

Siew-Kee Chen, CTA, of Deloitte, has 19 years experience as a tax adviser to real estate, asset management, private equity and infrastructure clients. Siew-Kee has extensive experience advising throughout a deal life cycle, including domestic and cross-border structuring of mergers and acquisitions, due diligence, asset financing, tax governance and compliance, and divestments. Siew-Kee provides a practical and commercial perspective from his previous experience as the Head of Tax of an Australian listed group. Siew-Kee has been heavily involved in the design and consultation process with Treasury and the ATO in relation to managed investment trusts and Division 6C.

Andrew Clements, FTI, is a Partner at King & Wood Mallesons where he specialises in the tax treatment of the funds management industry and corporate mergers and acquisitions. Andrew has been heavily involved in the consultation process leading up to the release of the managed investment trust legislation. This process has also involved driving the discussions with ASIC in relation to the general class order relief for amendments to constitutions to accommodate the new regime.

Peter Collins, FTI, is a Partner at PwC with 25 years experience as a specialist in global tax, assisting foreign investors structuring their Australian investments and Australian corporates expanding offshore. He works with the firm’s global tax network to develop solutions for clients and is a member of the International Tax executive which allows him to provide a unique global perspective. He is a consultant to Treasury in relation to tax reform in the areas of international tax and transfer pricing including the MAAL/DPT and a member of the Australian Treasury’s BEPS Tax Advisory Group. Peter was heavily involved in the rewrite of the Australian transfer pricing rules; he appeared before the Senate Estimates Committee to object to the retrospective application of those rules to US companies. He represented PwC before the Senate inquiry in relation to corporate tax avoidance by multinational companies.

Rob Colquhoun, ATI, is a Director of Policy at the Australian Financial Markets Association (AFMA). He has primary carriage of AFMA’s taxation and anti-money

laundering/counter-terrorism financing issues. Rob joined AFMA in December 2012 with more than 11 years experience in corporate taxation. He also served as the Chief Executive Officer of the NSW Trainers Association. Rob holds honours degrees in both Law and Commerce from the Australian National University.

Tony Cooper is a partner in the EY International Tax group in Sydney with more than 20 years experience advising in international tax. From 2002 to 2006 he was leader of the Australian Tax Desk in New York as part of the Asia-Pacific Tax Group. From 2009-2011 he was part of the EY Private Equity Transaction Taxes team based in London. He has advised on corporate re-organisations, cross-border acquisitions and structuring, financing, supply chain and transfer pricing related restructures, IP planning, complex tax audits and dispute resolution for publicly listed companies and private equity funds. He focuses on North American inbound and outbound investment in the technology, media and entertainment sectors. His current focus is the range of BEPS related tax issues facing tech sector clients including the MAAL, the impending DPT, and anti-hybrid changes. As an EY practice leader he is involved in ATO/Treasury consultation on BEPS driven tax changes.

Christine Cornish has had over 11 years of experience in Transfer Pricing. After 9 years in EY’s transfer pricing team she moved to ANZ to take on the Tax Transfer Pricing Manger role within the International and Institutional business. Since then Christine has continued to grow her in house experience as the Global Tax Transfer Pricing Manger at NAB.

Michelle de Niese has been the Executive Director of the Corporate Tax Association since January 2015. Prior to this role, she was the Assistant Director of the Corporate Tax Association for over nine years. Michelle has extensive experience as an external stakeholder in the development of Australia’s tax policy and law, as well as aspects of tax administration. Michelle is a member of the National Tax Liaison Group, the ATO’s peak consultative group on taxation matters, and the Consultative Steering Group. Michelle is also the co-chair of the Large Business Liaison Group and an executive committee member of the International Fiscal Association. Prior to her time at the Corporate Tax Association, Michelle worked at MinterEllison in their Melbourne tax team. Michelle started her career at the ATO, where she worked in the Large Business and International business line and the Tax Counsel Network.

Joanne Dunne, CTA, is a Tax Partner at Minter Ellison, Melbourne. Joanne has more than 20 years experience in tax in both Australia and New Zealand, including in advising and assisting clients in tax investigations with the ATO, and has a track record of resolution of tax matters. She is also an experienced tax litigator.

