TAX CONFERENCE CONFERENCE. 13 October CPD hours

Transcription

1 7 CPD hours CONFERENCE TAX CONFERENCE 13 October 2016 IN THIS CONFERENCE... stimulating and informative to both tax specialists and any legal and accounting practitioners and in-house advisers obliged to grapple with tax issues in the course of their work. YOUR TRUSTED CPD PARTNER

2 TAX CONFERENCE FROM THE CHAIR 7 CPD hours You are warmly invited to attend the 2016 NZLS CLE Tax Conference to be held on 13 October 2016 at The Langham, Auckland. The full day programme for the Conference promises to be stimulating and informative to both tax specialists and any legal and accounting practitioners and in-house advisers obliged to grapple with tax issues in the course of their work. The programme has an emphasis on recent legislative and judicial developments of practical significance, including the amendments proposed within the May 2016 Tax Bill, the non-resident property sales withholding rules recently introduced by Parliament, an update on the tax warranty and indemnity clauses in sale and purchase agreements, and practical guidance in respect of the conduct of tax disputes. For those with an interest in current tax policy initiatives, the programme includes an analysis of proposed OECD changes to the permanent establishment concept, a matter of real significance to one of the fundamental building blocks of New Zealand s tax structure. A highlight of the programme is an address by Justice Harrison of the Court of Appeal on recent developments in tax avoidance law from a judicial perspective. His Honour has sat at both High Court and Court of Appeal levels in a number of significant tax disputes, including those in which tax avoidance has been in issue. We thank His Honour for his willingness to participate in the Conference. All in all, it will be an informative and enjoyable day. Please come if you can. Lindsay McKay Auckland CHAIR Lindsay McKay, Barrister, Auckland Lindsay has practised at the bar for over 20 years. Prior to that he was a partner in Chapman Tripp. He has specialised in tax and tax disputes throughout his professional career.

3 PROGRAMME Thursday, 13 October REGISTRATION OPENING Chair: Lindsay McKay FOREIGN TRUSTS AND NEW ZEALAND S SO-CALLED TAX HAVEN STATUS The session will cover the origins of the trust regime and settlor liability in particular with reference to foreign trusts, the disclosure regime applying to foreign trusts and recommendations flowing from the Shewan report into the trust regime. The session will also look at practical day-to-day issues arising from the application of the rules contained in the Income Tax Act to foreign trusts. Pravir Tesiram Fred Ward LEGISLATIVE DEVELOPMENTS: THE BIG MAY BILL This session will provide an overview of key legislative reform proposed in the May Taxation (Annual Rates for , Closely Held Companies, and Remedial Matters) Bill with particular focus on: closely held company reform the related parties debt remission proposals some topical GST related amendments an update on NRWT and related party debt funding. Mathew McKay Jarrod Walker AUDITS AND DISPUTES: THE MYTHS, THE REALITIES AND THE LESSONS TO BE LEARNT Taxpayers and their advisers all have war stories about their dealings with Inland Revenue. IR investigators have their views of taxpayers, their agents and advisers. Much of this on the taxpayer side has found its way into urban myth. Many may believe it colours IR attitudes towards taxpayers. In this session some of the myths will be examined and debunked. Respective views will be tested and weighed and some of those myths may be found to be true. The object of the session will not be to tell stories for the sake of it, but to provide insights into the factors that are likely to be at play for both sides in a tax investigation and dispute. Geoff Clews Ele Duncan MORNING TEA RESIDENTIAL PROPERTY SALES: NEW TAX MEASURES This session will review recent changes to the taxation of residential property transactions. How do those changes relate to pre-existing law? What is the Commissioner seeing as a result of the suite of changes that have been introduced, what is she doing with new information obtained, and what could she do in the future? The session will include a practical commentary on the issues being faced by conveyancers, and suggestions for dealing with those issues. Dominic Lundon Neil Russ Lynley Sutherland 3

