2018 National Infrastructure Conference May 2018 Sheraton Melbourne. 10 CPD hours

Transcription

1 2018 National Infrastructure Conference May 2018 Sheraton Melbourne 10 CPD hours

2 Welcome On behalf of the Organising Committee, I would like to welcome you to the 4th National Infrastructure Conference the only conference focused entirely on tax issues affecting infrastructure. The conference will be held at the Sheraton Hotel in Melbourne from 17 to 18 May Investment in infrastructure is critical for maintaining living standards and creating the conditions in which our economy can continue to grow. Governments in Australia are increasingly looking to the private sector to develop and maintain roads, ports, pipelines, energy and other essential infrastructure assets. The recent release by the ATO of a draft Tax Framework document and a Tax Alert on staples and financing guidelines, and the federal Treasury review means there is much to discuss. Our conference program covers many issues that are relevant to our industry, including outbound infrastructure investment, social PPPs, anti-avoidance rule application, financing principles, valuations and a focus on economic infrastructure and trusts. Christopher Voyce from Macquarie Capital and Jeremy Hirschhorn from the ATO will deliver keynote addresses. Our panel discussion in the session Federal Treasury Review Staples, Foreign Investor Concessions is sure to be a highlight, involving lots of robust debate. A conference dinner at the Sheraton will provide ample opportunity to catch up with colleagues from the industry, including professional firms, corporates and the ATO. I look forward to seeing you in Melbourne in May. Steve Ford, CTA Chair, Organising Committee Thank you The Tax Institute gratefully acknowledges the generous assistance of members of the Conference Organising Committee: Steve Ford, CTA, PwC, (Chair, Conference Organising Committee) Richard Buchanan, CTA, EY Minh Dao, CTA, KPMG Aldrin De Zilva, CTA, Greenwoods & Herbert Smith Freehills Steven Economides, CTA, KPMG Mark Edmonds, PwC Michael Flynn, QC, CTA (Life), Victorian Bar Martin Fry, FTI, Allens Jillian Gardner, Macquarie Group Kelly Heezen, AMP Capital Investors James Loughhead, CTA, Westpac Peter Maher, Australian Taxation Office Matthew Shanahan, CTA, Deloitte Adrian Varrasso, ATI, MinterEllison Cristina Wolters, CTA, Transurban Early bird offer Register on or before Friday 13 April 2018 to save! 2 THE TAX INSTITUTE 2018 National Infrastructure Conference

3 Technical program Day 1 Thursday 17 May 2018 Time Session Presenter am am am Registration Welcome and Opening Address Session 1: The Infrastructure Landscape in Australia This session will cover: Current trends demonstrated by recent infrastructure transactions in Australia Likely future trends in the market. Christopher Voyce Macquarie Capital pm pm pm Session 2: The Application of Part IVA to Stapled Structures This session will examine some of the issues raised in TA 2017/1, and whether Part IVA may apply to arrangements which are said by the Commissioner to involve an artificial fragmentation of an integrated trading business in order to re-characterise trading income into more favourably taxed passive income. It will also examine recent moves by the Commissioner to apply Part IVA to upstream investment structures that utilise a mix of debt and equity. Lunch Session 3: Valuations Key Legal Principles and Recent Case Law The nature of infrastructure assets and operations necessarily mean that valuation will play a key role in determining tax outcomes for investors, sponsors and the Commissioner. In this session, Cameron Rider will explore the latest developments in the legal principles relevant to the valuation of assets for tax purposes, and Julia Fry will discuss the particular issues that arise for infrastructure projects. Greg Davies, QC, CTA Victorian Bar Eugene Wheelahan, FTI Victorian Bar Cameron Rider, FTI Greenwoods & Herbert Smith Freehills Julia Fry EY pm pm pm Session 4: ATO Reflections on its Approach in the Market Key Issues in the Infrastructure Sector Current issues in the infrastructure sector The ATO approach in administering the industry. Afternoon tea Session 5: Federal Treasury Review Staples, Foreign Investor Concessions This session will be a panel discussion with representatives from the ATO, and Australian and foreign infrastructure investors in relation to the federal Treasury s review of stapled structures and foreign investor concessions. Topics to be discussed include: Tax policy and infrastructure The federal Treasury review of staples, reasons for the decisions taken by Treasury, and possible alternatives Level playing field what does this mean? Investor certainty and early engagement with the ATO What should the principles be regarding grandfathering existing transactions? Subject to the release of further publicly available information from the federal Treasury prior to the conference date, this panel may also be joined by a representative of the federal Treasury. Jeremy Hirschhorn, CTA Australian Taxation Office Jeremy Hirschhorn, CTA Australian Taxation Office Ruth Woolmer GIC Peter Nearhos, CTA QIC Nick Hume Global Infrastructure Partners Facilitator Minh Dao, CTA KPMG THE TAX INSTITUTE 2018 National Infrastructure Conference 3

