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Bill Thompson is recognised nationally and internationally as one of Australia's leading corporate tax advisors and tax disputes lawyers. In his broad tax practice, Bill works with publicly listed and unlisted corporations, industry associations, government departments and government owned corporations, large not for profit organisations including universities and scientific research organisations, and large industry and retail superannuation funds, as well as high-wealth private clients.He primarily advises on the tax implications of business and corporate acquisitions, corporate structures and restructures, and financing arrangements. He regularly advises on corporate taxation, international tax relating to inbound investments, capital gains tax, goods and services tax (GST), stamp duty, customs duty, land tax, and employment taxes. Bill has extensive project experience in the Property, Infrastructure, Energy & Resources and Financial Services (Superannuation) industries Australia-wide. He advises peak bodies in the Australian Energy & Resources industries. Bill is experienced in negotiating major disputes with Federal and State revenue authorities and handling audits by them. He has acted in many taxation disputes, including litigation to appellate level in a number of landmark tax cases. In addition, Bill is a leader of our Private Client Wealth Practice. His clients have included some of Australia's wealthiest families. Bill is a frequent speaker and author on taxation issues and has presented papers at conferences of the International Bar Association Taxation Committee, the American Bar Association Taxation Committee (foreign lawyers subcommittee), and the Taxation Academy of Singapore.
Areas of expertise include:
Bill is a key member of the firm's Climate Change Practice and advises on Australia's carbon pricing mechanism, fuel credits scheme and renewable energy subsidies.
Bill regularly negotiates and writes GST and stamp duty clauses for commercial contracts.
Bill is recognised nationally and internationally as one of Australia's leading taxation lawyers. He is retained to advise peak bodies in the Australian energy and resources industries and has broad project experience for corporate clients in those industries. Bill has special knowledge and experience in capital gains tax, GST, taxation of business structures and stamp duty, and the application of general anti-avoidance provisions. He regularly advises on international tax issues relating to inbound investment into Australia.
Bill's extensive experience includes advising in relation to all employment taxes including Pay As You Go tax (PAYG), fringe benefits tax (FBT), payroll tax and superannuation guarantee charge (SGC), and related matters such as the Australian Business Numbers (ABNs) system and no ABN PAYG withholding tax. Bill also works in the area of migration services, advising individuals and companies hiring employees from abroad on the Australian tax and superannuation aspects of a move to Australia. Bill can advise on Living Away from Home Allowance (LAFHA), tax for non-residents and temporary residents, and tax implications of types of visas.
Bill has extensive experience in advising peak bodies for the Energy and Resources Industry in Australia as well as specific transaction experience in those industries. Bill's practice includes advising Australian and international listed and unlisted companies in the coal mining and power generation industries.
Bill advises a broad range of clients on the operation and business impact of the GST provisions, GST audits and GST reviews, conducts GST training for their staff, and contract reviews for GST and PAYG issues. He regularly writes GST clauses for inclusion in all manner of contracts, whether in relation to taxable supplies, GST free supplies or input taxed supplies. He advises government bodies and property developers on major projects, including on the application of the GST margin scheme; and mining companies and others on the impact of GST, GST joint ventures, GST groups, agency arrangements, and GST machinery provisions.
Over 30 years Bill has advised industry bodies, medical and scientific research funds, professional associations, environmental and conservation organisations, religious orders, hospital boards, schools, universities, parents and friends associations, racing industry bodies, and clubs and associations. He advises on the structure and operation of not-for-profit (NFP) bodies, including on whether or not they are charities or otherwise qualify for tax exemptions (including income tax and FBT exemptions and GST charity concessions) and stamp duty exemptions and whether or not they can obtain gift deductible recipient status. Bill also advises on corporate governance of NFPs and requirements for obtaining permission from State authorities for fund raising.
Bill advises high wealth families on family and business structures to protect wealth and to provide for succession in accordance with the family's plan in the event of death, disability, divorce/de facto break-up, bankruptcy, and claims by dependants on death. His clients have included some of Queensland's wealthiest families, including families named in the BRW Rich 200 List. Bill is experienced in successfully resolving taxation disputes for high wealth families. He also advises high wealth families on the creation and operation of self managed superannuation funds. Bill is a frequent speaker, both in Australia and overseas, and author on legal topics related to succession planning.
