“Income” is a crucial concept within the Australian tax system. We pay tax on income; but what does that actually mean? What is income? This webinar, the first in our back to basic series looking at the fundamentals of Australian tax, looks at what we mean by income, how and when the different types of income are taxed, and when income may be exempt from tax.
Using practical examples and clear concise language we will highlight the way different types of income are treated for tax purposes. Amongst the topics to be covered:
• The definition of income and the legal basis for taxing income
• The difference between income and capital
• Employment income
• Business income
• Investment income, including interest, dividends and rent
• Overseas income
• Non assessable income
• Non assessable non-exempt income
• Exempt income
• Timing and source of income; how it impacts tax
Webinar Learning Outcomes:
Attendees will gain an understanding of the basic tax rules that underpin this most crucial of tax concepts and will be able to apply those rules with clients who have taxation issues on a day to day basis.
This series of introductory webinars is ideal for those starting a career in tax who wish to understand the fundamentals of the Australian tax system. It is also ideal for accountants in non-tax roles who want a high level overview of how the tax system works, as well as other professionals who might need to understand how tax could impact their clients, such as financial planners and legal professionals.
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director. Mark is also the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer, CCH Australia.
Mark has over 25 year’s experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
Understanding the taxation of income.