4 Technical program continued Day 1 Thursday 17 May 2018 continued Time Session Presenter pm pm pm Session 6: Upstream Gearing A Focus on Infrastructure and Trusts Chevron case ATO s approach to debt pricing and PCG Transfer pricing Diverted profits tax Hybrid mismatch rule. Pre-dinner drinks Ballroom Foyer, Sheraton Conference dinner Ballroom, Sheraton James Nickless PwC Shahzeb Panhwar Australian Taxation Office Day 2 Friday 18 May 2018 Time Session Presenter am Session 7: Delivering Investor Certainty Tax deeds Letters of comfort ATO products Dispute resolution approaches. Michael Clough, FTI King & Wood Mallesons Matthew Walsh, CTA Australian Government Solicitor Sharon Murray Australian Taxation Office am Session 8: Key Issues in Stamp Duty/GST on Transactions Key stamp duty issues in infrastructure transactions Key GST issues Katrina Parkyn, ATI King & Wood Mallesons Tim Sinclair Deloitte am pm Morning tea Session 9: Outbound Infrastructure Investment Key Issues in Structuring Outbound Investments This session will cover common offshore infrastructure investment structures and consequences for Australian investors. Topics include: Domestic considerations Concessions and penalties for Australian infrastructure investors Revenue authority approaches Practical issues. Edward Consett, ATI EY pm Session 10: Social PPPs Is the PPP Model Broken? The introduction of AASB 1059 will put on balance sheets many, if not all, of the securitised licence arrangements. As a consequence, it is likely that alternative structures will need to be developed. What will these new structures look like? What will the principal new tax issues be? How will restructures of existing deals be undertaken? What issues may arise from such restructures? Rhys Manley Australian Taxation Office Steven Economides, CTA KPMG 1.30pm Conference closing address and lunch Steve Ford, CTA PwC 4 THE TAX INSTITUTE 2018 National Infrastructure Conference

