With most tax professionals now returning to work after the holiday break, this is the ideal time to do a stocktake of the status of recent tax, superannuation and related Bills which may affect tax practitioners and their clients in 2021. This article...
TaxBanter 2020 Special Topics.
Our Special Topics are practical yet detailed analyses of topical areas of tax law or practice.
January: PAYG revisited
- When the Tax Law requires a withholding from a payment
- When and how a rate of withholding can be varied and the penalties for getting it wrong
- When a taxpayer must pay income tax by instalments
- When and how instalments can be varied
- Penalties for shortfalls on assessment
Registrations opening soon.
February: Employment termination payments
- Types of employment termination payments (ETPs)
- The tax treatment of ETPs
- Eligibility conditions for genuine redundancy payments
- The applicable caps e.g. the ETP caps amount, whole-of-income cap
Registrations opening soon.
March: Employee share schemes
- Rules governing employee share schemes
- Taxation implications for employer and employees
- Qualifying for the tax concessions
- Employer reporting obligations
Registrations opening soon.
April: Division 7A – the state of play
- The progress of proposed reforms
- Re-visiting complying loans
- Remembering what we thought we understood at the time
- The available guidance from the Courts
May: ATO access powers
- The scope and breadth of the Commissioner’s access powers
- How the ATO obtains meta-data, e.g. e-tag, passport and mobile phone records
- The ATO’s use of Big Data and data analytics
- Data-matching projects e.g. insurance, cryptocurrency
June: Relevance of accounting treatment for tax purposes
- The interaction of the accounting and tax treatment of some common transactions
- Judicial guidance on relevance of accounting treatment
- The limited power of the journal entry
- The importance of accounting and other records for tax purposes
July: CGT event E4
- When CGT event E4 happens
- CGT consequences of receiving a non-assessable trust distribution
- Calculating the amount of the non-assessable part that affects cost base of an interest
- Some worked examples
August: Taxing expatriates
- Income tax residency rules in light of recent developments
- Australian income tax implications of:
- ceasing to be a resident of Australia
- continuing to be a resident but deriving foreign source income
- Calculating foreign income tax offsets
- Expatriates with entitlements in Australian superannuation
September: Trust or company
- The treatment of income and losses — a comparison of company and trust
- Preferred structure for business or investment activities
- Effect of base rate entity rules and consequences for franking of dividends
- Trust distributing to corporate beneficiary versus Company owned by a discretionary trust
October: Loss or destruction of business assets
- Income tax and CGT and consequences of a loss or destruction of an asset that is:
- a CGT asset
- a depreciating asset
- trading stock:
- Income tax, CGT and GST consequence of receiving insurance proceeds or a replacement asset
November: Liquidation and administration of companies
- The difference between administration and liquidation
- Consequences for the company
- Taxation implications of a liquidator’s distribution
December: Personal services income revisited
- Personal services entities and working out whether the income is PSI
- The limitations on eligible deductions of a personal services entity
- Personal services businesses and income splitting
- Reporting obligations