An Introduction to the
Fundamentals of Tax:
2-Day Workshop

• How tax legislation is developed
• Hierarchy of the Tribunal and courts for tax matters
• Researching policy development
• Researching tax legislation
• Researching case law
• Precedential ATO view and ‘binding’ status of ATO publications
• Using the ATO website
• Useful TaxBanter resources

• General deductions
• Specific deductions
• Non-deductible expenditure
• Limitations of deductions and loss rules
• Interest deductions
• The prepayment rules
• Deduction issues for employees

• What is ordinary income
• Income vs capital
• Statutory income
• Isolated profit making transactions
• Exempt income
• Non Assessable Non Exempt Income (NANE)
• When is income derived
• Residency and source

Part One – Division 40 – Capital Allowances

• What is a depreciating asset?
• Decline in value
• The holder of a depreciating asset
• The capital allowance rules of Division 40
• Special rules for small business entities — Subdivision 328-D
• The rules for business related capital costs.

Part Two – Capital Works

• The rules of Division 43 – capital works

• CGT events
• CGT assets
• Acquisitions of assets
• Cost base rules
• Capital proceeds
• Discount CGT concession
• Indexation
• Record keeping

• Common types of entities for business and investment
• Choosing an entity for business or investments
• Tax features of common entity structures

Part One – Introduction

• How to approach the GST
• Liability to GST
• The basic concepts.

Part Two – Specific Issues for GST

• Enterprise and registration for GST
• Taxable supplies
• Creditable acquisitions
• Tax periods and the attribution rules
• Net amounts
• Input taxed supplies
• GST free supplies
• The margin scheme for GST property transactions

• An overview of the 12 types of benefits
• The arranger provisions
• Exempt benefits and concessionally taxed benefits
• Record keeping obligations
• Recipient payments and contributions
• Reportable Fringe Benefits

Part One – Superannuation

• Purpose of superannuation?
• The three phases of superannuation
  • contributions phase
  • investment phase
  • retirement phase
• What is a complying fund?
• What is a non-complying fund?

Part Two – Self Managed Superannuation Funds

• What is an SMSF?
• Contributions and the rules including contribution caps.
• Excess contributions tax.
• Investment rules.
• Benefits and cashing rules.