- CPD Points: 1 [PS] [SL]
- Price: $77.00
- Area: Finance; Tax Law
- Delivered: November 2022
Digital Content
- Recording
- Materials: Paper and Slides (46 pages)
To purchase login below
Description
Mr Ron Jorgensen, Partner, Accredited Tax Law Specialist, Thomson Geer Lawyers, presents into the Litigation Conference 2022 to raise awareness that litigation practitioners need a basic understanding of income tax, capital gains tax, goods and services tax and the ATO's administrative practices in taxing compensation settlements to maximise a client's after-tax compensation and avoid professional negligence claims. The session provides an introduction to taxation principles and rules of thumb in settling common claims and preparing terms of settlement including:
- Taxation of compensation, interest and legal fees.
- Taxation adjustments, indemnities and reporting obligations.
- Purposive drafting terms of settlement.
- Examples of the taxation of common claims.
The key takeaways of this session are:
- The ATO applies an underlying asset look-through approach but not for undissected amounts.
- The tax treatment of the compensation is aligned with the tax treatment of the underlying asset.
- The terms of settlement can determine the tax treatment and party liable to tax.
- Leaving tax to the accountants post settlement is usually too late.
- CPD Points: 1 [PS] [SL]
- Price: $77.00
- Area: Finance; Tax Law
- Delivered: November 2022
Digital Content
- Recording
- Materials: Paper and Slides (46 pages)
To purchase login below
Description
Mr Ron Jorgensen, Partner, Accredited Tax Law Specialist, Thomson Geer Lawyers, presents into the Litigation Conference 2022 to raise awareness that litigation practitioners need a basic understanding of income tax, capital gains tax, goods and services tax and the ATO's administrative practices in taxing compensation settlements to maximise a client's after-tax compensation and avoid professional negligence claims. The session provides an introduction to taxation principles and rules of thumb in settling common claims and preparing terms of settlement including:
- Taxation of compensation, interest and legal fees.
- Taxation adjustments, indemnities and reporting obligations.
- Purposive drafting terms of settlement.
- Examples of the taxation of common claims.
The key takeaways of this session are:
- The ATO applies an underlying asset look-through approach but not for undissected amounts.
- The tax treatment of the compensation is aligned with the tax treatment of the underlying asset.
- The terms of settlement can determine the tax treatment and party liable to tax.
- Leaving tax to the accountants post settlement is usually too late.
Ronald Jorgensen, Partner, Accredited Tax Law Specialist, Thomson Geer Lawyers
About the Presenter:
Mr Ron Jorgensen principally consults on Commonwealth and State tax laws, tax dispute resolution and compliance enforcement. Ron specialises in trusts and trust disputes, succession and asset protection, business and investment structuring and tax sensitive commercial and property transactions. Ron is an Accredited Specialist Tax Law with the Law Institute of Victoria. He is a member of the Law Institute of Victoria and The Tax Institute. and a member of the Tax Technical Committee (Vic), a member and former chair of the States Taxes Committee (Vic) and former representative of the Victorian State Taxes Consultative Council for The Tax Institute. Ron is a Senior Fellow, University of Melbourne lecturing in the LL.M. program. Ron is a nationally respected technical writer and presenter.
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About the Presenter: