Tax Basics: Assessable Income - What's In and What's Out? - 2 program mini series
Date/Time
01/02/2022
About the webinar series
Special pre-release offer
ABOUT THIS MINI SERIES
It can often be difficult determining what’s in and what’s out when it comes to assessable income. However, determining assessable income is a vital part of an accountant’s skillset. This 2 part webinar series is designed to give accountants the toolkit the train their junior staff on assessable income. The webinars focus on the important tax issues you and your clients grapple with every day, including determining what is included in assessable income, as well as navigating personal services income.
Training for as many staff as you want - no additional cost!
A single purchase entitles your company to access the on-demand webinars online as you require them for as many training sessions and for as many staff as you want.
On demand webinars and technical papers
Once you purchase the series you will have access not only to the on demand webinars but also to detailed technical papers prepared by the faculty for this series.
The Programs
Program 1: Do I Have to Pay Tax on This? Assessable Income
Fundamental to the role of a tax accountant is determining what is included in assessable income, which is not always as straightforward as you may think. This session is designed to help develop your understanding of the assessable income concept, including:
- The difference between ordinary income and statutory income
- The distinction between income and capital
- Distinguishing between income from a hobby and a business
- Explanation of the terms:
- exempt income
- non assessable, non-exempt income
- Trading stock and the effect on income
- The mutuality principle
- When to use the cash or accruals method to account for income
- Income and the cash economy
Program 2: Is the Income Mainly from your own Personal Effort and Skills? Personal Services Income
Income regarded as personal services income (PSI) can affect how tax is paid on that income as well as the deductions that can be claimed. This session introduces you to the concepts of PSI and income from a “personal service business” (PSB), as well as why the distinction matters, including:
- Explaining what is PSI and PSB income
- The results test
- How to determine if you have passed the 80% test
- Is having a business website sufficient to pass the condition of “making offers to the public”?
- What are the implications if the PSI rules apply?
- What are the tax return requirements for the individual if the PSI rules apply?
- How the PSI rules can affect partnership, company and trust income tax returns
- Worked examples from TR 2021/D2
Presented By
Andy Milidoni
Partner, Johnson Winter & Slattery Sydney, NSWSaxon Rose
HopgoodGanim LawyersEnquiries/Assistance
If you need assistance or have an enquiry, please do not hesitate to contact our Customer Service Team – contact Darren Steele on (03) 8601 7719 or email: [email protected]