Foundations of Tax On-Demand Series 2020-21


This tax foundations series covers everything from income tax, GST, PAYG, 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 foundations series, one of our team of dedicated tax trainers will provide you with a fundamental understanding of the essential topics, and a firm base for more complex tax topics.


Topics can be purchased as a discounted series and all sessions are recorded, so you can learn on-demand. Topics will be released periodically during the year (except January). You will be sent a recording link and supporting materials when each new topic is available.


Sessions are a minimum of 1 hour each (minimum 11 CPD hours for the series) and will cover the following foundations topics throughout the year:

 

  • Assessable Income
  • Allowable deductions
  • Tax Administration and Compliance
  • Trading Stock
  • Capital Allowances
  • Capital Gains Tax (CGT)
  • Employment Taxes, including Fringe Benefits Tax (FBT)
  • Goods and Services Tax (GST)
  • Taxation of Companies
  • Taxation of Partnerships
  • International Tax

 

To get you started with your learning, we have included a complimentary session, 'Tax Administration'.

Assessable Income: Foundations

The concept of assessable income forms a critical part in determining a taxpayer’s liability to income tax. In this practical session, gain an understanding of what constitutes assessable income for Australian tax purposes and how it applies to your clients and business.

Indicative topics for this session include:

  • Distinction between ordinary income, statutory income, exempt income and Non-Assessable Non-Exempt Income (NANE)
  • Source rules applying to various types of income
  • Calculation of assessable income for both residents and non-residents.

 

Deductions: Foundations

The concept of allowable deductions forms a critical part in determining a taxpayer’s liability to income tax. In this practical session, gain an understanding of what constitutes an allowable deduction for Australian tax purposes and how it applies to your clients and business.

Indicative topics for this session include:

  • Positive and negative limbs of the general deduction provision under section 8-1
  • General and specific deductions
  • When an expense/outgoing has been ‘incurred’ for income tax purposes
  • Timing rules that apply to the tax deductibility of certain prepaid expenditure.

 

Tax Administration and Compliance: Foundations

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.

Indicative topics for this session include:

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

 

Trading Stock: Foundations

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.

Indicative topics for this session include:

  • 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.

 

Capital Allowances: Foundations

This session explores the tax principles underlying the various forms of capital allowances. Ensure you are aware of the issues when dealing not only with depreciating assets but special types of ‘pooled expenditure’, certain capital expenditure and capital works.

Indicative topics for this session include:

  • General operation of the capital allowance provisions
  • Requirements for a depreciation deduction or immediate write-off
  • Calculating the cost of depreciating assets
  • Assessing the effective life of depreciating assets
  • Prime cost and diminishing value methods
  • Balancing adjustment events
  • Pooling of depreciating assets
  • Capital works.

  

Capital Gains Tax (CGT): Foundations

Capital gains tax (CGT) doesn't just apply to the sale of an asset – there are currently more than 50 CGT events which can trigger a CGT consequence. This session will explore the key aspects of the CGT rules that practitioners and clients are likely to encounter and provide extensive practical examples.

Indicative topics for this session include:

  • Is there a CGT asset?
  • When was the asset acquired?
  • Did a CGT event happen in the income year?
  • Does an exemption apply?
  • What are the capital proceeds?
  • Do capital proceeds exceed cost base?
  • Calculation issues.

 

Employment Taxes, including Fringe Benefits Tax (FBT): Foundations

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.

Indicative topics for this session include:

  • 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.

 

Goods and Services Tax (GST) : Foundations

Although most businesses generally do not bear the ultimate GST burden, meeting these administrative obligations involves ongoing compliance. This session aims to explain the general concepts of GST and the general operation of the GST system.

Indicative topics for this session include:

  • 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.

 

Taxation of Companies: Foundations

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.

Indicative topics for this session include:

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

 

Taxation of Partnerships: Foundations

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

Indicative topics for this session include:

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

 

International Tax: Foundations

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 Australia's international taxation regime as it applies to individuals and businesses, including inbound and outbound investments.

Indicative topics for this session include:

  • 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.

EVENT DETAILS


Topic: Tax

Sub-Topic: Business Tax, Employment Taxes - PAYE, PAYG & FBT, Income Tax, International Tax, Self-Managed Superannuation Funds, State/Territory Taxes, Tax Administration

Format: Recorded Webinar

Proficiency Level: Foundation

CPD: Upto 11 hours