4 DEVELOPMENTS IN TAX AVOIDANCE CASE LAW: A JUDICIAL PERSPECTIVE Presenter The Honourable Justice Harrison LUNCH TAX PROVISIONS IN SALE AND PURCHASE AGREEMENTS Do you need a three and a half page tax indemnity in your sale agreement, or would something shorter do? Do you need a tax indemnity as well as tax warranties? How do you make sure that your client s GST risk is covered when selling property or business assets? These experienced practitioners will cover tax clauses in sale and purchase agreements, discussing their purpose and appropriate wording. Shaun Connolly Richard Scoular CAPITAL/REVENUE: TRUSTPOWER, VECTOR AND OTHER CASES Vivian and Patrick will revisit the capital/revenue distinction following the decisions in the Trustpower and Vector appeals, including consideration of the courts approach, consistency with accepted practice, and the practical implications for taxpayers and their advisers. Susan will provide Inland Revenue s perspective on the decisions and possible implications for existing IR statements. Vivian Cheng Patrick McCalman Susan Price AFTERNOON TEA PERMANENT ESTABLISHMENTS: WHAT DOES THE FUTURE HOLD? In this session, we will address the changes to the taxation of permanent establishments proposed by the OECD, with particular emphasis on the practical impact of the changes on different types of businesses operating in New Zealand and abroad. Carmel will provide insight in relation to the OECD s objectives in proposing the changes and Inland Revenue s views on the likely impact of the changes. The session will also cover related issues such as attribution of profits and changes to business structures that might be adopted. Helen Johnson David Johnston Carmel Peters DOES CORRECTNESS ALWAYS TRUMP PROCESS? Under what procedure, and to what extent, the validity of the exercise by the Commissioner of her powers can be challenged, is an issue which has received close consideration in the courts at all levels, particularly over the past twenty or so years. The results have been both conflicting and confusing. Richard and Michael will debate the issues around consistency and other validity challenges, with particular reference to the judgments in Tannadyce and Michael Hill. Richard Green Michael Heron QC WRAP UP Chair: Lindsay McKay DRINKS AND CANAPÉS LEARNING OBJECTIVES In this Conference you will: Receive detailed analysis on topical tax developments. Have problematic tax issues explained. Be updated on recent case law and possible legislative changes. 4

5 SPEAKERS Vivian Cheng, Chapman Tripp, Wellington Vivian is an experienced tax practitioner who advises on all aspects of New Zealand tax law, with particular expertise in corporate restructuring, mergers and acquisitions, financing transactions and cross border taxation. She has been with Chapman Tripp since 2012 and was previously a Special Counsel at another New Zealand law firm. Geoff Clews, Barrister, Auckland Geoff specialises in tax. He is an experienced tax litigator who advises clients in contentious tax matters, representing them with the Inland Revenue and before the Courts in both criminal and civil jurisdictions. Geoff is a Teaching Fellow with the Faculty of Law at Auckland University, co-presenting the Masters module on tax disputes. Shaun Connolly, Russell McVeagh, Wellington Shaun is a tax partner at Russell McVeagh. He has a broad practice and regularly advises clients on business acquisitions and divestments. Ele Duncan, Inland Revenue, Auckland Ele is currently a Senior Solicitor/Assistant Case Director. She has held a number of roles internally and has a broad range of tax experience, including substantial involvement within the disputes process. Richard Green, Barrister, Auckland Richard advises on a range of taxation matters. Formerly a tax partner in Russell McVeagh, he has appeared as counsel in several leading tax cases, including cases where the validity of assessments or powers exercised by the Commissioner were in issue. The Honourable Justice Rhys Harrison, Court of Appeal, Wellington Justice Harrison graduated LLB from Victoria University of Wellington in He worked for McAlister Mazengarb before working a year in Kampala, Uganda. Justice Harrison returned to Auckland and was for some years a partner in Milne Meek (later McElroy Milne). He went to the bar in 1988 and was appointed a Queen s Counsel in He was appointed a Judge of the High Court in Auckland in 2001 and was appointed a Court of Appeal Judge on 1 July Michael Heron QC, Auckland Michael has conducted significant legal matters and litigation in the regulatory, commercial, public law, health, media, sport, tax, treaty and intelligence/security areas. He has appeared as lead counsel in all New Zealand Courts including the Privy Council, and has conducted significant commercial arbitrations for both the Crown and corporate clients. 5

6 SPEAKERS Helen Johnson, Chapman Tripp, Auckland Helen is an experienced tax practitioner, with expertise in advising multinational corporations on their international tax affairs, including cross border transactions and corporate structures. She returned to Chapman Tripp in May 2015 as a Senior Associate after working at Clifford Chance in London for nine years. David Johnston, Fonterra, Auckland David is in-house tax counsel, with responsibility for Asia, the Middle East and Africa. He was previously European Head of Tax at Oaktree Capital Management in London. He also spent seven years as a Senior Manager for EY London where he advised a range of multinational clients on their international tax affairs and disputes with fiscal authorities. Dominic Lundon, Buddle Findlay, Auckland Dominic advises clients on a wide range of commercial real estate transactions, infrastructure matters and hotel and leisure projects including acquisitions and divestments, urban redevelopment/regeneration projects, industrial, residential and retail developments, design, build and lease arrangements across industrial, office and retail sectors and real estate joint ventures and investment funds. Patrick McCalman, Deloitte, Wellington Patrick is a Tax Partner with Deloitte. Before joining Deloitte in 2010, he led the New Zealand tax functions for ANZ and prior to that Westpac. Patrick s in-house experience brings a depth of experience across a range of tax disciplines, and his mix of corporate and professional services experience brings a balanced understanding to the management of tax issues. Mathew McKay, Bell Gully, Auckland Mathew is a partner in Bell Gully s tax team. He advises on all aspects of New Zealand corporate tax law, including tax issues affecting mergers and acquisitions, capital restructuring, financing arrangements and cross border transactions. Mathew also regularly represents clients during the Inland Revenue audit and dispute resolution phases and in court proceedings. Carmel Peters, Inland Revenue, Wellington Carmel is a policy manager for Policy and Strategy. She is currently managing the review of New Zealand s international tax rules which involves comprehensive reform of the taxation of outbound investment. Carmel negotiates New Zealand s double tax agreements and is the New Zealand delegate to Working Party 1 (Tax Treaties) at the OECD. She was recently appointed to the United Nations Committee of Experts on International Co-operation in Tax Matters. Susan Price, Inland Revenue, Wellington Susan has been the Director of the Public Rulings Unit since The unit deals with a wide range of tax issues, seeking to assist taxpayers and their advisors through the development, consultation and publication of public interpretative statements. Before joining Inland Revenue, Susan worked in commercial law in Wellington and London. 6

