Tax Fundamentals face to face seminar | Melbourne | February

What is the Tax Fundamentals Program?

TaxBanter are offering a Tax Fundamentals Program in 2012, which is designed to train and update your junior staff on fundamental tax issues.

The program consists of nine modules specifically designed to give your junior staff a well rounded and relevant introduction to the fundamentals of tax. The Tax Fundamentals methodology develops understanding using a practical approach. Concepts are explained using real-life scenarios and examples rather than section numbers and jargon. Each module is accompanied by a practical skills component which provides delegates with skills that they can use straight away in their day to day work.

Modules

1. Tax Fundamentals Part One (Income)
2. Tax Fundamentals Part Two (Deductions & Offsets)
3. CGT Fundamentals
4. Depreciation rules and consolidated capital allowances
5. FBT Fundamentals
6. GST Fundamentals
7. Tax concessions for small businesses
8. Business Structures
9. Superannuation

Benefits

• Junior staff are equipped to provide exceptional service to your clients
• Recruitment & retention of staff through commitment to quality training
• Small seminar groups means that students receive interactive training that can be based on current client issues
• Online training option cuts out travel time and delivers the program in effective 1.5 hour blocks
• All TaxBanter tax training qualifies as eligible CPE/CPD hour
• Programs developed and delivered by highly experienced Tax Professionals who are professional trainers
• Seminars are supported by comprehensive yet practical tax training materials

When & where?

Karstens | Level 8, 123 Queens St, Melbourne, 3000
Monday 27th February 2012
8.30am to 5.00pm (Morning and afternoon tea is included. There will be a one hour lunch break where attendees are free to do what they like)

How much?

The day program is $550 (GST inclusive)

Register (click here for PDF Form)

[contact-form]

January: Tax issues for professionals

• Professionals and the PSI rules
• Alienation of income and Part IVA
• Using service entities
• Structuring the professional practice
• Partnerships of trusts — what works and the tax implications

February: Trusts – Practical issues with trust distributions

• Workshop based examples of how the new streaming provisions work in practice
• Case studies illustrating the use of trusts to stream capital gains and dividends
• Is it possible to stream other income?
• The proposed rewrite of Division 6 — current status

March: FBT – common issues and what’s new

• What is new for 2012?
• A reminder of the essentials
• Planning for FBT — what works and why?
• Employer benefits for employees — managing the FBT risk
• Employee share benefits — how do they work and what are the tax implications?

April: Superannuation – update and planning

• SMSFs — the outcome of the Cooper review
• The new regime for SMSF auditors
• Use of TFNs by trustees
• Section 62A assets collectables and personal use assets — tax implications of keeping or selling such assets
• Traps to avoid
• Planning tips for intending retirees

May: Year end tax matters

• Things you need to consider when planning for tax
• Managing the risk in tax planning
• Tax planning for:
  • Individuals
  • Companies
  • Trusts

June: Tax Issues for company directors

• The Director’s cut — what am I liable for?
• What are my defences?
• Who’s responsible — the company or me?
• The ATO’s approach to debt collection and recovery

July: Small Business Issues

• What’s new for 2012-13?
• Immediate write off for depreciating assets
• Motor vehicles — up-front deduction of $5,00
• Other developments and planning issues

August: Tax Issues for landlords

• The problem areas — deductions
• Working out the capital allowances
• The capital gains tax (or losses) issues
• Subdivision and partitioning of property
• GST implication

September: GST & Real Property

• Recent developments in case law
• Legislative changes
• Change in use of real property – calculating the impact and the timing issues
• The margin scheme – fully explained

October: CGT Rollovers

• What roll-overs are available and when would I use them?
• The roll-over relief provisions — how and when they operate
• A step-by-step guide to deferring tax liabilities using roll-over relief
• Documenting a choice to apply roll-over relief — when and how to document the choice

November: Getting the paperwork right and controlling tax risk

• Establishing good practice and reducing tax risk through proper documentation
  • Elections — how do I evidence the making of an election?
  • Notices —when and in what form?
  • Declarations for FBT — reducing FBT risks
• Reporting obligations
• The audit trail — documenting decisions and transactions
• Dealing with TFNs
• Document retention

December: I am connected to whom?

