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Foundations of Tax 2018: Trading Stock


This product is currently on sale: Use promo code NY25 at checkout to receive 25% off. Hurry, offer expires 11:59pm, Thursday 31 Jan 2019.In this session, one of our Senior Tax Trainers will provide you with a fundamental understanding of the essential topics, and a firm base for more complex tax topics.

Content Description

Join us as we cover everything from GST, PAYG and FBT, to CGT and other Australian tax system essentials. A firm understanding of these essentials will give you a great head-start as a tax professional.

In this session, one of our Senior Tax Trainers will provide you with a fundamental understanding of the essential topics, and a firm base for more complex tax topics.

Session Information

For a business involved in the sale of goods, trading stock comprises a significant portion of the business’ assets. Get familiar with the complex trading stock rules and ensure their correct treatment for tax purposes for your business and/or clients. This session will cover:

  • Basic operation of Division 70
  • Tax accounting , including valuation of trading stock
  • Tax consequences of buying and selling trading stock
  • Disposal of trading stock outside of the ordinary course of business
  • Common issues surrounding the trading stock provisions.

Benefits

Understanding areas such as assessable income, allowable deductions, capital allowances, GST, FBT, and CGT will start you off in the right direction for a successful career in tax. This series is also perfect as a refresher, to make sure you’re on top of the latest changes.

Session Six: Taxation of Companies

Companies are a common form of entity in the Australian commercial and tax system, and can provide certain strategic advantages not readily available to partnerships and trusts. This session explores the fundamental principles in relation to the taxation of companies. This session will cover:

  • Different types of corporate structures for income tax purposes
  • Income taxation of companies
  • Company tax losses
  • Dividend imputation
  • Division 7A.

    • Session Seven: Taxation of Partnerships

      For professional practices and small businesses, partnerships are becoming increasingly common and popular form of structure. This session explores the fundamental principles relating to the taxation of partnerships, including:

      • Tax law partnerships and general law partnerships
      • Formation of a partnership
      • Dealings in partnership interests
      • Contributions to a partnership
      • GST considerations
      • CGT considerations.

      Session Eight: Goods and Services Tax (GST)

      Although most businesses generally do not bear the ultimate GST burden, meeting these administrative obligations involves ongoing compliance. The ATO in its 2013-2014 Compliance Program has stated it will focus this year on GST refund integrity, real property and serious evasion.

      This session aims to explain the general concepts of GST and the general operation of the GST system, including:

      • When does GST apply?
      • When is GST payable by an entity?
      • When can an Input Tax Credit (ITC) be claimed?
      • The concepts of supply, taxable supply, input taxed supply, GST-free supply, creditable acquisition, ITC and reduced ITC
      • Accounting for GST
      • Requirements for tax invoices
      • GST groups
      • Interaction with other taxes, such as FBT

      Session Nine: Australian International Tax

      The treatment of foreign-source income derived by Australian residents and Australian source income derived by foreign residents remains a complex area of tax law. Do you understand the Foreign Income Tax Offset rules? Or the operation of Double Tax Agreements? This session explores the Australia's international taxation regime as it applies to individuals and businesses, including inbound and outbound investments. This session will cover:

      • Residency of individuals, trusts and companies
      • Source of income
      • The basic operation of Double Tax Agreements (DTA)
      • Australia’s foreign accruals tax rules and other developments
      • Exemption for non-portfolio dividends and branch income
      • Other exemptions and concessions
      • Foreign Income Tax Offset (FITO) rules
      • Dividend, interest and royalty withholding taxes.

      Session Ten: Employment Taxes Essentials – PAYG, FBT and Superannuation

      This session focuses on the current status and practical application of the various employment taxes, including PAYG withholding, FBT and superannuation obligations. Through the use of practical examples, this session will explore the main taxation systems affecting employment, from the perspective of both the employee and the employer. This session will cover:

      • General operation of the key taxes on employment
      • Australian compulsory superannuation system, including the superannuation guarantee charge
      • Overview of the PAYG withholding system
      • The FBT provisions, including the main requirements for FBT to apply, calculation of the FBT provisions and the key exemptions and concessions
      • Employer obligations with respect to reportable FBT.

      Session Eleven: Tax Administration and Compliance

      Ensure you can best manage your business or clients’ tax obligations and interaction with the ATO with this essential session on the fundamental principles relating to tax administration and compliance. This session will cover:

      • Self-assessment process
      • Amendment process
      • Objection and appeal process
      • Examination/audit process
      • Penalties and interest charges
      • Prosecutions
      • Tax audit risk management

Peter McGinty FCA is a Chartered Accountant with degrees in Commerce and Law from the University of Melbourne. Peter has over 25 years’ experience in tax and has focused on domestic tax and GST issues, particularly tax issues affecting family businesses, SME’s and high wealth individuals.


EVENT DETAILS


Topic: Tax

Sub-Topic: Business Tax, Employment Taxes - PAYE, PAYG & FBT, GST, Income Tax, State/Territory Taxes, Tax Administration

Format: Recorded Webinar

Proficiency Level: Foundation

CPD: 1.5 hours