5 S E P T E M B E R 2 0 1 2 – AU C K L A N D

Tax Conference

S P O N S O R E D B YJohn Payne

Casey Plunket

Martin Smith

Tim Clarke

Shaun Connolly

Bevan MilesPatrick Goggin

Mike Hendriksen

Craig Elliffe

Sanjiv Weerasinghe

Teresa Farac

Fred Ward

Tony Wilkinson

Robin Oliver

Chair: Mathew McKay

Topical Trust Tax Issues Financial Arrangements Rules

Working with Inland Revenue to Manage Risk Case Studies Involving Double Tax

The Importance of Source Rules in Income Tax Managing Documents in a Dispute

Tax Avoidance Round-Table Discussion

Bart de Gouw

www. lawyer seducat ion .co .nz

C O N F E R E N C E

“Please join us in Auckland for what promises to be an informative day.”

Vivian Cheng John Peterson

11.15 - 12.00 Obtaining Greater Certainty for Taxpayers – working with the IRD to manage tax risk

Managing tax risk appropriately remains a key priority for taxpayers. This session will explore how taxpayers can meet their risk management objectives through obtaining greater certainty in the tax positions they take through interaction with the IRD.• Why taxpayers seek greater certainty• Examples of particular situations when taxpayers will seek

comfort from the IRD, including the different levels of comfort required in different situations

• Options for obtaining comfort or greater certainty from the IRD• Practical issues arising from some of those options and

potential solutions.Patrick Goggin and Bevan Miles

12.00 - 1.00 Case Studies Involving NZ Double Tax Agreements

A series of case studies concerning the application of NZ’s Double Tax agreements involving transparent entities and cross-border distributions.Craig Elliffe and Casey Plunket

1.00 - 1.45 Lunch

1.45 - 2.45 The Importance of Source Rules in Income Tax – what is source income? how much is it? are the rules right?

• NZ source rules – NZ taxing rights‒ Practical application of our source rules

• Transfer Pricing (TP)‒ How TP works to allocate NZ source income‒ International developments in TP

• The policy perspective‒ Why NZ taxes source income‒ Changing international approaches to source taxation (OECD)‒ WhereNZfitsin.

Bart de Gouw, Teresa Farac and Robin Oliver

2.45 - 3.30 Managing Documents in a Dispute

• Legal privilege and non-disclosure rights for in-house counsel• New discovery rules requiring the preservation of documents• Useful tips for managing documents during a dispute• Litigation privilege – when is it triggered?Tim Clarke and Mike Hendriksen

3.30 - 3.50 Afternoon Tea

3.50 - 4.50 Tax Avoidance: Round-Table Discussion

A round-table discussion between key decision-makers from within the IRD and tax advisors in relation to the scope and operation of the general anti-avoidance rule. The discussion is intended to provide some practical guidance to taxpayers and tax advisors as to the application of the rule and to:• Givecurrentviewsonthesignificanceofrecenttaxavoidance

court decisions and the IRD’s Interpretation Statement• Understand the IRD’s operational responses to tax avoidance

in the context of its compliance strategy• Consider the submission to the IRD by the Tax Avoidance

Working Group, and the department’s response; and• Give guidance as to when it is appropriate to seek comfort on

tax positions taken by taxpayers in relation to the application of the rule and the best methods of achieving such comfort.

Timewillbemadeavailableforquestionsfromthefloor.John Payne, Martin Smith, Fred Ward and Sanjiv Weerasinghe

4.50 - 5.00 Concluding Remarks – Chair: Mathew McKay

5.00 CCH Drinks and Nibbles

Programme8.20 - 9.00 Registration

9.00 - 9.15 Opening – Chair: Mathew McKay

9.15 - 10.00 Topical Trust Tax Issues

Despite being around for centuries, trusts continue to give rise tointerestinganddifficulttaxissues.Someoftheseissueshaverecently been the subject of (draft) IRD Interpretation Statements. This session will discuss:• Personal liability of trustees for tax on trust income • Whether income that arises only for tax purposes can be

beneficiaryincome(recentdraftIRDstatementINS0111)• In what circumstance a trust relationship will arise in a share

sale and the impact on measurement of shareholder continuity (recentdraftIRDstatementINS0108).

