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Special Tax Topics 2018: Full Series



Presented by our expert tax trainers, these informative and highly practical sessions reflect the topical Australian tax issues and will ensure that you understand the various key areas of these special topics. For every special topic, we offer a technical session and a case study session.

Content Description

Presented by our expert tax trainers, these informative and highly practical sessions reflect the topical Australian tax issues and will ensure that you understand the various key areas of these special topics.



For every special topic, we offer a technical session and a case study session.

  • Technical sessions offer learners an in-depth theoretical understanding of the topic and its key principles.
  • Case study sessions use realistic client scenarios to demonstrate the practical application of the topic’s key principles.


  • For further session information, please see the Agenda Tab



    Benefit

    Keep up-to-date on this ever-changing and complex area of the tax law.

    Topic 1:



    Session 1:Taxation of testamentary trusts, Technical Session

    and

    Session 2: Taxation of testamentary trusts, Case Study

    This is a more complex topic, which considers technical tax aspects of testamentary trusts. After completion of this topic, successful participant should be able to:

    • Distinguish between a testamentary trust and a superannuation will
    • Appraise the appropriateness of different types of distributable income concepts for different types of testamentary trusts
    • Analyse when a testamentary trust may qualify as a fixed trust
    • Relate the use of testamentary trusts in common tax situations such as tax losses, imputation credits, Division 152 concessions.



    Topic 2:



    Session 3: FBT Refresher, Technical Session

    and

    Session 4: FBT Refresher, Case Study Session

    Our annual FBT refresher is always popular. After completion of this topic, successful participants should be able to:

    • Analyse the impact of the 2018 FBT rate changes
    • Describe the new FBT concessions for SBEs
    • Calculate car fringe benefits using the SFM
    • Distinguish expense payment fringe benefits from property and residual fringe benefits
    • Analyse entertainment issues within an FBT framework.



    Topic 3:



    Session 5: Trusts – Advanced Issues, Technical Session

    and

    Session 6: Trusts – Advanced Issues, Case Study

    This topic considers more technical aspects of trusts. After completion of this topic, successful participants should be able to:

    • Correctly manage the process to settle a trust
    • Discuss the impact of new cases on trust resolutions to distribute income
    • Discuss the new Division 7A rules for sub-trusts
    • Identify when a trust is a fixed trust under new ATO guidelines
    • Explain when the ATO may resort to use its powers under section 100A reimbursement agreements.



    Topic 4:



    Session 7: Year-end tax planning, Technical Session

    and

    Session 8: Year-end tax planning, Case Study

    In respect of 30 June 2018, successful participants should be able to:

    • Explain the $20k instant asset write-off to SBE clients
    • Apply the new rules regarding travel expenses to residential rental properties
    • Report the amounts of concessional and non-concessional contributions into superannuation funds
    • Analyse whether a company’s franking account rate is 30% or 27.5%
    • Discuss the 2018 Federal Budget changes (if this topic is selected after Budget night).



    Topic 5:



    Session 9: Travel expenses, Technical Session

    and

    Session 10: Travel expenses, Case Study

    This topic brings together several discrete topics in the area of travel expenses. After completion of this topic, successful participants should be able to:

    • Identify who is an itinerant worker and their travel expense rules
    • Discuss various scenarios for employee travel expenses
    • Explain the requirements for deducting overseas travel expenses
    • Explain the rules for the Division 915 substantiation exemption when a daily allowance is received
    • Explain the other exceptions to the home-work rule – i.e. heavy or bulky equipment, on-call travel
    • Apply the new rules regarding travel expenses to residential rental properties.



    Topic 6:



    Session 11: Taxation issues associated with SBEs, Technical Session

    and

    Session 12: Taxation issues associated with SBEs, Case Study

    This topic focuses on an overview of the requirements to be a small business entity (SBE) and highlights the benefits of being classified as an SBE. After completion of this topic, successful participants should be able to:

    • Distinguish between a SBE and a base rate entity
    • Identify the correct turnover limit for different SBE concessions
    • Determine whether a company’s tax return rate is 30% or 27.5%
    • Explain the $20k instant asset write-off to SBE clients
    • Identify different SBE concession, such as SBE restructure roll-over, SBE tax offset, FBT concessions and GST concessions.



    Topic 7:



    Session 13: Division 7A Re-write, Technical Session

    and

    Session 14: Division 7A Re-write, Case Study

    (Subject to new legislation being released before September 2018)

    A re-write of Division 7A was announced in 2016 and new legislation is expected before September2018. After completion of this topic, successful participants should be able to:

    • Explain options available for loans made before December 1997
    • Discuss the new Division 7A rules for sub-trusts
    • Explain the requirements for simplified Division 7A loan agreements
    • Discuss the self-correcting mechanism in the new Division 7A
    • Explain the new safe harbour rules.



