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Back to Basics

Published on 27 Feb 2008 | Took place at RACV Club, Melbourne, VIC

Senior tax professionals often look back on their first days in practice as a time of fear, anxiety and alarm at their career choice because of the massive size of the tax law. How could anybody learn all that?!?

Every aspiring tax professional needs to have a good grounding in the basic core elements of our taxation system. In tax “near enough is not good enough”.

This seminar introduced new participants in the tax profession to the Australian taxation system in an easy to follow style.

The papers and presentations cover:

  • the foundation of Australian tax law
  • the taxation of individuals
  • the taxation of entities
  • GST Fundamentals
  • an introduction to FBT
  • CGT Basics.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Foundation of Australian tax law

Author(s):  Simon TUCKER

This paper covers:

  • the Australian tax system - differences between State and Federal Taxation
  • who and what is taxed?
  • economic efficiency & equity - basic policy concepts
  • the concept of assessable income, allowable deductions and tax accounting
  • political and institutional matters - funding government, the Executive and the role of the Commissioner
  • a brief introduction to the administration of tax law
  • dispute resolution - the Courts, the Ombudsman and informal internal ATO resolution.
Materials from this session:

Capital gains tax basics

Author(s):  Dean MARTINELLI,  Lisa TASSONE This paper covers:

  • the general rules - when is a gain on revenue account or a capital gain?
  • CGT assets, CGT events, capital proceeds and cost bases - what does it all mean?
  • same asset and replacement asset roll-overs
  • an overview of the general exemptions
  • an overview of the main residence exemption
  • an overview of the general discount concession
  • an overview of the small business concessions
  • case study.
Materials from this session:

An introduction to FBT

Author(s):  Greg KENT

This paper covers:

  • what is a fringe benefit
  • types of fringe benefits
  • what are exempt benefits
  • how to calculate fringe benefits tax
  • FBT compliance requirements, including reportable fringe benefits
  • interaction of fringe benefits tax with salary packaging
  • case study.
Materials from this session:

GST fundamentals

Author(s):  Cheryl SEDUN

This paper covers:

  • taxable supply, other supplies and creditable acquisitions
  • special rules - margin scheme and going concern
  • adjustment notes, review periods and BAS amendments
  • GST Administration - how the ATO goes from BAS to running balance account and in between
  • practical aspects of GST - risk areas and ATO audits
  • landmark cases
  • case study.
Materials from this session:

Taxation of entities

Author(s):  Travis FEGAN This paper covers:

  • what structures are available
  • how each structure is taxed
  • how business income is treated
  • how investment income is treated
  • tax accounting for income and deductions
  • entry and exit - an overview of the tax issues
  • case study.
Materials from this session:

Taxation of individuals

Author(s):  Eleanor MOFFAT This paper covers:

  • who is a resident for tax purposes, how do you test residency and why it's so important
  • deriving income and incurring expenses - what's assessable or deductible and when
  • special rules for individuals - personal services income and non-commercial loss rules
  • an overview of the different ways in which individuals are remunerated
  • tax offsets and deductions for individuals
  • imputation system for individuals
  • case study.
Materials from this session: