Provide a brief introduction to company policies, IT system, and lodgement software. You will be able to do hands-on practices from Day 2.
Lodgement requirements and residency
Explain who must lodge an income tax return and who is classified as an Australian resident in tax purpose.
Topics include...Obligation of lodging an income tax returns, Residency tests
Cover a broad range of income. Understand the different types of income and how to handle them in the tax return.
Topics include...Salary or wages, Allowances, Tips, Director’s fees, Employer lump sum payments, Employment termination payments, Government allowances/pensions, Annuities & superannuation income streams, Superannuation lump sum payments, Interest, Dividends, Employer share scheme.
Work Related Expenses
Explore what are the deductible work related expenses and how they are claimed and substantiated.
Topics include...Car expenses, Travel expenses, Uniforms and laundering expenses, Self-education expenses, Overtime meal expenses, Home office expenses, Mobile phone, Internet, Tools, Stationary, Subscription, Union, Training expenses
Take a close look at other claimable expenses and tax losses.
Topics include...Interest deductions, Dividend deductions, Gift or donations, Cost of managing tax affairs, Tax losses of earlier year
Delve into items which qualify as a depreciating asset and who may claim the deduction and how to calculate decline in value.
Topics include...Methods of computing the decline in value, Assets held or used for only part of the year, Assets used for both business and private purposes, Immediate write-off, Pooling of low cost and low value items
Motor Vehicle Expenses
Examine which journeys may be claimed and how to determine car expenses.
Topics include...Travel between home and work, Travel while on stand-by duty, Employment duties of itinerant nature, Transporting of equipment, Travel between places of employment, Logbook/Cents per kilometre method, Award transport payment, Balancing adjustment on disposal of depreciating car, Car leases and hire purchase
Tax Calculation, Medicare Levy & Adjustments
Learn to complete the tax calculation for a taxpayer, arriving at a balance of tax payable or refund due.
Topics include...Taxable income and tax rates, Income tests, Reportable fringe benefits(RFBA), Reportable employer superannuation contributions(RESC), Tax-free government pensions, Net financial investment loss, Net rental property loss, Child support you paid, Education repayment(HELP/HECS), Medicare levy and surcharge, Exemptions from the levy, Under 18 net income, Part year tax-free threshold, Super co-contribution, Calculation of refund due or balance payable.
Identify and determine the tax offsets to which a tax payer is entitled from relevant data.
Topics include...Senior Australian and pensioner tax offset, Superannuation income stream tax offset, Superannuation contributions on behalf of spouse, Zone or overseas offset, Net medical expenses tax offset, Invalid or invalid carer tax offset, Other tax offsets, Low income tax offset, Beneficiary tax offset, Lump sum tax offset, Dividend imputation tax offset
Distribution from Partnership & Trusts
Understand a range of issues of distribution from partnership and trusts(including managed funds).
Topics include...Distribution from partnership and trust, Managed fund, Tax credits, Relevant deductions
Look into deriving rental income and determine what rental expenses can be claimed.
Topics include...Rental income, Interest deductions, Capital works deductions, Plant and equipment deductions, Repairs, Borrowing expenses, Other expenses, negative gearing, Air BnB
Pay As You Go (PAYG) Instalments
Identify income subject to PAYG instalments and learn when and how PAYG instalments are paid.
Topics include...Income subject to PAYG instalments, Notional tax, The PAYG instalment rate, Instalment Activity Statement
Capital Gains Tax
Examine types of CGT assets and understand how to calculate capital gain or loss.
Topics include...Capital gains cost base (5 elements), Reduced cost base, Discount/Indexation method, Applying capital losses, Main residence exemption, Transfer of assets on breakdown of marriage or on death of owner(inheritance), Disposal of investments in share and units, Small business capital gains tax relief.
Determine the foreign income and expenses from all sources throughout the world.
Topics include...Foreign employment income, Foreign pension or annuity, Foreign rent, Other foreign source income, Foreign tax offset
Declarations, Penalties & Early Returns
Learn about the obligations of declaration, penalties and early returns.
Topics include...Tax payer’s declaration, Electronic lodgement, Due date for lodgement and tax payment, Notice of assessment, Amendment of assessment, Objection, Penalty, Interest, Taxpayer leaving the country before the end of the financial year
Define Personal Services Income(PSI) and learn about special rules which may limit the deductions.
Topics include...Understanding PSI and PSB (Personal Services Business), The 80% rule, 4 tests (the result test, the employment test, the business premises test, the unrelated clients test).
Cover all forms of small business income and expenses and understand legal obligations and responsibilities.
Topics include...All aspects of business worksheet, Sole traders, Uber