Tony Frost, CTA, is renowned for his passionate interest in taxation law, particularly as it relates to financial services transactions. Tony has more than 30 years’ experience in the tax field and during his career he has advised most of Australia’s leading financial institutions. Before joining Greenwoods in 2003, Tony held senior positions in a global chartered accounting firm and a leading Australian bank. In addition to his regular practice, Tony is a prolific author of tax articles and seminar papers and is regularly invited to speak at industry events and conferences. He also spent 15 years as a lecturer in the Master of Laws program at the University of Sydney. Tony is a member of the Law Society of NSW, an Associate of Chartered Accountants Australia and New Zealand, a Chartered Tax Adviser of The Tax Institute and a member of the International Fiscal Association.

Di Govan is Head of Transfer Pricing for ANZ. Di leads a specialist transfer pricing team and is responsible for end-to-end transfer pricing management across ANZ globally. She manages the group-wide TP governance and control framework, strategy development and thought leadership, policies and frameworks, the APA programme and disputes and controversy. Dianna is a lawyer and economist, with more than 20 years of experience in international tax and transfer pricing. Prior to joining ANZ, she worked for Ernst & Young in the tax departments of their Melbourne and Dublin offices and in the Tax function of a large European-based multinational.

Bevan Grace is the Group Tax Manager for AustralianSuper and has oversight of all tax matters impacting the fund and its subsidiary entities. Prior to this he spent more than 14 years at KPMG providing tax advisory and compliance services to financial services organisations, specialising in large superannuation funds.

Jeremy Hirschhorn joined the ATO in August 2014, and since March 2015 has been the Deputy Commissioner for Public Groups in the Public Groups


and International Business line. In this role he is responsible for overseeing tax administration and compliance for all public entities. Before taking on this role, he was the ATO’s Chief Tax Counsel with responsibility for the Tax Counsel Network. Prior to joining the ATO, Jeremy was a senior partner in KPMG’s Tax Practice.

Bob Herbert heads the Financial Institutions team within Morgan Stanley’s Australian Global Capital Markets business. He graduated and worked as a lawyer before moving into investment banking at Macquarie and for the last six years at Morgan Stanley.

Bob’s primary focus is to originate and execute capital markets transactions for a range of clients including Australia’s largest financial institutions. Bob works right across the balance sheet, including equity, hybrid capital, senior and secured debt and merger/acquisition activity. Bob has completed a long list of transactions, both public and private, across many of the world’s developed capital markets.

Andrew Hirst, CTA, is a Director and Head of the Financial Services group at Greenwoods & Herbert Smith Freehills Pty Limited. Andrew advises on a wide range of corporate and banking-related tax issues with a particular focus on financial and international transactions. Andrew has been extensively involved in the development of the TOFA provisions and represented The Tax Institute before the House of Representatives Economic Committee in relation to changes in this area. Andrew has advised various financial services clients in relation to the development and application of the BEPS rules.

Carla Hoorweg, ATI, is the Senior Policy Manager for Investment, Global Markets and Tax at the Financial Services Council (FSC). Prior to joining the FSC in 2012, Carla worked for the Henry Davis York law firm in their Financial Services Group. Carla has previously served as a ministerial adviser to the NSW State Government where her policy portfolio included revenue (state and Commonwealth), finance, commerce, insurance and superannuation. Carla has over 14 years experience in financial services, gained through various product development and corporate strategy roles encompassing mortgages, managed investment schemes, debentures and wholesale investment advisory services.

Dr Julianne Jaques, CTA, is a Barrister at the Victorian Bar. She appears regularly in taxation matters and has particular experience in disputes involving complex commercial transactions and financial arrangements. Prior to coming to the Bar, she was senior taxation adviser to the Federal Assistant Treasurer and also worked in the taxation division of a major law firm with a focus on infrastructure projects, giving her an insight into the issues arising in transactions between government and the private sector. She is a Chartered Tax Adviser and a Chartered Accountant, and her doctoral thesis focused on the taxation of corporates.

Michael Jenkins is an Assistant Commissioner in the Public Groups & International business line of the ATO. He has more than 16 years specialist experience in international tax and transfer pricing, including ‘hands on’ preparation of documentation; technical advice; and transfer pricing dispute resolution (including mediation and litigation). Michael was heavily involved in the development of Australia’s revised transfer pricing legislation (enacted 2013), and also led the team responsible for preparing the ATO’s initial tranche of interpretative and other guidance materials on the revised law. Michael is a frequent public presenter on transfer pricing, and has published a number of articles on transfer pricing issues in transfer pricing; tax and industry journals. He has been the Australian delegate to the OECD’s Working Party 6 on transfer pricing matters since 2010, and was Australian competent authority for transfer pricing matters from 2010-2012. In his current position, he leads a team of around 50 professional economists.