5 Presenter profiles An overview of our experts Michael Clough, FTI, is a Partner at King & Wood Mallesons and has over 35 years experience advising Australian and foreign-owned clients on tax issues which arise in the capital and debt markets, corporate transactions and resources and infrastructure sectors. On behalf of his clients, Michael has helped resolve many disputes with the ATO and also conducted numerous tax appeals and other related proceedings in the state, Federal and High courts and tribunals. Edward Consett, ATI, is a Director in the Melbourne office of EY. He advises on the tax issues for medium to large-scale infrastructure transactions, including privatisations, PPP, renewable energy and secondary market transactions. Edward is a Member of Chartered Accountants Australia & New Zealand, a Solicitor of the Supreme Court of Victoria and a lecturer at the University of Melbourne. Minh Dao, CTA, is a Tax Partner in KPMG s Deal Advisory Tax group. She has over 16 years of tax experience at KPMG working with governments and the private sector on large-scale infrastructure M&A, privatisations and PPP projects. She is actively engaged in both ATO and Treasury consultations on tax issues relevant to the infrastructure sector. In 2013, Minh was seconded to AMP Capital and in 2014 seconded to KPMG London to work with various government representatives and the OECD in relation to the BEPS project. In March 2015, Minh won The Tax Institute Corporate Tax Adviser of the Year award. Greg Davies, QC, CTA, practises principally in taxation and revenue law, administrative law, commercial law, corporations law and equity and trusts. He has appeared in many long and complex matters in the Federal Court at trial and appellate levels as well as in the High Court. Greg appeared in the following High Court cases: ElecNet (Aust) Pty Ltd v FCT, FCT v Sun Alliance Investments Pty Ltd, FCT v McNeil, FCT v Scully and FCT v Consolidated Press Holdings Ltd. He also appeared in leading Part IVA cases in the Full Federal Court, including AXA Asia Pacific Holdings Ltd v FCT, FCT v Lenzo, FCT v Ashwick, Puzey v FCT, FCT v Star City Ltd, Spassked Pty Ltd v FCT, Cumins v FCT, Pridecraft Pty Ltd v FCT and Eastern Nitrogen Ltd v FCT. Steven Economides, CTA, is the Lead Partner of KPMG s Deals Advisory Tax Group and has been a Partner at KPMG since Steven has advised on a series of privatisations, including TransGrid, AusGrid, Loy Yang and the Sydney Harbour Tunnel, and more recent privatisations, including Port Botany and the Port of Newcastle. Steven also has had extensive experience in public private partnership (PPP) transactions, from the early PPPs of Mount Gambier and Port Augusta to the most recent transactions. Steve Ford, CTA, is a Tax Partner at PwC, specialising in M&A in the infrastructure, PPP and energy sectors. Steve is a member of the IPA Tax Committee. Steve was previously an Executive Director with Macquarie Capital, specialising in project finance and infrastructure. Julia Fry is a Transaction Advisory Partner at EY with over 20 years experience in the provision of valuations and transaction advisory services. Prior to joining EY, Julia was in the Corporate Finance team of KPMG in Australia and the UK. During her career, Julia has consulted to an extensive range of clients spanning a broad range of industry sectors. In more recent times, Julia has focused on the infrastructure and consumer product sectors providing valuations and transactions advice to global infrastructure investors, listed and unlisted corporates and government departments for M&A, tax, accounting and litigation purposes. Jeremy Hirschhorn, CTA, joined the ATO in August 2014 as Chief Tax Counsel with responsibility for the Tax Counsel Network, 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. Prior to joining the ATO, Jeremy was a senior partner in KPMG s Tax Practice. Nick Hume is a Principal at Global Infrastructure Partners (GIP). GIP is a leading, global, independent infrastructure manager with over US$43 billion under management across its key focus sub-sectors of transport, energy and water/waste. Nick joined GIP in February 2009 and since that time has worked in GIP s New York and London offices. Prior to joining GIP, Nick spent three years working for Goldman Sachs in investment banking in Sydney and London and, prior to that was a solicitor at Freehills in the public M&A practice. Rhys Manley joined the ATO in November He is a Law Interpretation Director in the Technical Leadership Group (part of Large Business and International). As a member of this group, Rhys provides interpretative advice and support to compliance teams in relation to the Taxation of Financial Arrangements Stages 3 & Measure. Prior to joining the ATO, Rhys worked in the Finance and Strategy Unit in the Business Tax Division in the Australian Treasury. Sharon Murray is an acting Assistant Commissioner of Advice & Guidance in Public Groups and International at the ATO. In addition to providing certainty through interpretative advice products such as private rulings, she is responsible for the provision of public advice for large business. Previously, she was part of the Tax Counsel Network where she provided technical leadership on complex tax matters. She was also a key member of the Infrastructure Project Team. Prior to joining the ATO, Sharon worked at a Big 4 accounting firm. 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6 Presenter profiles continued Peter Nearhos, CTA, is the Head of Tax at QIC. He has over 15 years corporate tax experience, working in professional services for PwC, as Group Tax Manager for Aurizon and at QIC. During his professional career, Peter has advised on numerous transactions, including domestic and international restructuring, M&A and divestments, and IPOs. Peter is also a Chartered Tax Adviser and a member of the Queensland State Council for The Tax Institute. James Nickless is a tax partner specialising in transfer pricing and international tax at PwC. James has significant experience advising on cross-border funding structures from a transfer pricing and international tax perspective. James has advised a variety of infrastructure investors in relation to their capital structures as well as cross-staple lease pricing. James has been involved with the ATO and Treasury consultation process in relation to guidance on related party debt arrangements, the diverted profits tax and anti-hybrid rules. James is a Member of Chartered Accountants Australia & New Zealand. Shahzeb Panhwar is an Assistant Commissioner in the Public Groups and International area of the ATO, and has responsibility for issues relating to related party financing and thin capitalisation. Previously, Shahzeb spent two years as a Director in the ATO s International Structuring and Profit Shifting area. Shahzeb joined the ATO in 2014 after eight years with one of the Big 4 accounting firms where he specialised in assisting clients in relation to their transfer pricing matters. Katrina Parkyn, ATI, is a Partner in the tax group at King & Wood Mallesons. Based in Brisbane, she routinely advises on transactions Australia-wide across a broad spectrum of income tax, stamp duty and GST issues. Her experience includes advising on major infrastructure, resources and funds management. Cameron Rider, FTI, is a Special Counsel at Greenwoods & Herbert Smith Freehills practising in corporate and international tax. He was a professor, and still teaches, at the Law School at the University of Melbourne. Tim Sinclair is currently an Account Director at Deloitte Tax Services Pty Ltd and Managing Associate, Deloitte Legal Pty Ltd. Tim s primary focus for the past 13 years has been advising on GST in Australia (and similar valueadded tax regimes internationally). This experience has included stints with Deloitte member firms in Australia and the UK, as well as a top-tier Australian law firm. Tim has had particular experience in the GST issues arising in infrastructure, government, property and funds sectors. He has advised on a broad range of transactions across Australia, including electricity network and port privatisations, as well as water infrastructure, healthcare and housing PPPs. He has acted for both government and private sector participants. Tim also advises on contentious GST matters, including those proceeding to litigation. Christopher Voyce has been the Co-Head of Macquarie Capital s Infrastructure, Utilities & Renewables industry group in ANZ since September 2015, after returning from 11 years as a senior director with Macquarie Capital in the US. Christopher has more than 20 years experience advising corporates, governments and investors on infrastructure M&A, project financing and project development. He has closed over $50 billion in infrastructure financings, fund raisings and acquisitions for a range of clients in the power, utilities, transportation and social infrastructure sectors in Australia, Asia, Europe and North America. Christopher holds a Bachelor of Economics from Macquarie University and is a Fellow of the Institute of Actuaries in Australia. Matthew Walsh, CTA, is Special Counsel Tax Litigation at the Australian Government Solicitor. He has over 25 years experience in tax litigation and advice, acting for the ATO. He has acted in tax disputes covering a wide range of issues arising under different tax regimes, including issues as to liability to tax and other amounts, administrative law challenges, use of compulsory powers, civil (promoter) penalties, and complex recovery and insolvency matters. Matthew has assisted the ATO in the settlement of numerous cases, including those involving issues as to substantive liability, recovery and security for payment. Eugene Wheelahan, FTI, is a barrister who practises principally in the area of tax. He has appeared in a number of leading tax cases in the High Court and Federal Court, including, most recently, AusNet, Orica, SPI PowerNet, Australian Pipeline and Financial Synergy Holdings. He also provides opinions and assists clients in their dealings with the Commissioner. Eugene has a Master of Tax from the University of Melbourne where he is a Senior Fellow of the Law Faculty, lecturing in the subjects Comparative Tax Avoidance and Tax Avoidance and Planning. Ruth Woolmer is Senior Vice President, Global Head of Tax for GIC, based in Singapore. She is responsible for the tax affairs of GIC s investment programs and all enterprise tax and tax compliance matters. Ruth has over 17 years of experience in progressively senior roles within the Big 4 public accounting firms. Prior to moving to GIC, Ruth held several Tax Director positions with CPPIB in Canada and Hong Kong, and was an International Tax Director with Deloitte LLP in the UK and Canada, specialising in international tax structuring, transfer pricing and M&A tax work. She has worked extensively at the senior executive and board levels of some of the UK s and US s largest multinational organisations. 6 THE TAX INSTITUTE 2018 National Infrastructure Conference

