Tax Fundamentals face-to-face training.

• General Deductions – s. 8-1
• ITAA1997
• Interaction with the GST
• Specific Deductions
• Losses
• Interest deductions
• Prepayments
• Deductions for Employees

• What is ordinary income
• Income v 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
• Explain the capital allowance rules of Division 40
• Special rules for Small Business Entities
• 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
• Discount CGT Concession
• Indexation
• CGT Event A1
• Record Keeping

• Types of entities
• Choosing an entity for business or investments

Part One – Introduction

• How to approach the GST
• Liability to GST
• The Basic Concepts

Part Two – Specific Issues 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
• Record Keeping Obligations
• Recipient payments and contributions
• Reportable Fringe Benefits

Part One – Introduction

• What is Superannuation?
• The Three Phases of Superannuation
• 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

• The requirement to lodge returns
• The payment of tax
• The penalty regime
• Disputes, objections and appeals
• The powers available for recovery of tax
• Taxation offences: Prosecution actions