Introduction to Australian

Taxation

• An overview of the Australian Taxation System and the ATO.
• Who needs to lodge a return
• Due dates for lodgement
• The elements of the tax return
• The front cover

Income

• Concepts of assessable, exempt and nonassessable income
• The income items of the tax return
• The changes to this year’s tax return.
• Payment summaries
• Allowances
• Lump sums
• ETP’s
• Government allowances
• Superannuation and pensions
• Personal services income
• Reportable fringe benefits
• Interest and dividends

Supplementary income (including capital gains)

• Partnerships and trusts
• Personal services income
• Net income or loss from business
• Deferred non-commercial business losses
• Net farm management deposits or withdrawals
• Capital gains – including frozen indexation and CGT discount methods
• Foreign entities
• Foreign source income and foreign assets or property
• Rental properties
• Bonuses from life insurance companies and friendly societies
• Other income

Deductions

• Deductibility provisions and substantiation
• Work related deductions
• Depreciation calculations – including preparation of depreciation schedules
• Education expenses
• Interest and dividend deductions
• Other deductions

The tax calculation

• Calculation of tax payable on taxable income
• Medicare
• Adjustments
• Credits

Rebates and offsets

• Tax strategies and planning tips for individuals.
• Concepts of offsets vs deductions
• Dependent Offset
• Senior Australians tax offset
• Super rebates
• Private health insurance
• Zone rebate
• Other rebates

Medicare

• Reductions and exemptions
• Calculations
• Senior Australians
• Medicare levy surcharge

Other items

• Lump sum payments
• Demonstration of tax preparation software packages

This unit maps to FNSACC522 Prepare tax documentation for individuals which is a unit in the Diploma of Accounting.
This is just a short summary of the valuable information presented in this course.

The following topics are covered:

• Income of minors
• Trusts
• Partnerships
• Companies
• Primary producers
• Superannuation funds
• Clubs, societies and associations
• Special professionals
• Tax agents
• Returns and assessment

Learning outcomes:

Students will have an understanding of the taxation law and preparation of varying entity types including:

• Taxation of individuals and basic entities including partnerships, trusts and companies;
• Taxation aspects of superannuation law;
• Ability to complete the tax returns of the above entities
• Current industry issues;
• Taxation software and electronic lodgement (including cloud solutions) and;
• ATO calculators and tools
• ATO rulings and lodgement schedules
• Ethical considerations Tax Agent Services Act (TASA) and Tax Agent
• Services Regulations (TASR)
• GST law

This unit maps to FNSACC601.
Prepare and administer tax documentation for legal entities which is a unit in the advanced diploma of accounting.