7 Venue Sheraton Melbourne 27 Little Collins St, Melbourne The conference will be held at the Sheraton Melbourne. Sheraton Melbourne is a five-star luxury hotel located on Little Collins Street. Accommodation Conference National has negotiated special rates with three accommodation providers for delegates travelling to the conference. Room rates are quoted on a per room, per night basis (inclusive of GST) and are only available through The Tax Institute s Conference National website. Getting there Sheraton Melbourne is located 22 kilometres (30-minute drive) from Melbourne s Tullamarine Airport. The Skybus costs $18 one way and will take you to Southern Cross Station where you can get a train to Parliament Station. Sheraton Melbourne is approximately a one-minute walk from Parliament Station. Parking There is no onsite parking at the Sheraton; however, there is a public car park located opposite the hotel entrance, which charges daily rates. If staying at the Sheraton, nightly guest parking is available. Conference dinner Thursday 17 May The conference dinner will be held on Thursday evening in the Ballroom at the Sheraton from 6.45pm to 10.00pm. The conference dinner is included in the registration fee for full conference delegates. Additional tickets are available to purchase for accompanying persons at a cost of $150. Please indicate your requirements, including dietary requirements, on the registration form Please note that as per hotel 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 upon checkout. Lead the way in tax There 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 $320 on the member registration fee you will receive membership until June Member benefits include: Taxation in Australia journal TaxVine e-newsletter CPD event discounts Publications and tax product discounts Business Alliance Partner discounts. Become a member See registration form for details. THE TAX INSTITUTE 2018 National Infrastructure Conference 7