Shaun Connolly and Tony Wilkinson

10.00 - 10.45 A Re-introduction to the Financial Arrangements Rules

A presentation covering the methodology and scope of the financialarrangementsrules,including:• Thedefinitionof“financialarrangement”• Application of the spreading methodologies• The tax treatment of debt restructuring.John Peterson

10.45 - 11.15 Morning Tea

From the Chair

Tax practitioners continue to face an environment of constant change, driven not only by legislative amendment but also by changing approaches to tax administration and enforcement, and judicial attitudes to issues that reach the courts. A key issue for taxpayers within this environment is how best to achieve greater certainty in taking tax positions. Methods of obtaining varying degrees of comfort from Inland Revenue will be addressed in a joint Inland Revenue / tax advisor presentation.Itisasignificantyearfornootherreasonthanwehave(indraft form) Inland Revenue’s Interpretation Statement on the application of the general anti-avoidance rule. This interpretation statement (and other issues relating to the application and administration of the general anti-avoidance rule) will be the subject of a round-table discussion involving key decision makers from Inland Revenue and tax advisors, in an attempt to distil some practical guidance for taxpayers and their advisors.Wewillalsoreceiveaneweditionofthetaxadvisor’s“bible”,regarding the application of the Financial Arrangements Rules. We will hear from its principal authors on topical issues, such as the interplay between the rules and the IFRS treatment of financialarrangements.New Zealand’s relationship with the rest of the world (and its suitabilityasadestinationforcapitalorafinancialhub)willbeaddressed in two international tax focused sections relating to DTAs and New Zealand’s sourced-based taxing rights to certain items of income.Further domestic issues will also be addressed – trust taxation has given rise to a number of topical issues, including the ability toallocatedeemedtaxableincometobeneficiariesandtheresponsibility of trustees for tax payable by trusts.We hope that it will be an informative and exciting day. Please join us on 5th September at Auckland University.

Mathew McKay

Chair

Mathew McKay, Bell Gully, AucklandMathew is a partner in Bell Gully’s tax team. He advises on all aspects of NZ corporate tax law, including tax issues affecting mergers and acquisitions, financing arrangements and funds management. Mathewregularly assists clients in disputes with the IRD during the dispute resolution phase and in court challenge proceedings.

Speakers

Vivian Cheng, Minter Ellison Rudd Watts, WellingtonA corporate lawyer, Vivian specialises in taxation and insurance matters. Her particular expertise lies in financing transactions, mergers andacquisitions, corporate restructuring and international tax. Vivian is experienced in managing tax investigations and disputes and obtaining binding rulings on behalf of clients.

Tim Clarke, Bell Gully, AucklandTim is a partner in Bell Gully’s litigation department in Auckland. He has broad experience acting for corporate clients in a range of corporate and commercial disputes and employment law matters. Before joining Bell Gully, Tim spent three years in Hong Kong with Baker & McKenzie and from2001-2004wasbasedintheBritishVirginIslandswithHarneys.HehasalsoworkedatotherleadinglawfirmsinNewZealand.

Shaun Connolly, Russell McVeagh, WellingtonShaunhasbeenapartneratRussellMcVeaghsince2008.HeadvisesonallareasofNZtaxlawincludingtaxefficientbusinessandinvestmentstructures, the establishment of managed funds and retail investment products, complexfinancing arrangements, taxdisputes and taxpolicyissues.

Bart de Gouw, Deloitte, AucklandBart is an Associate Director with Deloitte NZ. He provides specialised transfer pricing advice to clients in a wide range of industries. Bart leads projects for clients in all aspects of cross-border pricing arrangements. In particular, he has been involved in the negotiation of advance pricing agreements, providing planning and structuring advice, policy development, assistance with transfer pricing disputes, and compliance to a wide range of major multinational companies. Bart is a Chartered AccountantandhasbeenamemberofNZICAsince1994.

Craig Elliffe, Chapman Tripp, AucklandCraig is Professor of Taxation Law and Policy at the University of Auckland Business School. His areas of expertise include all areas of international taxation and double taxation agreements, funds management, GST issues, dispute resolution, restructuring and cross-border transactions including cross-border royalty and international income tax. Craig also acts as tax consultant at Chapman Tripp and was previously a tax partner at KPMG.

Teresa Farac, Deloitte, AucklandTeresa is a tax specialist with 25 years experience assisting clients in mergers and acquisition, corporate structuring and international tax. She has significant experience in dealingwith IRD investigations anddisputes. Teresa has also been an active participant in tax reform and policyformulation.ShewasmadeaFellowoftheNZICAin2001;andhas been named as one of NZ’s top tax advisers in the International Tax Review.

Patrick Goggin, Inland Revenue, WellingtonPatrick is Group Manager, Assurance, IRD. The group consists of Investigations, Legal and Technical Services and Large Enterprises, and Customer Services. He is a member of a number of the Department’s internal governance groups. Patrick chaired the IRD committee that worked with NZLS and NZICA on the Dispute Resolution Process.

Mike Hendriksen, Westpac, AucklandMike is Head of Dispute Resolution at Westpac NZ. Before that he was a Senior Tax Counsel with the IRD’s Legal and Technical Services where he was involved in complex tax investigations and disputes. He also participated as a facilitator in dispute conferences. Prior to joining the IRD, Mike was in private practice in NZ, Australia and England.