Simon Jenner, CTA, is a Partner in the Financial Services Tax practice at EY, specialising in banking and capital markets. He leads EY’s Banking and Capital Markets Tax practice across Asia Pacific. Simon has 20 years’ experience advising large corporates on a variety of tax issues, including capital management, capital raisings, mergers, acquisitions, disposals and the application of the tax consolidation regime. He has also advised extensively on the application of the taxation of financial arrangements rules.

Kelum Kumarasinghe is a Director in Ernst & Young’s Tax Performance Advisory (TPA) practice based in Sydney. He has a broad range of tax technology and transformation experience in the Financial Services sector in Australia and Europe, having worked in consulting for over a decade (five years of which were spent in London). Kelum specialises in assisting clients with the strategic and operational challenges facing their tax function, including tax operating model

design, tax process improvement and tax data & technology. Kelum holds a Bachelor of Commerce from Sydney University and is a member of the Institute of Chartered Accountant Australia (ICAA).

Fred Law, CTA, is a tax manager of the Corporate Advisory team of Group Taxation at the National Australia Bank. Fred specialises in providing tax advice for mergers and acquisitions and international cross-border transactions, including global withholding tax and tax documentation requirements. Fred also advised on US withholding tax and information reporting requirements. Fred has been involved extensively in the implementation of FATCA across NAB globally for the past few years and participates in industry implementation forums. Fred is currently working with the project team for the global implementation of Common Reporting Standard and Automatic Exchange of Information across the bank and has been working with the ATO and Australian Treasury through industry forums on CRS implementation issues.

Rhys Manley joined the Australian Tax Office in November 2009. He is a Director in the Technical Leadership Group (part of Public Groups and International). As a member of this group, Rhys provides interpretative advice and support to compliance teams in relation to a range of taxation issues. Rhys is also a member of the ATO’s Infrastructure Team, which is working towards increasing justified trust between the ATO and in the infrastructure industry. Prior to joining the ATO, Rhys worked in the Finance and Strategy Unit in the Business Tax Division in the Australian Treasury.

Terry Murphy, QC, has an extensive practice primarily in revenue law and has advised and appeared for the Commissioner and taxpayers in numerous cases in the Federal Court and High Court. He was appointed as Special Counsel to the ATO from 2008 to 2010, is a member of the ATO Private Group Stewardship Group and has been a Senior Fellow of the Melbourne Law School for many years.

Brendan O’Brien, CTA, is the Head of Tax at AMP Capital, managing global business and fund investments. AMP Capital’s funds house assets in excess of $160 billion internationally across multiple asset classes including real estate, infrastructure, equities and debt. Brendan has more than 20 years tax experience, focusing on financial services and international tax. Brendan is an active member of the Financial Services Council Tax Expert Group.

Matt Osmond, CTA, is a Partner in the financial services corporate tax team at PwC focused on banking and financial services. He is a lawyer, Chartered Accountant and registered tax agent. Matt is a leader of the firm’s financial services team and brings global and Australian insights in financial services and taxation to his corporate and international clients. Matt has over 21 years experience working with banks and financial services businesses in Australia and the UK, and advises on a range of matters, including taxation of derivatives, financial arrangements, dividend management and franking, funding, profit repatriation, branch taxation, tax effect accounting, asset administration, securitisation, hedging, foreign exchange transactions, leasing, commercial and consumer finance products, offshore banking units, M&A and employee share schemes.

Matthew Pawson, CTA, is a Consultant Lawyer and previous Managing Director at Rae & Partners in Launceston, Tasmania and formerly the Managing Partner of Peter Worrall Lawyers. He has been practising as a commercial lawyer for 17 years. Matthew specialises in complex commercial and property transactions, business structuring, corporations law, succession planning, estate planning and tax advice, and has advised many businesses and community organisations about corporate governance issues. After being appointed to the Tasmanian State Council of The Tax Institute, Matthew served as State Chair in 2012-13 and has contributed to the organisation and running of numerous CPD events offered by The Tax Institute in Tasmania. During the period 2010-1015, Matthew completed six years’ service as a National Councillor for Tasmania, where he variously held the positions of National Treasurer, Chair of the Information Products Working Group and member of the Investment and Audit Committees of The Tax Institute. Matthew served as National Vice President in 2016. Matthew is also a regular presenter and author for the Law Society of Tasmania on GST and other commercial law and practice management topics and a guest lecturer for the University of Tasmania Postgraduate Legal Practice Training program.

