The fundamentals of income tax returns, BAS statements, GST requirements, PAYG and financial statements are addressed in these comprehensive learning manuals.
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.
Module 1: Income tax returns for individuals
- Completing the individual tax return
- Rental income and expenses
- Calculating tax payable
- Finalising returns
Module 2: Income tax issues for sole traders, partnerships, trusts and companies
- Taxation aspects of business entities
- Individuals in business
- Partnerships
- Discretionary trusts
- Private companies
Module 3: Other business issues - Depreciating assets, capital gains and accounting
- Decline in value and other capital allowances
- Capital gains and losses
- From client records to financial statements
Module 4: Activity statements - GST, PAYG and more
- Introduction to the activity statement form
- GST basics
- Calculation and reporting options for GST
- PAYG withholding system
- PAYG instalments system
- Other labels on the activity statement
- Completing the activity statement
Module 5: Activities and suggested answers
Each module covers the relevant theory behind the practice, supplemented by optional and/or advanced material in the form of 'Further information' boxes (containing web links where appropriate), appendices and footnotes; worked examples; case studies to test your practical knowledge; key learning points, providing a summary of the key issues of each chapter; and self-assessment questions to test your knowledge.
Want to know more? Click below to view a sample of the learning manual:
Learning objectives
- Demonstrate familiarity with and knowledge of the required format for income tax returns for individuals
- Complete an individual tax return using the 2017 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.
