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Special Tax Topic 2020: Tax issues in recessionary times: Bad debts, Integrated Session


For at least the last 10 years the Australian economy has allowed SMEs and SBEs to trade profitably. However, because of recent drought, bushfires and, now, the COVID-19 pandemic it is likely that the Australian economy may fall into recession.

It is expected that many SME and SBE business may incur substantial losses to the year ending 30 June 2021. In fact, some businesses may take a number of years before they return to profitable trading. This session, our first in a series of Tax issues in recessionary times, considers two case studies that look at transactions that may give rise to bad debt deductions.

This session explores the issues related to bad debt deductions, in particular with regard to trade debtors and unpaid present entitlements from a family trust.

 

Learning Outcomes

On successful completion of this topic, participants should be able to:

 

  • State the rules regarding bad debt deductions as they apply to Trade Debtors
  • Apply knowledge of the rules regarding bad debt deductions as they apply to Trade Debtors to a realistic client scenario
  • State the rules regarding bad debt deductions as they apply to Unpaid Present Entitlement scenarios
  • Apply knowledge of the rules regarding bad debt deductions as they apply to Unpaid Present Entitlements to a realistic client scenario

 

Benefits

This session will help you to navigate through the uncertainties and changes arising as a consequence of the COVID-19 pandemic.

James McPhedran

James has 18 years’ experience in the industry, including roles at the Big Four accounting firms and advisory roles at mid-tier firms. He has been an educator with Chartered Accountants ANZ for 9 years. His advanced knowledge of taxation and superannuation has allowed him to focus on small to medium enterprises and high net worth individuals. James holds a bachelor’s degree in law and economics from the University of Queensland and a Masters of Taxation from the University of Sydney


Peter McGinty

Peter has degrees in commerce and law from the University of Melbourne. He has more than 30 years’ experience in a chartered practice that focused on tax issues affecting family businesses, small and medium enterprises and high net worth individuals. Peter is an experienced tax trainer and is well regarded for his practical approach to staff training.


EVENT DETAILS


Topic: Financial Advisory and Superannuation, Tax

Sub-Topic: Business Tax, Income Tax, Self-Managed Superannuation Funds, State/Territory Taxes, Tax Administration

Format: Recorded Webinar

Proficiency Level: Foundation, Intermediate, Advanced

CPD: Upto 1.5 hours