8 Event information Registration options and inclusions Online access to presentations and technical papers Morning/ afternoon tea/ conference lunches Conference welcome reception and gala dinner* How to register A Full conference registration This registration option entitles one delegate to attend the entire event. Register online or complete the form included in this brochure. Please note: Registration fees do not include travel, accommodation or hotel incidentals Additional tickets to the welcome reception and gala dinner can be purchased on the registration form. Register online at taxinstitute.com.au/nic18 Early bird registration All registrations received and paid for on or prior to Friday 13 April 2018 will be entitled to an early bird discount. Confirmation of registration On receipt of registration and payment, you will receive an containing your confirmation letter and tax invoice. Printed materials Printed materials are not included in your registration. The registration will include electronic access to the conference CPD app that contains available presentations and papers. Delegate list A delegate list will be included on the conference app to assist with networking. Please indicate on the registration form if you do not want your name included on the list. Special dietary and accessibility requirements Please indicate any special dietary requirements on the registration form. Please us with any accessibility requirements. CPD accreditation Attendance at the conference counts for 10 hours Continuing Professional Development (CPD) Accreditation with The Tax Institute. Alteration and cancellation policy (including changing or transferring sessions) 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 registration that an administration fee of 20% of the registration fee will be charged for cancellation by delegates. Cancellations must be received in writing by The Tax Institute at least five working days prior to the event. No refund will be given for cancellations received within five working days of the event; however, a replacement may be nominated. If the replacement is not a member, the nonmember 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 nonarrivals due to delays. Further details on The Tax Institute s cancellation policy can be found at taxinstitute.com. For further information regarding this event, please contact the Victorian team on or angelathangavelu@taxinstitute.com.au For registration enquiries, please contact eventregistrations@taxinstitute.com.au Dress code Business or business casual clothing is suitable for the duration of the conference, including the conference dinner. 8 THE TAX INSTITUTE 2018 National Infrastructure Conference