Bevan Miles, ASB, AucklandBevan is the General Manager Taxation at ASB and manages the tax obligations of CBA’s NZ Group. He has over 15 years specialist taxexperienceincorporatetaxrolesandprofessionalservicesfirms.Bevan’srecentexperiencehasfocusedonthefinancialservicesindustryandhiscurrent role encompasses advising the business on all aspects of tax, managing implementation of new tax legislation, dispute management and tax risk management. Bevan is a member of the NZLS Tax Committee.

Robin Oliver, OLIVERSHAW Ltd, WellingtonRobin is a Director in OLIVERSHAW Ltd and is on the Advisory Board of The NZ Tax Trading Company. He is an experienced tax practitioner with a reputation for bringing different perspectives and disciplines to issues. RobinwasDeputyCommissionerIRD(1995–2011)andamemberoftheExecutiveBoard. In 2009, hewas appointed amember of theNZOrder of Merit and to the UN Committee of Experts on International Tax Co-operation, a position he still holds. Robin has been a member of the International Monetary Fund’s expert group on taxation.

John Payne, New Zealand Superannuation Fund, AucklandJohn is Head of Tax at the Guardians of NZ Superannuation. The Fund is subject to tax both in NZ and offshore. Prior to this he was Head of Tax at Vodafone NZ Ltd, provided consultancy services to Fonterra Co-operative Dairy Company and ASB Bank, had roles as Treasurer and Head of Tax at Carter Holt Harvey, Head of Tax at Brierley Investments, and as a Senior Tax Manager at Ernst & Young. John is also Convenor of the NZ Corporate Taxpayers Group.

John Peterson, Minter Ellison Rudd Watts, WellingtonJohn has practised tax law in New York and London and has been a tax partneratMinterEllisonRuddWattssince2008.HeisaCommonwealthScholar with a BCL in trusts and taxation from Oxford and an LLM in International Tax from NYU. John is on the editorial committee of Taxation Today and is currently writing Partnership Taxation in New Zealand(CCH,dueforpublicationin2012).

Casey Plunket, Chapman Tripp, AucklandCasey has extensive experience in the tax aspects of corporate acquisitions, mergers and restructurings, both on-shore and cross-border. He has advised US, UK and Australian investors on structuring their NZ direct investment; and has advised NZ and foreign institutions on cross-border structured finance transactions. More recently, Casey has participatedin structuring managed and private equity funds, and in designing tax-effective investment products. He is a regular speaker at tax conferences; is convenor of the NZLS’s Tax Committee; chair of the NZ branch of the Institute of Financial Advisers (IFA) and a member of the Government’s Rewrite Advisory Panel.

Martin Smith, Inland Revenue, WellingtonMartin is theChiefTaxCounsel for the IRD.TheOfficeof theChiefTax Counsel contains the Taxpayer Rulings and Public Rulings Units, the Adjudication Unit, and the Escalations and Advising Unit. Martin joined theIRDin1995.

Fred Ward, Russell McVeagh, AucklandFred 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 structuredinvestment products. Fred has been a partner with Russell McVeagh since 1995.

Sanjiv Weerasinghe, Inland Revenue, HamiltonSanjiv is Assurance Manager – Specialist Advice, IRD, and is one of IRD’s senior operational lawyers. He is responsible for oversight of case management, conference facilitation, and for a team of transfer pricing andfinancespecialists.SanjivhasextensiveNZandinternationalprivatesector experience specialising in tax structuring of retail and private investmentfunds,VATandinternationaltaxstructuring.Since2006,hehas primarily concentrated on trusts, tax avoidance arrangements and cross-border transactions

Tony Wilkinson, Buddle Findlay, AucklandTony is a partner in Buddle Findlay’s national taxation team. He assists clients in tax disputes and also advises on the NZ income tax and GST consequences of a broad range of transactions. Tony regularly presents for both the NZLS and the NZICA.

V E N U E

The University of Auckland Business SchoolLevel O, Room OGGB5 Owen G Glenn Building12GraftonRoadAucklandAuckland

C O N F E R E N C E DAT E

5September2012–Auckland

PA R K I N G

There is a Wilson’s carpark underneath the Business School withachargeof$5perhour.Accessisfrom12GraftonRoad

C C H D R I N K S A N D N I B B L E S

The CCH drinks and nibbles have become a highlight of this conference and provide a great opportunity at the end of a taxing day to unwind and relax.

M AT E R I A L

A booklet of papers and other materials will be given out to participants when they register on the morning of the conference.

F E E ( I N C L G S T )

The registration fee includes extensive materials, morning and afternoon tea, lunch, and the CCH drinks and nibbles at the end of the day.

Earlybird rate By 1 August After 1 August

NZLSmember $625 $685

Non-member $675 $735

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Registrations will not be actioned until payment is received.The registration fee includes extensive materials, morning and afternoon tea, lunch, and the CCH drinks and nibbles at the end of the day.

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Earlybird rate By 1 August After 1 AugustNZLSmember $625 $685Non-member $675 $735

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