    Topic 8:



    Session 15: GST Margin Scheme, Technical Session

    and

    Session 16: GST Margin Scheme, Case Study

    This topic explains the eligibility to access the margin scheme and provides calculations using the margin scheme. After completion of this topic, successful participants should be able to:

    • Discuss the requirements to use the GST margin scheme
    • Explain when a transaction is GST-free, fully GST taxable or GST taxable under the margin scheme
    • Calculate a gross selling price to retain a specified net amount after the margin scheme GST has been remitted to the ATO
    • Explain the changes announced in the 2017 Federal Budget impacting remittance of GST arising from residential property sales
    • Execute GST margin scheme calculations.



    Topic 9:



    Session 17: Common practical problems when claiming the MR exemption, Technical Session

    and

    Session 18: Common practical problems when claiming the MR exemption, Case Study

    This paper considers the 10 most common issues with claims under the MR exemption. Successful participants will be able to:

    • Identify when an interest in a dwelling is eligible for the MR exemption
    • Identify client impacts from changes announced in the 2017 Federal Budget
    • Calculate a partial MR exemption where the dwelling was also income producing
    • Explain how the MR exemption for a dwelling of a taxpayer can impact the MR exemption claim of their spouse
    • Identify potential MR issues when dwellings pass through deceased estates.



    Topic 10:



    Session 19: PSI Rules, Technical Session

    and

    Session 20: PSI Rules, Case Study

    This topic is an update of various personal services income (PSI) taxation rulings and more recent ATO announcements in related areas. After completion of this topic, successful participants should be able to:

    • Identify what is “personal services income’ and what is a “personal services business”
    • Explain the PSI rules when a personal services business exists, and the PSI rules when no personal services business exists
    • Analyse the impact of the new ATO ruling, TR 2017/D7, on when a company conducts a business on previous PSI statements by the ATO on a “business structure”
    • Calculate the required KPIs under the 2014 ATO guidelines on income-splitting by professional practices
    • Explain the relationship between the PSI rules and income-splitting under Part IVA.



    Topic 11:



    Session 21: Practice risk issues, Technical Session

    and

    Session 22: Practice risk issues, Case Study

    This topic considers the risks that various administrative requirements create for a public practice. After completion of this topic, successful participants should be able to:

    • Identify the key issues which the Tax Practitioners’ Board considers when a tax agent seeks renewal of their tax agent licence
    • Identify ‘best practice’ techniques to avoid ASIC’s SMSF trustee penalties
    • Explain the requirements of the new “Director Identification Number” system
    • Determine when it is safe for an LRP to pass assets out of a deceased estate
    • Explain issues relating to the confidentiality of client information in the context of outsourcing and offshoring.



    James McPhedran'sextensive taxation and superannuation experience branches across a wide range of industries from mining and energy, to entertainment and professional tax bodies. Prior to his training role at Chartered Accountants Australia and New Zealand, James was a Tax and Superannuation Advisor at the Knowledge Shop (a wholly-owned subsidiary of Hayes Knight).



    Bruce Thomas has written and presented training on a wide variety of tax topics for tax training clients and for public sessions held by the Organisation. Bruce spent 17 years working for the ATO, including working as a senior officer dealing with GST technical issues in the implementation of GST.



    Ken MansellKen currently works as the Taxation Manager for Raytheon in a part time capacity. Ken has worked on the secretariat of the Review of Australia’s Future Tax System (“Henry Review”), in the office of the Assistant Treasurer advising on taxation policy and have worked in the Revenue Group of the Treasury developing and implementing policy in relation to Consolidations, Taxation of Financial Arrangements, scrip for scrip rollovers, amendment periods, specific anti avoidance provisions and objections. Ken has also worked in the Tax Division for both KPMG and Deloitte, a Tax Trainer and Tax Specialist for the Institute of Chartered Accountants in Australia and the Head of Taxation for the Seven Network Limited group. Further, Ken has worked as a legal researcher in both commercial and academic roles.



    Tristan WebbPrior to joining CAANZ Tristan Webb was National Tax Director at Crowe Horwath for 6 years. Crowe Horwath is one of the largest of Australia’s mid-tier Accounting firms. In this capacity, he was responsible for:

    Group Learning and Development Tax risk management policy;

    Development of group intellectual property on emerging tax issues;

    Developing consistency between member firms through tools, products and processes;

    Business development;

    Brand building, marketing and media liaison;

    Knowledge building at tax specialist level (amongst other responsibilities) ;

    Tristan was also required to report to the Crowe Horwath Board of the Tax Advisory Group on a monthly basis.

    Before joining Crowe Horwath, Tristan was a Training Specialist at the Institute of Chartered Accountants. He has other Big Four and mid-tier Chartered Accounting experience and has worked for Australia’s top legal publisher in Tax and for the Australian Taxation Office for several in various positions.



    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: Intermediate, Advanced



    CPD: 33 hours