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Attend our 2 day program to ensure you’re ‘Tax Ready’ in 2020!
The aim of our two day Tax Fundamentals workshop is to build a foundation for early stage tax practitioners, combining technical analysis of fundamental concepts with practical application. For small to medium size firms, this is an opportunity to give your staff a kick start to their careers and for the firm to have more productive team members.
Who should attend?
Tax and Accounting graduates and professionals who have been working in tax for up to 2 years, as well as corporate tax teams.
Attendees will be provided with:
Tax Administration and the Tax System
Tax practitioners must understand the system in which they operate. To advise clients, we must understand the powers the Commissioner has, as well as the opportunities for taxpayers to obtain certainty in respect of positions taken. Penalties and interest can apply if your clients take a position that is not reasonably arguable, and advisors must inform clients of the relevant risks.
- Lodgement requirements for income tax returns
- The Commissioner's ability to amend assessments and relevant timeframes
- Taxpayers' ability to object to assessments, amended assessments or ruling decisions
- Public and Private rulings from the ATO and their impact on clients
- Penalties and interest arising from amended assessments
Assessable Income Fundamentals
The basic ordinary income provision seems simple on a base reading, but understanding whether an isolated transaction is taxed as ordinary income or statutory income (e.g. capital gains) becomes very important to our clients.
- Key types of ordinary income - personal exertion, property, business
- Isolated transactions and the potential to be taxed as ordinary income; and why it matters
- Exempt income and Non-Assessable Non-Exempt Income
- Timing of income recognition
Allowable Deductions Fundamentals
Deductions can seem as simple as expenses relating to business, but there is a lot more to it than a nexus to income.
- What is capital expenditure? A look at key cases that consider the matter
- When is expenditure private in nature?
- Timing of deductions, including trading stock
Capital Gains Tax Fundamentals
Capital Gains Tax (CGT) has a lot more to it than determining proceeds and cost base, and new tax practitioners should be aware of what to look out for.
- CGT assets and separate assets
- Timing of capital gains for different CGT events
- Capital proceeds and modifications
- Cost base elements and modifications
- CGT Discounts
- Exemptions and anti-overlap provisions
All clients will have fixed assets subject to tax depreciation, and identifying errors in calculations as well as spotting opportunities for faster write-offs is a benefit to clients.
- What is a depreciating asset?
- Who holds the relevant asset?
- How do we calculate balancing adjustments?
- What sort of business related costs are deductible over 5 years?
- Low value pools and instant asset write offs for small business entities
When advising clients in respect of a business structure, tax is a key consideration.
- Key features of the major structure types (sole trader, partnership, trust and company)
- Tax treatment of different structures
A key aspect of our work is taking accounting reports and adjusting relevant numbers to calculate taxable income. Understanding the fundamentals of accounting and the required adjustments to tax is imperative in being a valuable member of the team.
- Key adjustments from accounting to tax
- e.g. depreciation, profit/loss on disposals, leasing costs, provisions, accruals, capital raising
Paul Mills has worked in the corporate tax practice at PwC for over 20 years, advising clients on a range of transactions.
For the past seven years, Paul has been responsible for PwC’s national tax technical education program. Paul now operates his own tax consultancy business, and also runs the tax function for Keystone Private Advisory.
This Workshop is running in 4 locations - Brisbane, Sydney, Melbourne and Newcastle.
Get in early for the First Release Tickets!