Karen Payne, CTA, was appointed as the inaugural Chief Executive Officer of the Board of Taxation, effective 31 March 2016. She is also a Member of the Board of Taxation, appointed in May 2015. She is the Chair of the Board’s




working group that is advising on the implementation of the OECD hybrid mismatch rules. Karen was also a member of the Board of Taxation advisory panel and assisted with the reviews of tax arrangements for managed investment trusts, venture capital limited partnerships, collective investment vehicles, the investment manager regime and the arm’s-length debt test. Karen was previously a Partner at Minter Ellison focusing on international and corporate taxes for the financial services industry, and mining, energy and utilities sectors.

Julian Pinson, FTI, is a Director at Greenwoods & Herbert Smith Freehills Pty Limited. Julian advises on a wide range of tax matters, with a focus on the banking and financial services, property and funds management industries. Julian has particular expertise in cross-border finance, TOFA, OBUs, corporate restructures, debt and equity raisings, property transactions and mergers and acquisitions.

Natalie Raju is a Tax Partner with KPMG and has over 14 years experience advising on taxation issues relevant to the funds management and broader financial services industry. Natalie also has five years in-house experience with a fund manager, where she was a lead product originator and tax counsel.

Anthony Siouclis, currently manages the implementation of a number of international transparency measures, including country-by-country reporting and the common reporting standard as well as manages the ATO’s exchange of information unit. He joined the ATO in 2000, providing economic advice to support transfer pricing issues across large business. In 2002, Anthony graduated with a PhD at the Department of Econometrics at Monash University and was part of an ATO team established to develop a data driven case selection tool for large business. Anthony moved into risk and intelligence (R&I) in 2009 overseeing an R&I capability that supported risk management across large enterprises, including development of the risk differentiation framework.

Professor Miranda Stewart is the Director of the Tax and Transfer Policy Institute at Crawford School, Australian National University (ANU) in Canberra. Professor Stewart is an international expert on tax law and policy, with more than 20 years experience working at the leading edge of policy research, design and development. She joined ANU from the University of Melbourne, where she was a Director of Tax Studies for many years. She has previously worked at New York

University School of Law in the US, in major Australian law firms advising business on tax law, and at the ATO advising on business tax law and policy, and has consulted for government on various tax and transfer policy issues.

Ann-Maree Wolff has over 24 years’ experience as a qualified tax professional with over 14 years’ experience in senior tax roles within the mining industry. She is currently the Asia Pacific Head of Tax for Rio Tinto responsible for all tax matters relevant to Rio Tinto in Australia and the broader Asia Pacific region. She is a Chartered Tax Advisor and Fellow of Chartered Accountants Australia and New Zealand.Ann-Maree has been extensively involved in tax policy development in her roles on the Tax Committees for the Business Council of Australia and Minerals Council of Australia, the Executive Committee of the Corporate Taxpayers Association, as well as through consultation directly with the Australian Treasury. Ann-Maree is a member of the Board of Taxation which is a non-statutory advisory body that provides the Australian Government with real-time advice on tax policy issues by contributing a business and tax community perspective to improving the design and operation of taxation laws.

Jerome Wood is a Manager in the Group Tax Advising team of Commonwealth Bank of Australia. Jerome’s primary area of focus is CBA’s international business for which responsibilities include advising on tax and transfer pricing matters and implementing compliance measures such as country-by-country reporting. Jerome has over 10 years’ tax experience gained at a global accounting firm and CBA and is a member of the Chartered Accountants Australia and New Zealand.

Jonathan Woodger is a Deputy Chief Tax Counsel in the ATO. Along with the Chief Tax Counsel, and the other two Deputy Chief Tax Counsel, he has overall responsibility for the ATO’s interpretation of the tax law. Jonathan took over this role in 2011. He is now Chair of the ATO’s General Anti-Avoidance Rules (GAAR) Panel in Melbourne and also the Public Rulings Panel. Jonathan spent the first nine years of his career as a legislative drafter at the Office of Parliamentary Counsel in Canberra, where he drafted a large amount of tax legislation and many other measures. He joined the ATO in 2003.

