This webinar, the fourth in our back to basics series looking at the fundamentals of Australian tax, explores the Goods and Services Tax. We examine what GST is, when it applies, and how it is calculated, reported and paid, as well as examining some of the special rules that can apply to particular taxpayers like property developers.
Using practical examples, case studies, sample calculations and clear language, we will explore how the GST rules work and will then apply those to a practical guide covering areas such as:
• What is GST?
• Calculating GST
• GST Administration – who needs to register, lodging a BAS and payments/refunds of GST
• Taxable supplies
• Input credits
• GST and property
• GST for non-residents
• The margin scheme
• Accounting for GST
• Record keeping
Webinar Learning Outcomes:
Attendees will gain a high-level understanding of how GST works, applied to the common client scenarios that all accountants and tax agents will encounter. As well as providing a background in GST compliance, the webinar will highlights the tips, traps and practical planning points that can add real value to a client conversation.
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
A beginners guide to Goods and Services Tax.