7 SPEAKERS Neil Russ, Buddle Findlay, Auckland Neil is convenor of the NZLS Tax Law Committee. He leads Buddle Findlay s tax practice, and specialises in all corporate and international tax issues, and GST. Neil has been heavily involved in all three phases of the residential property tax changes. He has 30 years experience in law in New Zealand and England, and has been a partner at Buddle Findlay since Richard Scoular, PriceWaterhouseCoopers, Auckland Richard has advised major corporates, individuals and anything in-between on the tax aspects of the sale and purchase of shares and business assets for 25 years. He is a partner at PwC in Auckland and leads their certainty and controversy team. Lynley Sutherland, Inland Revenue, Christchurch Lynley is an Investigations and Advice Manager, responsible for managing investigations portfolios and teams across New Zealand. Her specific expertise is in the hidden economy, fraud, property and GST. In managing such a broad range of compliance risk areas at a national level, Lynley has vast experience across all aspects of tax matters. Lynley has a Bachelor of Commerce from Victoria University and a Post Graduate Diploma in Disputes Resolution specialising in mediation. Pravir Tesiram, TGT Legal, Auckland Pravir is a founding partner of TGT Legal. He specialises in trust law, estate and tax planning, succession and related matters. Jarrod Walker, Bell Gully, Auckland Jarrod is a partner in Bell Gully s tax team. He has a general income tax practice. He advises the firm s domestic and offshore clients on the tax implications of a range of transactions including mergers and acquisitions, joint ventures, capital raisings and project developments. Jarrod also advises new and returning migrants on the tax implications of moving to New Zealand. Fred Ward, Russell McVeagh, Auckland Fred is an extremely experienced and highly regarded tax specialist. He is an expert in all tax matters, but his practice has a particular focus on corporate finance work, mergers and acquisitions and structured investment products. Fred has been a partner with Russell McVeagh since ACCOMMODATION Langham Hotel Single/Twin : $240 (incl GST) Note: Rooms are limited, please book early! To secure accommodation at these rates and make your travel arrangements contact Louise Living at Travel Managers. louise.living@travelmanagers.co.nz Phone:

8 TAX CONFERENCE REGISTRATION Last Name First Name Title REGISTER ME FOR Firm/Organisation Address PO Box: Street Address: DX: AUCKLAND 13 OCTOBER Langham Hotel 83 Symonds St Grafton, Auckland REGISTER Suburb: Town/City: Phone: Dietary Requirements: FEE (Incl GST) Postcode: ONLINE AT: POST TO: NZLS CLE Ltd, PO Box 5041, Wellington 6140, DX SP20202 FAX TO: INQUIRIES co.nz The registration fee includes extensive materials, morning and afternoon teas and lunch, and drinks and canapés after the conference. Materials will be available when you register at the conference. Early Bird By 13 Sep 2016 or AFTER 13 Sep 2016 NZLS/Associate members $780 $830 Non-members $840 $890 PAYMENT CANCELLATION AND REFUND POLICY. Please note: Minimum and maximum numbers apply. Registrations will be accepted on a first-come/first-served basis. NZLS CLE Ltd reserves the right to cancel any session that does not reach the budgeted minimum number of registrations. This decision will be made on the closing date and a full refund will be made to each registrant of the cancelled session. If you cancel your registration before the closing date, a refund will be made, less a $200 administration fee. After the closing date, there will be no refund. You may transfer your registration to another person until five working days before the presentation. Please advise NZLS CLE Ltd in writing of the change. PRIVACY ACT 1993 The information requested on this registration form is for NZLS CLE Ltd and the sponsors only. I do not wish the sponsors to receive my contact details. PAY BY ENCLOSED CHEQUE: Payable to NZLS CLE Ltd PAY BY DIRECT CREDIT: Acc. Name NZLS CLE Ltd. Acc. Number (Include your surname & name of organisation as the reference) PAY BY CREDIT CARD Card Number: Name on Card: Cardholders Signature: Expiry: / Visa Mastercard Amex Card security code: 8