This webinar, the fifth in our back to basics series looking at the fundamentals of Australian tax, explores how small businesses are taxed.
There are over 2 million small businesses in Australia and they are subject to a whole raft of special tax measures. We explore what we mean by ‘small business’ (there are at least 4 different possible tax definitions!) and how small businesses are taxed (including recent fundamental changes to the way small businesses and their owners are subject to income tax). We also look in detail at some of the special tax concessions available only to small businesses and their owners.
Using practical examples, case studies, sample calculations and clear language, we will explore the world of small business taxation will then apply those to a practical guide covering areas such as:
• What is a small business?
• Business or hobby?
• How are small businesses taxed?
• Calculating the tax rate for small companies
• Tax offset for small unincorporated businesses
• Paying dividends to small company shareholders
• Depreciation for small businesses
• Personal Services Income
• The sharing economy
• Capital Gains Tax Concessions for small business
• GST for small business
• Fringe Benefits Tax for small business
Webinar Learning Outcomes:
Attendees will gain a high-level understanding of how the taxation system applies to small incorporated and unincorporated businesses, applied to the common client scenarios that all accountants and tax agents will encounter. As well as providing a background in the rules applying to small business, 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 guide to the taxation treatment of small businesses in Australia.