Foundations of Tax 2021-23 - Session 11

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

• Identify common finance related expenses including interest, mortgage fees, borrowing costs and black hole expenditure and characterise this expenditure for tax purposes
• Identify basic tax planning opportunities such as prepayments, bad debts and invoicing and explain the pitfalls associated with utilising these provisions
• Explain the tax issues associated with common small business expenses including salaries and wages for proprietors and staff, superannuation, bonuses and accrued leave, benefits, entertainment and FBT
• Apply these issues in a practical context.

This session forms part of the Foundations of Tax Series. These concise sessions have been specifically designed for our online education platform, to ensure that you get an in-depth understanding of the fundamental tax topics in minimal time.