Practical Tax Fundamentals for Junior Staff - a series of 5 one hour video webinars

Practical Tax Fundamentals for Junior Staff

a series of 5 one hour video webinars

ABOUT THE SERIES

For some time, our regular clients have been asking us to help with programs designed to help the task of training more junior tax advisers in the fundamentals of complex, practical tax issues that are commonplace in professional practices today.

This series is a first step in answering this call. In it, we have covered two critical areas of tax practice affecting advisers whose clients include SMEs and investors: trust distributions and Division 7A. There are two programs on each of these subjects. In addition, the series also covers another important issue: the distinction between employee and independent contractor for tax purposes.

Trust Distributions – The Fundamentals

• This video webinar will explain the principles underpinning the distribution of trust income taking into account the terms of the trust deed and the rules in Division 6 of the 1936 Act. Issues covered will include the scheme of the ITAA of the taxation of trust income, understanding the proportionate view, the difference between trust law income and trust income for tax purposes, the concept of distributable income, understanding the deed income clause and finally the framing of trust distribution resolutions.

Trust Distributions – Streaming Capital Gains and Franked Dividends

• This video webinar will build on the first in the series and look at distributions involving streaming of capital gains, franked dividends and other income. This presentation will review the power to stream income in the deed, the streaming provisions of the 1936 Act and how they work, how to stream capital gains and franked dividends, Thomas’s case, streaming that doesn’t work and finally the framing of trust distribution resolutions streaming trust income.

Division 7A, Deemed Loans, Payments and Permitted Repayment Arrangements

• This video webinar will cover the basics of Division 7A, including the expanded meaning of loan, the expanded meaning of payment, the consequences of Division 7A applying, establishing amalgamated loans under section 109N, examples of loan agreements, interest calculations and repayments and repayment strategies.

Complex Division 7A Arrangements

• This video webinar will build on the first in the series and examine more complex Division 7A arrangements, including how Division 7A works with interposed entities, the application of Division 7A to trusts, including unrealised gains under Subdivision EA and unpaid present entitlements to corporate beneficiaries. The webinar will explain the options available to practitioners when the need arises to manage distributions and repayments through these complex structures.

Employee or Independent Contractor?

• And why does it matter? The short answer: PAYG withholding, SG contributions and payroll tax. Certain industry sectors thrive on independent contracting arrangements and they rely on their accountants to advise them when they are overstepping the mark. This webinar will provide a meaningful understanding of the distinction between employee and independent contractor, in the absence of bright line tests. It will also look at these rules in context: specific industries, arrangements with contractors through companies and arrangements with labour hire companies. It will also highlight the definitional differences of employee between different imposts.