9 2018 National Infrastructure Conference Registration form 2018 National Infrastructure Conference WD A tax invoice and confirmation letter will be sent on receipt of your registration. Please photocopy for additional delegates and retain original copy for your records. All prices quoted are in Australian dollars and include GST where applicable. ABN Registration Full conference Early bird registration Received on or before 13 April 2018 Standard registration Received after 13 April 2018 Member New member* Non-member $1,530 $1,850 $1,925 $1,680 $2,000 $2,075 I understand that the registration fees do not include printed materials. Access to materials will be electronic. Dietary requirements: *EVENT AND MEMBERSHIP OFFER There is no better time than right now for non-members to take up membership! Register at the Member rate + add on $320 for Membership and receive member benefits through to 30 June All new members are eligible to upgrade their membership level at no additional cost by providing the appropriate documentation when applying within the initial membership subscription period. I hereby apply for membership of The Tax Institute and declare that I am a person of good fame, integrity and character and agree to be bound by the Constitution of The Tax Institute. Further information available at taxinstitute.com.au Signature: Date of signature: Promotional code: DD/MM/YYYY 2 Delegate contact details Member no.: If your member details are up-to-date, you can skip this section. Title: Mr Mrs Miss Ms Other (please specify) Date of birth: DD/MM/YYYY First name: Last name: Position: Company: Address: Suburb: State: Postcode: Telephone: Fax: Mobile: 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. 3 Conference dinner The conference dinner is INCLUDED in the registration fee for delegates attending the full conference. Thursday 17 May: The Ballroom, Sheraton Melbourne Yes, I WILL be attending the conference dinner OR No, I WILL NOT be attending the conference dinner Additional tickets Yes, I require additional tickets for the conference dinner at $150 per person No. x tickets at $150 each: $

10 4 Conference dinner continued Additional attendees and dietary requirements^ 4 Payment summary Registration fee $ Additional conference dinner tickets ($150/person) $ Total payable $ Please note: The Tax Institute cannot accept responsibility for delegates late flight arrivals. Transfer costs are non-refundable and non-transferable. 5 Payment method Cheque payable to The Tax Institute (in Australian dollars) Credit card $ Card type: AMEX Visa MasterCard Diners Expiry date: MM/ Y Y Name on card: Card no.: Cardholder s signature: For our refund, cancellation and replacement policy visit taxinstitute.com.au/professional-development/event-policy 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. We take your privacy seriously, and our policy can be viewed at taxinstitute.com.au/go/footer/privacy. 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. Collection notice The Tax Institute (TTI) complies with its obligations under the Privacy Act 1988 (Cth) with respect to how it handles personal information. TTI collects, uses, holds and discloses your personal information (including sensitive information, such as health information) for a range of purposes, such as administrative purposes relating to membership of TTI and TTI s courses (including assessment of eligibility and providing courses), compliance with Government and statutory requirements, provision of information relating to TTI s services and member benefits and to conduct market research. If you do not provide the personal information requested by TTI, it may not be able to provide its services to you, such as assessment of your course enrolment application. TTI does not disclose criminal record information to third parties. TTI usually discloses your personal information to entities such as your sponsoring employer (with respect to your course records and results), The Tax Practitioners Board, TTI s business partners for marketing purposes, IT companies and other companies who provide administrative and other services to TTI and government bodies, such as the Tertiary Education and Quality Standards Agency. TTI may disclose personal information to overseas recipients in countries such as the United States of America and India. For further information on how TTI collects, uses, holds and discloses personal information, please see its privacy policy at The Privacy Policy also contains information on how to request access to or correction of your personal information and how to make a complaint about a breach of privacy. By submitting your application to TTI, you confirm that you have read TTIs Privacy Policy and you consent to your personal information being collected, used and held by TTI and disclosed to third parties as set out in this notice and in accordance with TTI s Privacy Policy. If you do not want your personal information to be used by TTI or disclosed to third parties, for the purpose of direct marketing, please contact us in writing at membership@taxinstitute.com.au. 0173VIC_02/18_v3 TO REGISTER Online taxinstitute.com.au/nic18 Mail GPO Box 1694 Sydney, NSW eventregistrations@taxinstitute.com.au Fax

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12 Level 15, 350 Collins Street Melbourne, VIC 300 ABN Tel Fax VIC_02/18