FURTHER INFORMATION What, when and how to

Online registrationDelegates are encouraged to register online at taxinstitute.com.au/2017financialservices.

Registration inclusionsWednesday sessionsConference registration for the Wednesday afternoon sessions includes participation in both sessions A and B, supporting materials, a light lunch on arrival, afternoon tea and attendance at the welcome drinks on Wednesday 8 February. Delegates attending the standard conference program in addition to the afternoon sessions will receive a preferential registration fee. Registration fees do not include travel, accommodation, hotel breakfasts or hotel incidentals.

Thursday or Friday sessionsConference registration for Thursday or Friday includes participation in sessions on the selected day, electronic access to all technical papers, arrival tea and coffee, morning tea, lunch and afternoon tea. Attendance at the welcome drinks and conference dinner are not included. Registration fees do not include travel, accommodation, hotel breakfasts or hotel incidentals.

Standard conferenceConference registration for the standard conference includes participation in the full technical program on Thursday and Friday, access to all technical papers, attendance at the welcome drinks on Wednesday 8 February,

attendance at the conference dinner on Thursday 9 February and all lunches and refreshments during conference hours. Registration fees do not include travel, accommodation, hotel breakfasts or hotel incidentals.

DiscountsEarly bird registrationAll full conference registrations received and paid on or before Friday 2 December 2016 will be entitled to an early bird discount. Discount excludes Wednesday, Thursday and Friday-only registrations.

Group discountsPurchase four registrations and receive the fifth free. All attendees must be from the same firm and all must register at the same time. This offer cannot be redeemed in conjunction with any other offer, promotional code or discount and excludes Wednesday, Thursday and Friday-only registrations.

Mates rateIntroduce and register a colleague who has not previously attended the Financial Services Taxation Conference and we will extend to you a special discount of $250 off the standard registration fee. This offer cannot be redeemed in conjunction with any other offer, promotional code or discount and both registrations must be received together.

Printed materialsTo assist in reducing the environmental impact, the standard registration option will provide only electronic access to materials. For an additional


FURTHER INFORMATION What, when and how to

fee of $100, delegates may choose to receive all available technical papers and presentations in hard copy format at the event. Refer to the registration options and indicate your preference.

Financial Services Taxation Conference appThe Financial Services Taxation Conference app will be accessible for delegates to download available presenter materials and other event information one week prior to the event. The app will contain session and speaker information, the delegate list and available technical materials. Delegates will receive instructions via email detailing how to download and access materials.

Delegate listA delegate list will be included in the conference materials and app to assist with networking. Please indicate on the registration form if you do not want your name included on the list.

Confirmation of registrationA confirmation letter and tax invoice will be sent via email.

CPD accreditationAttendance at the sessions on Wednesday afternoon counts for 3 hours, on Thursday counts for 7.5 hours and on Friday counts for 6 hours of Continuing Professional Development Accreditation with The Tax Institute. Attendance on both Wednesday and Thursday counts for 10.5 hours and full attendance on Wednesday, Thursday and Friday combined counts for 15.5 hours.

Venue and accommodationThe Palazzo Versace Hotel The Palazzo Versace hotel brings the white sandy surf beaches of Main Beach and the sparkling Gold Coast Broadwater directly to your fingertips. All around our luxury hotel, the Gold Coast radiates a holiday glow, featuring one of the world’s best coastlines and magical weather all year round. In this premier playground of blue-water yachting, magnificent fishing and diving, surfing, world-class golfing, tennis or lazing on the golden beaches, all await. Families can explore new ‘worlds’ – with Dreamworld, Sea World, Warner Brothers Movie World and Wet ‘n’ Wild Water World close by.

Favourable room rates have been negotiated and secured at the Palazzo Versace. All accommodation bookings can be made through the Ozaccom website: https://ep.ozaccom.com.au/public/TFS17/accommodation.aspx or by following the link on the Financial Services Taxation Conference link on our website http://www.taxinstitute.com.au/professional-development/key-events/financial-services-taxation-conference.

Please note that as per venue booking conditions, all accommodation booked is non-refundable. All additional hotel incidentals, including breakfast, remain the responsibility of delegates, and individuals will be responsible for payment of the balance of their account when checking out of the hotel. Please note that extra charges may be incurred for additional guests, and will be charged to individual room accounts to be settled on check-out.

