Currently unpublished based on advice from L&D - should not be sold in Global shop. If agreed to sell in the Global shop in future, must review pricing first.
Objectives
Demonstrate familiarity with and knowledge of the required format for income tax returns for individuals
Complete an individual tax return using the 2018 Individual Tax Return form for common income and deductions items
Demonstrate knowledge of the Australian Taxation Office (ATO) requirements for record-keeping and substantiation
Discuss the various issues applying to businesses such as employing staff, the personal services income (PSI) rule, and concessions relating to small business entities
Discuss the different structures available for structuring a business
Demonstrate an understanding of the basic tax treatments of business profits for individuals, partnerships, trusts and proprietary limited companies
Demonstrate knowledge of the requirements for calculation of decline in value of assets
Demonstrate understanding of the various methods for calculating decline in value of assets and when each method is appropriate
Demonstrate alternate methods of calculating the decline in value of assets including low value pooling and the simplified depreciation rules for small business entities
Demonstrate how to deal with other capital allowances such as business-related costs (blackhole expenditure)
Demonstrate how to determine whether capital gains tax is payable, and whether any concessions, exemptions or rollovers apply to a capital gain
Demonstrate knowledge of common errors made by clients when keeping their own records
Complete journal entries to correct the common errors
Demonstrate knowledge of common problems frequently found in client data
Demonstrate obligations of GST payers including calculating:
GST collected on supplies and GST paid on purchases
statistical information such as total sales, export and other GST-free supplies, capital and other acquisitions
GST under the quarterly GDP-adjusted method
a varied instalment from information supplied
Demonstrate other obligations in the business activity statement (BAS) including:
identifying payments from which PAYG must be withheld, calculating the amount to withhold, and when and how amounts should be paid to the Commissioner
identifying who is affected by the PAYG instalment system, calculating instalments, and understanding the requirements for obtaining variations
calculating a varied FBT instalment
LCT and WET requirements
the fuel tax credit system requirements
Audience
This learning manual is for those starting out in tax accounting roles with responsibility of preparing income tax returns, BAS statements and the preparation of financial statements.
Details
90807431
365 Days
English
English
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