• The concepts of associate, connected entity and related entity are sprinkled throughout the Tax legislation and other related legislation
• What are these concepts and when are they relevant?
  • Determining whether an entity is a small business
  • Small business CGT concessions
  • Determining status for PAYG reporting purposes
  • Grouping for GST purposes
  • Grouping for payroll tax purposes
  • Value shifting
  • Specific anti-avoidance provisions, e.g. sections 82 KH and 82KK

We are offering a free public offer session in Parramatta in November so clients in the area have the opportunity to try our public offer workshop sessions, and decide if they want to attend the program in 2012.

Public Offer Workshops

Presented by industry experts, these 2 hour practical workshops are supported by comprehensive notes (printed and delivered to the session) and comprise:

• the latest Tax Update, and
• analysis of a Special Topic

FREE Public Offer Session – Parramatta

Special Topic : Capital Gains Tax – The Top Ten CGT Issues for 2011

• Making the most of the CGT concessions
• Restructuring for rollover relief
• How proper record keeping can improve your outcomes
• The traps to avoid
• The more complex CGT Issues commonly encountered

Date & Time: Friday, 11^th November 2011 | 8.30 am to 10.30 am

Location: Parramatta RSL Club, Corner Macquarie and O’Connell Streets, Parramatta NSW 2150

Cost: FREE (normally $143)

Register

Please fill out your details below to attend this session:

The obligations under the TFN reporting and withholding rules are extensive, and trustees and their advisers need to be aware of the issues.

We discuss key issues raised by the rules below.

The decision by the ATO to extend the deadline for lodging the June 2011 TFN report until the lodgment day of the 2011 trust income tax return should ensure practitioners have sufficient time (in the majority of cases) to advise and educate their staff and clients of the new measures. It should also allow sufficient time to implement appropriate procedures to ensure compliance with future reporting obligations.

The ATO’s primary guide on these rules, TFN withholding for closely held trusts, is available at <click here>:

Extension of time for TFN reports

There continues to be some confusion amongst practitioners regarding the deadline for lodging the TFN report for the quarter ended 30 June 2011.

This is only of relevance for trustees who:

• Did not utilise the transitional opportunity to advise the ATO of beneficiaries’ TFN details via the 2010 trust income tax return distribution statement (see discussion on transitional rules below); or
• Where the transitional rules were used — need to notify TFN details of new beneficiaries who did not receive a 2010 distribution but became presently entitled to a distribution in the 2011 year and the TFN details were provided to the trustee post lodgment day of the 2010 trust income tax return.

The legislative deadline is 31 July 2011. In June, the ATO announced that the deadline for the June 2011 quarter has been extended to 31 August 2011.

The ATO has further extended the deadline for lodging the TFN report for the quarter ended 30 June 2011 to the lodgment date of the 2011 tax return. This extension is available only to tax agents who lodge electronically, and who lodge both the June 2011 TFN report and the 2011 tax return electronically, as well as all future tax returns electronically.

The above extensions are not ongoing and normal due dates apply for lodgment of all future TFN reports. Any TFN details reported to trustees (for example, because a new trust is established) between 1 July 2011 and 30 September 2011 need to be reported by 31 October in a quarterly TFN report for the quarter ending 30 September 2011.

Importantly, if TFN details are notified to the trustee after 1 July 2011 in respect of:

¡    2011 income year distributions — TFN withholding applies (and there are reporting and withholding obligations commencing 30 September 2011);

¡    2012 or later year distributions — the trustee must lodge a new TFN report within one month of the end of the quarter in which the TFN details are provided to the trustee.

It will be interesting to know how the ATO plans to monitor reporting compliance. One wonders whether practitioners, already faced with an ever mounting burden of paperwork, simply stockpile TFN notifications until the June quarter in each year and report them all on the June TFN report.

Completing the TFN report

Through discussions with specialists within the ATO’s TFN project area, we have been advised that where a trustee is lodging a quarterly June 2011 TFN report in respect of amounts for the whole 2011 income year (i.e. from 1 July 2010 right through to 30 June 2011), the TFN report should be completed with the quarterly dates 1 April 2011 to 30 June 2011 at the top of the first page. The quarterly TFN report should not be completed with the full year dates.

The TFN report is available in ELS or paper format, and is available at:

http://www.ato.gov.au/content/downloads/BUS00281767NAT73651.pdf

Using the transitional rule

Trustees were able to report TFN details on the 2010 trust tax return before the due date for lodgment under the transitional rule instead of having to lodge a TFN report.

