Skills come<br>from knowledge

Skills come
from knowledge

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Ethics, Tax Agent Services Act (TASA) 2009 and the Code of Professional Conduct

On completion of the ethics, Tax Agent Services Act (TASA) 2009 and the Code of Professional Conduct unit, you will be able to:

  • recall the objects of TASA 2009
  • relate the requirements of the registration process and eligibility to register as a tax agent and BAS agent under TASA 2009 to your own circumstances or that of your firm’s employees
  • identify the professional and ethical standards contained in the Code of Professional Conduct (the Code) in section 30-10 of TASA 2009
  • link the administrative sanctions that may be imposed for specific breaches of the Code
  • relate the civil penalty provisions to the contraventions of conduct of registered and unregistered agents
  • quantify the Tax Practitioners Board’s power to apply to the Federal Court for an injunction
  • list a registered tax agent's and BAS agent's obligations to notify the Tax Practitioners Board of a change of circumstances.

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Capital gains tax

On completion of the capital gains tax unit, you will be able to:

  • calculate the amount of the capital gain or loss arising in relation to a CGT event
  • apply the cost base rules
  • determine capital proceedsIdentify basic CGT events and their relationship to CGT liability
  • identify the 50 per cent discount and indexation for certain entities
  • apply CGT to non-residents of Australia
  • appreciate when an asset stops being a pre-CGT asset
  • apply the small business CGT concessionsExplain rollover relief – same asset and replacement asset rollovers (eg. rollovers to wholly-owned companies; assets compulsorily acquired, lost or destroyed; scrip for scrip rollover; marriage breakdown etc.)
  • explain demerger rollover relief.

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Corporate tax

Part A

On completion of the corporate tax part A unit, you will be able to:

  • calculate the taxable income of a company using financial statement and supplementary information
  • calculate the tax payable of a company and explain how and when this tax is paid
  • determine whether an interest in a company is classified as debt or equity for income tax purposes
  • explain the tax treatment of amounts connected with debt interests and equity interests in a company from the perspective of the holder of the interest and the company
  • apply the provisions for allowing a deduction for carried-forward tax losses and bad debt deductions in a given situation
  • calculate the amount of tax loss available as a consequence of excess franking offset.

Part B

On completion of the corporate tax part B unit, you will be able to:

  • prepare a franking account
  • explain the taxation treatment of distributions from a company from the perspective of the company and the shareholder
  • identify circumstances in which amounts will be treated as a deemed dividend for income tax purposes (and explain the resulting income tax treatment of the deemed dividend for both the company and the recipient of the deemed dividend)
  • identify who is eligible to form a tax consolidated group, and the implications of operating a simple tax consolidated group
  • calculate the allocable cost amount (ACA) for the purpose of entering and exiting a tax consolidated group in a simple situation
  • calculate the available fraction for a tax loss and explain the relevance of the available fraction when calculating the amount of losses available as a deduction
  • explain the income tax treatment for the company and for the shareholder of a distribution made by a liquidator of a company and the subsequent deregistration of that company.

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Goods and services tax

On completion of the goods and services tax unit, you will be able to:

  • in relation to supplies:
    • identify the elements required of a taxable supply and locate the definitions of each element in the GST Act
    • identify which supplies are being made in a particular transaction
    • determine whether a particular supply is a taxable supply, a GST-free supply or an input taxed supply
    • calculate the liability to GST on making a supply
  • in relation to acquisitions:
    • identify the elements required of creditable acquisitions and locate the definitions of each element in the GST Act
    • identify when acquisitions are being made in a particular transaction, and determine whether and to what extent there is an entitlement to claim an input tax credit
  • determine whether an entity is required to be registered under the GST, and when an entity may choose to be registered under the GST
  • identify when supplies constitute GST-free exports
  • determine when there is a GST liability with respect to imports, and under what circumstances the deferral scheme may be used
  • identify when financial supplies are made, and calculate the amount of input tax credits available on acquisitions made by a taxpayer making financial supplies
  • determine when entities may form a GST group, and understand the impact of grouping on intra-group transactions
  • advise which non-profit bodies can be registered under the GST, and calculate the impact of registration on typical transactions expected for a non-profit body
  • identify the main GST issues relating to employees, and determine when a liability to GST arises in these circumstances
  • be aware of any special provisions applying to the supply of real property
  • advise when the margin scheme may be used, and the effect of using the margin scheme on the supply and acquisition of real property
  • explain when the sale of an enterprise qualifies for GST-free treatment, and determine the GST treatment of buying and selling an enterprise that does not qualify for GST-free treatment
  • determine the scope of the general anti-avoidance provision in the GST law and explain both the conditions necessary for it to be applied and what adjustments can be made under the provision.

