Taxation of unincorporated businesses

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Unit details

Level:   Professional 

Estimated learning duration:   10 hours

CPD:   10 hours

Assessment: Part 1: 20 multiple choice questions within 60 minutes. 75% pass mark. 
2 attempts permitted.

Part 2: 6 scenario-based multiple choice questions within 45 minutes. 80% pass mark.
2 attempts permitted.

Assumed knowledge: There is no assumed knowledge for this unit.

Learning outcomes:

  •  Identify the key regulatory and income tax issues facing sole traders, partnerships and family trusts and advise on the advantages and disadvantages of each structure.
  • Identify when the personal service income (PSI) legislation may apply and explain the impact of these provisions.
  • Understand and explain the key issues surrounding the use of assets in unincorporated businesses.
  • Identify when the primary producer provisions apply to a business and explain the implications of them.
  • Understand the scope of the various income tax concessions and roll-overs available when there are changes in the structure and/or ownership of unincorporated businesses.