The fundamentals of income tax returns, BAS statements, GST requirements, PAYG and financial statements are addressed in this comprehensive learning manual.
Module 1: Income tax returns for individuals
Module 2: Income tax issues for sole traders, partnerships, trusts and companies
Module 3: Other business issues - Depreciating assets, capital gains and accounting
Module 4: Activity statements - GST, PAYG and more
Module 5: Activities and suggested answers
This course consists of five hard copy learning manuals. Four manuals consist of learning content and the fifth is an activities and answers manual. There are four online assessments to match each of the four learning manuals. You will also receive three online learning resources loaded quarterly.
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Learning objectives
Module 1: Income tax returns for individuals
At the conclusion of this module you should be able to:
- Demonstrate familiarity with and knowledge of the required format for income tax returns for individuals
- Complete an individual tax return using the 2015 Individual Tax Return form for common income and deductions items
- Demonstrate knowledge of the Australian Taxation Office (ATO) requirements for record-keeping and substantiation
Module 2: Income tax issues for sole traders, partnerships, trusts and companies
At the conclusion of this module, you should be able to:
- 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
Module 3: Other business issues - Depreciating assets, capital gains and accounting
At the conclusion of this module, you should be able to:
- Demonstrate knowledge of the requirements for calculation of decline in value (depreciation) of assets
- Demonstrate understanding of the various methods for calculating decline in value (depreciation) 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
Module 4: Activity statements - GST, PAYG and more
At the conclusion of this module, you should be able to do the following:
- 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.
365 Days