A major part of Bill's practice is advising property owners and developers on taxation issues arising in the acquisition, development, sale and leasing of property and advising developers and operators of major infrastructure and resources projects. The issues about which Bill advises include income tax structuring, capital gains tax, GST and State stamp duty and land tax. Projects in which Bill has advised include the Brisbane Cruise Terminal and Queensland Tennis Centre.
Bill has extensive experience in advising peak bodies for the Energy and Resources Industry in Australia, as well as specific transaction experience for major Australian and international corporations in those industries. He has advised the Australian black coal industry for over 20 years on the structuring of industry funding for research and development (R&D) into coal and coal mining, and for R&D and demonstration projects in relation to carbon capture, transportation and storage. He has also advised federal government agencies on the structuring of assistance for that R&D. Bill works closely with our resources lawyers to advise companies on tax legal aspects of resources industry M&A transactions, including on tax due diligence, tax structuring, tax warranties, and transactional taxes, including GST and stamp duty. His practice includes advising resources companies on operational tax, GST and stamp duty issues from exploration, dealings in tenements and mine development through to production and sale. This includes advice on import taxes including customs duties and rebates. Bill plays a key role in our Climate Change team advising on the Minerals Resource Rent Tax, Petroleum Resource Rent Tax and Australia's carbon pricing mechanism.
Bill's legal expertise includes the laws governing taxation in each Australian State and Territory, imposing of stamp duty, payroll tax and land tax and the operation of the National Tax Equivalents Regime (NTER). Bill has particular experience in transfer duty on business assets and land; land rich and land holder company duty (especially in relation to the fixtures and goodwill issues); corporate trustee duty; corporate reconstruction exemption; exemptions for certain mining interests; multi-jurisdictional stamping; the duty anti-avoidance provisions; transfer duty in relation to partnerships and trusts; and the legal principles underlying valuation questions, especially concerning the valuation of business goodwill. He has also advised in relation to major audits by State revenue authorities of publicly listed and private companies across a wide range of industries.
Bill is recognised as one of Queensland's leading superannuation lawyers and advises trustees and employers participating in corporate and industry funds. Bill has a wealth of expertise in advising on all legal, tax and regulatory aspects of government and private sector superannuation schemes. He has worked with corporate and public sector superannuation funds, trustee companies, employers, administrators and financial institutions (including life insurers, fund managers and investment managers and custodians). He has advised on the Queensland State superannuation schemes and has experience handling superannuation disputes.
Bill has conducted a number of landmark cases, including litigation involving Australia's general anti-avoidance rule (GAAR) (contained in Part IVA of the Income Tax Assessment Act) to appellate court level. He negotiates tax disputes involving Federal and State government revenue agencies. He has significant experience negotiating with the Australian Tax Office's (ATO's) high-wealth individuals task force. Specifically, Bill assists clients from the start of an enquiry into the client's tax affairs, responding to ATO demands for access to documents, including maintenance of claims of client/lawyer privilege, through the preparation of submissions and negotiation over positions, to litigation to the highest appellate courts in Australia, if necessary. He has advised publicly listed and private companies and high net worth individuals across a range of sectors in relation to major tax audits by State and Federal authorities over a range of industries, including hotels and tourism, insurance, general commercial, manufacturing, retirement villages and aged care, franchising, timber, real estate agency, and professional services (legal and accounting firms). Bill's experience has been acknowledged by the ATO, which has recommended him to conduct government-funded test case litigation on behalf of taxpayers.
Bill has a strong focus on achieving the client's commercial objectives in M&A transactions, stemming from his experience in leading large M&A projects, as well as being the lead tax adviser. Bill brings his wide tax experience in transactional tax and structuring issues to any tax due diligence, and in the negotiation and writing of tax warranties and indemnities.
Bill is recognised nationally and internationally as one of Australia's leading trusts lawyers. Bill regularly assists in creation of and advises on public and private trusts, superannuation funds, trusts under wills, and charitable trusts. This work necessarily involves advice on trust law, and on the provisions of the tax law regarding taxation of public trading trusts, managed investment trusts, private fixed and discretionary trusts, superannuation trusts, and resident and non-resident beneficiaries and tax exemptions for charitable trusts.