When completing the tax return, the ATO have advised us that some trustees put N at question 65 (‘Is the trust a closely held trust?’) because the trust was a family trust and therefore not a closely held trust under the TB statement rules, rather than Y which the ATO indicated should have been reported.

Where the ATO detected an inconsistency in the data reported, the ATO will have written to the trustee requiring them to lodge a TFN report for the June 2011 quarter to resolve the discrepancy if the ATO couldn’t match up the data. In many cases, the ATO was able to match up the TFN details even if question 65 was answered N instead of Y.

Accordingly, unless trustees have received a letter advising that they need to lodge a TFN report, whatever has been reported through the 2010 tax return has been accepted by the ATO.

At this time, it is not possible to check the TFN status of beneficiaries on the portal.

New corporate beneficiaries and trustee beneficiaries, and minors who have turned 18

Many accountants will have set up new trustee beneficiaries or corporate beneficiaries for their clients in June 2011 which have become presently entitled to a share of the income of a closely held trust for the 2011 income year. If a new TFN was applied for but not issued by 30 June 2011, the new beneficiary could not have reported their TFN details to the trustee before the end of the 2011 income year.

The same issue will apply to minors who turned 18 during the 2011 income year and became presently entitled on 30 June 2011 to a share of the income of a closely held trust without quoting a TFN to the trustee.

The consequence is that the TFN withholding rules apply.

The extension of time until 31 August or lodgment day (refer above) applies only to the lodgment of the TFN report, not to the reporting of TFN details to the trustee.

Many accounting firms will have set up new entities — where the TFN was not issued by the ATO until July or August 2011 — to which they are distributing trust income for the 2011 income year, and many may not be aware that trustees will have withholding and reporting issues commencing 30 September 2011.

The legislation is silent on pending TFNs, with the result that withholding applies. The ATO is aware of the issue but this is a legislative limitation.

Completing the annual trustee payment report

The annual trustee payment report forms part of the 2011 trust tax return at labels S and T.

A payment for the purpose of completing label S is:

1. a distribution during the year from the ordinary or statutory income of the trust (if made); and
2. where a beneficiary is presently entitled to a share of the income of the trust at the end of the income year — that share of the net income of the trust.

Accordingly, the amount reportable at label S is the beneficiary’s share of the net income as defined in s. 95 of the ITAA 1936.

This annual trustee payment report must be completed by all trustees of closely held trusts, even if there is no TFN withholding. The effect of the decision in Bamford and trust streaming under the newly enacted measures could produce some interesting results at label S.

It is fortunate the annual trustee payment report forms part of the 2011 trust income tax return as there will be ample time for the professional bodies to discuss the administrative nuances of these provisions further with the ATO who will hopefully provide worked examples and further guidance to provide practitioners with greater certainty and clarity.

This edition of The Assessment was prepared jointly by Robyn Jacobson of TaxBanter and Rob Power of Webb Martin Consulting.

TaxBanter clients will receive coverage of the rules in coming training sessions and any specific enquiries can be directed to Rob Power on 03 8662 3200 or robp@webbmartinconsulting.com.au

Click here for printable version of this article.

Disclaimer

This ‘Stop Press!’ is intended to provide general information or comments on the particular topic. The content is not intended to exhaustively deal with all issues relating to that topic. As the content is general in nature, they are not to be used, relied or acted upon without seeking further professional advice. TaxBanter Pty Ltd accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice.

We are pleased to announce that we have acquired the Cyntax Tax Training business, effective 1st July 2011. We are extremely excited about this acquisition which allows us to continue our growth since inception in 2008.

So, what does this mean for our clients?

• Combined expertise. The strength of our business is a direct result of the quality of personnel engaged by it. The combined TaxBanter/Cyntax pool of training personnel (including Cyntax’s Robyn Jacobson, Brian Kamenetzky and Linda Kuttner) will offer clients even greater variety, specialisation and experience. The combination of TaxBanter & Cyntax training content and writing resources will also ensure an ongoing superior collection of tax training content.

• Greater service offering. TaxBanter currently provides Australian accounting practices with access to effective tax learning through the delivery of quality in-house, online and public tax courses. The acquisition of Cyntax Tax Training is a genuine collaboration, with both businesses excited about the future prospects and opportunities it presents to offer clients outstanding tax training and resources.