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On completion of the superannuation unit, you will be able to:

  • identify which employees and employers are required to make superannuation guarantee contributions for, and calculate the amount of the superannuation contribution required to be made
  • explain the consequences of an employer not fulfilling its superannuation contribution obligations
  • identify persons who are eligible to obtain an income tax deduction for superannuation contributions and calculate the amount of the deduction entitlement
  • calculate the taxable income and tax payable by a superannuation fund explaining why amounts are, and are not, included in the calculation
  • determine the income tax treatment of the payment of lump sum and pension benefits from a superannuation fund
  • identify the main characteristics of a complying superannuation fund
  • identify some of the typical requirements for a superannuation fund maintaining complying status.

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Fringe benefits tax

On completion of the fringe benefits tax unit, you will be able to:

  • determine when a fringe benefit arises
  • identify what category of fringe benefit it is
  • determine whether the benefit is exempt
  • calculate the taxable value of the benefit
  • comply with the records that need to be kept.

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International tax

On completion of the international tax unit, you will be able to:

  • determine whether different types of taxpayers are resident or non-resident for Australian taxation purposes
  • identify what income is subject to tax in Australia, by virtue of its source
  • identify and apply various exemptions in a range of circumstances
  • explain broadly how a double tax agreement works and how it interacts with Australia’s domestic tax laws
  • translate amounts denominated in foreign currency into Australian currency
  • identify relevant forex realisation events and calculate resulting forex realisation gains and losses
  • determine and calculate a taxpayer’s withholding tax liability and a payer’s obligation to withhold and remit withholding tax
  • determine whether the thin capitalisation provisions operate in a particular situation and calculate the quantum of income tax deductions denied as a result of applying those provisions
  • identify circumstances in which the Commissioner may seek to apply transfer pricing rules and explain the effect of such an application
  • calculate a taxpayer’s foreign income tax offset entitlement
  • explain how the conduit foreign income regime operates and calculate CFI income of a company
  • explain how the various attribution systems (CFCs and transferor trust measures) operate.

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Partnerships and trusts

On completion of the trusts unit, you will be able to:

  • characterise a partnership and calculate the net income of a partnership
  • determine the partner’s share of the partnership net income or loss and the taxation of that share
  • apply the correct treatment of capital gains in partnershipsInterpret the taxation implications of the variation, dissolution or reconstitution of a partnership
  • explain the taxation of the net income of a trust
  • predict the issues that arise where net income and accounting income are not the same
  • interrelate the treatment of capital gains in trusts
  • consider the taxation of distributions to minor beneficiaries
  • apply the rules concerning revocable trusts; trust stripping; trust losses; deceased estates; trusts treated as companies; and transferor trusts.

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Part IVA and general anti-tax avoidance

On completion of the Part IVA and general anti-tax avoidance unit, you will be able to:

  • understand the difference between legitimate tax planning and tax avoidance
  • describe and apply the general anti-avoidance provisions including Part IVA
  • describe and apply specific tax anti-avoidance provisions that exist in tax legislation.

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Research and writing skills

On completion of the research and writing skills unit, you will be able to:

  • locate specific tax information and research commentary
  • effectively utilise the Internet as a research tool
  • apply best practice techniques for searching tax related websites
  • implement effective web browsing
  • recall the list of a tax professional’s key website addresses.

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