Completing Tax Returns: Managing the Difficult Scenarios in Practice – Tax Basics series for junior accountants featuring 3 on demand webinars
Date/Time
01/09/2022
About the webinar series
Fundamental to the role of a tax accountant is the ability to navigate their way around a tax return. However, the process may not always be as straightforward as you may think, particularly for junior accountants.
This back to basics webinar series, presented by the leading experts in the field, provides your organisation with the toolkit it needs to train its junior accountants in this fundamental area. Dedicated sessions include determining personal services income, dealing with trust income, as well as preparing tax returns for professional firms.
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 the detailed technical papers prepared by members of the faculty for this series. You can download copies of these together with copies of the PowerPoint slides used in the presentation.
The Programs
Program 1: Is it Personal Services Income or a Personal Services Business?
Whether you are dealing with a sole trader, partnership, company or a trust, each tax return has a series of questions centred around whether the income includes an individual’s PSI. This session is aimed at guiding you through the process of answering these questions correctly, including:
- Why does determining whether income is PSI or PSB matter?
- How to distinguish between PSI and PSB
- How is the results test satisfied?
- What is the 80% rule?
- When should you apply for a PSB determination?
- Implications of receiving PSI as either a sole trader, partnership, company or trust
- Completing the tax return labels
- Practical examples
Program 2: Trusts: Is it Trust Income, Distributable Income or Taxable Income?
Whilst the trust tax return asks for the “income of the trust estate”, this figure will not always align with the trust’s net income for tax purposes. Confused? This session aims to unravel the uncertainties around the concept of trust income, including:
- What is the difference between “income of the trust estate” and “net income”?
- What if a trust has losses?
- How to reconcile a trust’s accounting income with its taxable income?
- The importance of trustee resolutions to establish who is assessed on a trust’s net income
- The “proportionate approach” when assessing beneficiaries share of trust net income
- The special rules applying to franked distributions and capital gains
- Practical examples
Program 3: Watch for the Traffic Lights When Preparing Tax Returns for Professional Firms
The ATO’s recently finalised PCG 2021/4 has put professional firms on notice that the allocation of their profits for tax purposes will be closely monitored. This session walks you through the recent guidance to raise your awareness of the ATO’s compliance approach on the topic, including:
- Why did the ATO consider further guidance was required for professional firms?
- What types of businesses will be affected by PCG 2021/4?
- How to work through the two “gateways”
- How to assess the risk rating using the traffic light approach
- When do the guidelines apply?
- How will the ATO monitor the compliance approach?
- Practical examples and case studies
Presented By
Sarah Lancaster
Partner, Cooper Grace Ward Lawyers Brisbane, QLD
Matthew McKee
Partner, Brown Wright Stein Lawyers Sydney, NSW
Lisa To
Partner, Bartier Perry Sydney, NSWEnquiries/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]