• Public Offer Sessions. Due to the acquisition of Cyntax we now have extra public offer sessions available in Melbourne and Newcastle for the remainder of 2011. Click here to register for these sessions.

Due to the acquisition of the Cyntax Tax Training business, the following Public Offer sessions will be available for the remainder of 2011.

St Kilda Road
Time: 8.00 am to 10.30 am
Address: St Kilda Road Parkview Hotel 562 St Kilda Road, Melbourne 3004

2011 Sessions:
Friday 15 July – Register
Friday 12 August – Register
Friday 16 September – Register
Wednesday 12 October – Register
Friday 11 November – Register
Friday 9 December – Register

Charlestown
Time: 8.00 am to 10.30 am
Address: Madison Motor Inn, 109 Madison Drive, Charlestown

2011 Sessions:
Wednesday 20 July – Register
Wednesday 17 August – Register
Wednesday 21 September – Register
Wednesday 19 October – Register
Wednesday 16 November – Register
Wednesday 14 December – Register

Could this be you?

Are you an experienced Tax Trainer or Tax Professional who is interested in making the switch to Tax Training? Based in Melbourne, but with offices around Australia, TaxBanter is an innovative training organisation who values employee satisfaction & progression. It is the quality of our staff that has led to TaxBanter’s significant growth since inception in 2008, and we are now looking to expand our team. Please send us an email if you are interested in joining the team at TaxBanter.

Public Offer Workshops

The information provided to us at registration is added to our database to register you for the workshops selected and primarily to provide you with details of our upcoming courses and workshops. A tax invoice will be emailed to you once payment is made. Registrations will only be accepted and confirmed once payment is received. TaxBanter reserves the right to alter the workshops without further notice; however, they are intended to run as advertised. Cancellations or requests to transfer session registration must be advised in writing at least 5 working days prior to the commencement of a workshop. A refund will not be granted if a registrant fails to attend the workshop or cancels within 5 working days prior to the workshop; however, course materials will be forwarded. An administration fee of 20% applies to all cancellations. All prices are in Australian dollars ($ AUD). TaxBanter Pty Ltd ABN 34127929720

Online Training Sessions

The information provided to us at registration is added to our database to register you for the training sessions selected and primarily to provide you with details of our upcoming courses and workshops. A tax invoice will be emailed to you once payment is made. Registrations will only be accepted and confirmed once payment is received. TaxBanter reserves the right to alter the workshops without further notice; however, they are intended to run as advertised. Cancellations or requests to transfer session registration must be advised in writing at least 5 working days prior to the commencement of a workshop. A refund will not be granted if a registrant fails to attend the workshop or cancels within 5 working days prior to the workshop; however, course materials will be forwarded prior to the online session. An administration fee of 20% applies to all cancellations. All prices are in Australian dollars ($ AUD). TaxBanter Pty Ltd ABN 34127929720

TaxBanter are offering a Tax Fundamentals Program in 2012, which is designed to train and update your junior staff on fundamental tax issues.

Benefits:

• Junior staff are equipped to provide exceptional service to your clients
• Recruitment & retention of staff through commitment to quality training
• Small seminar groups means that students receive interactive training that can be based on current client issues
• Online training option cuts out travel time and delivers the program in effective 1.5 hour blocks
• All TaxBanter tax training qualifies as eligible CPE/CPD hour
• Programs developed and delivered by highly experienced Tax Professionals who are professional trainers
• Seminars are supported by comprehensive yet practical tax training materials

Location:

The Tax Fundamentals program will be offered as a public day seminar in Melbourne and Sydney on a quarterly basis, and also as part of our online training program with nine monthly modules presented online throughout the year.

The Program:

The Tax Fundamentals Program consists of nine modules specifically designed to give your junior staff a well rounded and relevant introduction to the fundamentals of tax.

The Tax Platform methodology develops understanding using a practical approach. Concepts are explained using real-life scenarios and examples rather than section numbers and jargon. Each module is accompanied by a practical skills component which provides delegates with skills that they can use straight away in their day-to-day work.

Registration

Book online to attend Tax Fundamentals training sessions online in 2012. Click here to register!

Click here to attend our Melbourne seminar offered 27th February 2012.