Welcome drinks – WednesdayFor delegates arriving on Wednesday, a welcome drinks reception will be held from 6.30pm in the Le Jardin Lower Lobby. The welcome drinks reception is included in the conference registration fee for delegates, and additional tickets are available to purchase for accompanying persons at a cost of $55. Please indicate your requirements, including dietary requirements, on the registration form.

Conference dinner – Thursday The conference dinner will be held in the Pandanus Room at the Sheraton Mirage on Thursday evening from 7pm. Additional conference dinner tickets are available to purchase for accompanying persons at a cost of $160. Please indicate your requirements, including any dietary requirements, on the registration form.

Dress codeSmart casual attire is suitable for the duration of the conference program, including the conference dinner.

Getting thereThe Palazzo Versace is situated approximately a one-hour drive north of Gold Coast Airport and approximately a 90-minute drive from Brisbane’s domestic airport.

ParkingThe Palazzo Versace offers complimentary guest parking, or a professional valet parking service is available for $30 per day.

Transfers from Gold Coast and Brisbane AirportsFor delegates wishing to fly into Gold Coast or Brisbane Airports, The Tax Institute has negotiated a favourable rate with transport provider Con-x-ion. A 20% discount will be offered to conference delegates for transfers between the airports and the resort. Should your flight be delayed, you will be placed on the next available shuttle service. Simply go to www.con-x-ion.com/?pid=TIC2017 to make a booking.

Alteration and cancellation policy The Tax Institute reserves the right to alter, amend or cancel all or any of the arrangements contained in the program. It is a condition of acceptance of registration that an administration fee of 20% of the registration fee will be charged for cancellation. No refund will be given for cancellations received within five working days of the event. A replacement may be nominated; however, the replacement is only valid for the 2017 Financial Services Taxation Conference. If the replacement is not a member, the non-member registration fee will apply. CPD hours will be allocated to the designated attendee. The Tax Institute cannot accept responsibility for delegates’ late transport arrivals or non-arrivals due to delays.

Become a memberThere is no time like the present to join Australia’s premier tax body and take advantage of the special new member introductory offer. For an additional $300 on the member registration fee, you will receive membership until 30 June 2017.

Member benefits include:

� Taxation in Australia journal

� TaxVine e-newsletter

� TaxLine Research Service – free to members

� CPD event discounts

� Publications and tax product discounts

� Business Alliance Partner discounts.

The Chartered Tax Adviser ProgramDeveloped to enhance the performance of all tax professionals, the Chartered Tax Adviser Program is the industry’s choice for innovative tax education and training. The Institute offers three formal education courses to support tax professionals throughout their career – CTA1 Foundations, CTA2 Advanced and CTA3 Advisory. Visit taxinstitute.com.au/education for more information or call us to discuss your firm’s training needs on 02 8223 0032.

EnquiriesFor further information regarding this event, please contact the National Events Team on 1300 733 842 or [email protected].

For registration enquiries, please contact [email protected].

Full conference + WednesdayPlease register me for the full conference including the Wednesday sessions. The registration fee includes catering, welcome reception and the conference dinner.

Early bird registration price (register on or before 2 December 2016)

The Tax Institute member $2,095 New member* $2,395 Non-member $2,495

Standard registration price (register after 2 December 2016)


Full conferencePlease register me for the full conference. The registration fee includes Thursday and Friday Sessions, catering, conference dinner and materials.

Early bird registration price (register on or before 2 December 2016)


Standard registration price (register after 2 December 2016)


Registration

Delegate contact details

Title: (Dr/Mr/Miss/Ms/Mrs/Other)

First name:

Last name:

Member no.:

Postal address:

Suburb:

State: Postcode:

Company:

Position:

Tel:

Mobile:

Email:

Fax:

Please tick this box if you do not wish your name to be included on the delegate list provided to all attendees for networking purposes.

2017 Financial Services Taxation Conference 1170202M1/WD

REGISTRATION TAX INVOICEPlease photocopy for additional delegates. All prices quoted include GST. ABN 45 008 392 372

PLEASE PRINT IN BLOCK LETTERS.

Register

OnlineSave time, register online at taxinstitute.com.au

[email protected]

MailGPO Box 1694 Sydney, NSW 2001

Fax02 8223 0077

Hard-copy materials – add $100 to registration fee (see page 10 for further information)

Mates rate – I am bringing a new attendee – subtract $250 from registration fee (see page 10 for further information)

Name of new attendee:

Dietary requirements: Promotional code: Date of issue: September 2016

*For an extra $100 (on the member fee), become a member of The Tax Institute. Membership is extended until 30 June 2018 and will include a free two-week trial of the Tax Knowledge eXchange (Australia’s leading tax repository) upon request.

Hard-copy materials – add $100 to registration fee (see page 10 for further information)

Mates rate – I am bringing a new attendee – subtract $250 from registration fee (see page 10 for further information)

Name of new attendee:

Please see page 10 for registration inclusions.

*SPECIAL NEW MEMBER OFFERThe new member registration fee includes fees for Affiliate level membership of The Tax Institute so that you can take advantage of the many benefits membership affords. Membership is extended until 30 June 2017. Please read and sign below to take up membership.

DECLARATIONI hereby apply for membership of The Tax Institute. I declare I am a person of good fame, integrity and character and agree to be bound by the Constitution of The Tax Institute. For more information on membership visit www.taxinstitute.com.au.

*Signature: Date:

Payment details summary

Registration fee $

Mates rates (deduct $250 – see page 10 for details) $

Additional conference welcome drinks tickets ($55) $

Additional conference dinner tickets ($160) $

Total payable $

*Please note: The Tax Institute cannot accept responsibility for delegates’ late flight arrivals. Transfer costs are non-refundable and non-transferable.

Membership and education program promotion

I am interested in becoming a member of The Tax Institute. Please send me further details. I am interested in learning more about The Tax Institute’s education program. Please contact me.

Marketing and business alliance partner exclusions

I no longer wish to provide my contact details to The Tax Institute’s contracted business partners. I no longer wish to receive marketing correspondence from The Tax Institute.

We take your privacy seriously, and our policy can be viewed at taxinstitute.com.au/go/footer/privacy.

ReplacementsPlease note: Registrations for the event are not interchangeable but replacements are acceptable. Please notify us at least two days prior if you intend on sending a replacement. CPD hours will be allocated to the designated attendee. If the replacement is not a member, the non-member registration fee will apply.

CancellationsThe Tax Institute must receive cancellations in writing five working days prior to the conference. No refund will be given for cancellations received within five working days of the event. A replacement may be nominated. Further details on The Tax Institute’s cancellation policy can be found at taxinstitute.com.au.

Payment method

Please note: All registration payments must be made prior to the event, unless other arrangements have been made with The Tax Institute.

I enclose a cheque* for $ *Please make cheque payable to The Tax Institute.

Please charge my credit card $

Card type:

AMEX VISA MasterCard Diners

Card no. / / /

Expiry date:

Cardholder’s signature:

Cardholder’s name:

For event enquiries, please contact the National Events Team on 1300 733 842 or [email protected]. For registration enquiries, please contact [email protected].

Conference dinner

The conference dinner is INCLUDED in the registration fee for delegates.

Thursday 9 February: The Pandanus Room, Sheraton Mirage

Yes, I WILL be attending the conference dinner OR No, I WILL NOT be attending the conference dinner Yes, I require additional tickets for the conference dinner at $160 per person

No. x tickets at $160 each: $ Name(s):

Dietary requirements:

Welcome drinks

The welcome drinks reception is INCLUDED in the registration fee for delegates attending the pre-conference sessions on the Wednesday.Wednesday 8 February: The Palazzo Versace in the Le Jardin Lower Lobby

Yes, I WILL be attending the welcome drinks reception OR No, I WILL NOT be attending the welcome drinks reception Yes, I require additional tickets for the welcome drinks reception at $55 per person

No. x tickets at $55 each: $ Name(s):

Dietary requirements:

Breakout session selection

Please tick the breakout sessions you would like to attend during the conference:

Thursday 9 February

2.00pm–3.00pm

Session 5A: CRS

Session 5B: Common Tax issues for Retail Funds

3.15pm–4.15pm

Session 6A: Infrastructure Update Session 6B: Digital Developments – The Technology-enabled

Tax Function

Friday 10 February

11.15am–12.15pm Session 10A: Latest on the Superannuation Reforms and

Related Tax Issues Session 10B: Branch Attribution

12.15pm–1.15pm

Session 11A: The Second Johnson Report

Session 11B: Transaction Costs

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NAT

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2017 financial services taxation conference · 2018-04-05 · beps and international tax issues...

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