Seminar WHO SHOULD ATTEND?

Transcription

1 NTAA Tax Basics Semina 2016 This semina will give you staff the confidence and knowledge to maste the all impotant client inteview! Day 1 The Fundamentals of Pepaing an 'I' Retun Capital Gains Tax Business Deductions Foeign The Tests Rental Popeties Tax Offsets and Medicae And Much, Much moe.... Day 2 Fom the Financials to the Business Retun The Small Business Entity Rules Expenses The Tax Reconciliation Pocess Dealing with the Simplified Imputation System CGT fo Small Business Companies, Tusts and Patneships And Much, Much moe.... WHO SHOULD ATTEND? Two tax seminas un ove two consecutive days fo: Gaduates; New employees; Accountants new to public pactice; Pactitiones wanting to 'bush up' on thei basics; and Accountants etuning to the wokfoce. Pesented by Ben Kilkenny & Rod Wilson on behalf of the National Tax & Accountants' Association Ltd.

2 Tax Basics 2016 An NTAA Back to Basics Semina 'get you hands dity, lean how to do tax fom the gound up' LET US HELP YOU TRAIN YOUR (NEW?) STAFF Masteing the all impotant client inteview at tax time can be eally tough! We all undestand those fist inteview jittes. We've all been thee! Gaduates, new staff and othes enteing (o e-enteing) Public Pactice need a lot of help to get up to speed. We all know what it eally means to: sit opposite a client; extact the ight infomation; and get the etun coect without having to go back to the client. This semina will give you staff the confidence and knowledge to get the job done RIGHT THE FIRST TIME! This is a no pie in the sky, theoetical 'What is income' semina. This is a 'get you hands dity, lean how to do tax fom the bootstaps up' semina. Whethe you need you gaduates bought up to speed o maybe, someone needs a efeshe these ae pactical wokshops cented on undestanding the 'I' Retun and the ins and outs of the Business Retun. That's ight, we help tain you gaduates and new staff to become pofitable and valuable membes of you pactice. DAY 1 DAY 2 The Fundamentals of Pepaing an 'I' Retun Fom the Financials to the Business Retun Capital Gains Tax Business Deductions The Small Business Entity Rules Expenses The Tax Reconciliation Pocess Foeign The Tests Rental Popeties Tax Offsets and Medicae And Much, Much moe... Dealing with the Simplified Imputation System CGT fo Small Business Companies, Tusts and Patneships And Much, Much moe.... Eveything you need to know when inteviewing a client: u Compehensive client questionnaies What ae the essential questions that must be asked? How do you get ALL the ight infomation? u How to conduct an inteview NTAA Client Inteview Kit u Dealing with the common occupations (e.g., tades people, sales assistants, tuck dives and many moe)

3 Day 1: The Fundamentals of Pepaing the 2016 'I' Retun Most clients have seveal diffeent souces of income do you know the twists and tuns fo diffeent types of income? u Salay and wages u Allowances u Repotable finge benefits and supeannuation contibutions u Employment Temination Payments and undestanding the whole-of-income cap u Patneship and tust income u Pesonal sevices income u Supeannuation pensions u Repoting fanked and unfanked dividends Capital Gains Tax We will explain all of the CGT basics necessay to complete the 'I' etun. u Calculating the net capital gain u A guide to the CGT method statement u CGT and eal estate u Dealing with capital gains included in tust distibutions u When can a taxpaye claim the main esidence exemption? u Can oveseas capital losses be offset against Austalian gains? Business A pactical pespective! u How to detemine if a taxpaye is caying on a business u How to complete the business schedule u Non-commecial losses, including the ules affecting high income individuals u Depeciation options fo small businesses u Dealing with the NEW 5% tax discount TOTAL INCOME o LOSS Salay and wages Employe allowances Employment temination payments Capital Gains DEDUCTIONS Ca expenses Oveseas and domestic tavel Clothing Claiming Self-education expenses Inteest and dividend expenses TAX OFFSETS SAPTO DICTO Medical expenses phase out Supeannuation BUSINESS INCOME & EXPENSES Tading stock Depeciation Moto vehicle expenses Changes to access fo FMDs RENTAL PROPERTIES Rental income Repais Capital allowances Deductions We ll show you what can be claimed and we set out all of the substantiation equiements. u NEW ules steamline ca expense claims fo 2016 u Oveseas and domestic tavel u Potective and copoate clothing u Who can claim self-education expenses? u Undestanding the low value pool u Inteest and dividend expenses u Supeannuation contibution deductions u Changes to the SBE depeciation deductions u Gifts and donations u Home office expenses u Ovetime meal expenses u Tax agent fees Yes, we cove eveything Item by Item on the individual etun. Foeign How is foeign income teated on the 'I' etun? u Dealing with foeign losses u Claiming an offset fo foeign tax paid u Dealing with foeign income/expenses u Dealing with oveseas employment income The Tests We povide a step-by-step guide to simplify the complex income tests. u Undestanding the income tests u Find out which tax concessions and obligations ae affected u Salay packaged supe included in the income tests u Rental/shae losses ae added back WHO SHOULD COME, and WHY? It's an intensive, hands-on wokshop fo: Gaduates New employees Accountants/bookkeepes new to public pactice Pactitiones wanting to 'bush up' on thei basics Accountants etuning to the wokfoce WHAT DO ATTENDEES RECEIVE? u An electonic DESKTOP Refeence Kit (on disk) with: Checklists of deductions by OCCUPATION Pecedent elections/declaations Rates and tables Handy tax calculato u Couse Notes and Instuctions Compehensive notes walk you though the etun with explanations of each etun label How to conduct a client inteview How to gathe the ight infomation Client questionnaies Things to look out fo Getting the etun RIGHT with suppoting mateial Topics coveed in this intensive hands-on wokshop Rental Popeties It s cucial to get all ental income and deductions ight on the 'I' etun because this is a majo ATO audit taget! u A pactical guide to completing the ental popety schedule u Danges with enting out holiday homes u Claiming inteest deductions u Which assets ae eligible fo depeciation? u What is a epai and when is it deductible? u Claiming tavel expenses in elation to a ental popety u When ae body copoate fees deductible? u Using the main esidence exemption to avoid CGT on a ental popety Tax Offsets & Levies A total undown on tax offsets and levies, including: u Senios and pensiones (including selffunded etiees) tax offset ('SAPTO') u Dealing with the estictions fo the dependant (invalid and cae) tax offset ('DICTO') u Undestand the continued phase-out of the net medical expenses tax offset u Changes to the zone tax offset u When ae individuals equied to pay the Medicae Levy? u Undestand the NEW Small Business offset ('SBITO') Pivate health insuance o the medicae levy suchage? A pactical pespective! u When is the suchage payable? u What labels must be pepaed on the individual etun? u Undestand the means testing on the pivate health insuance ebate Compehensive Case Study: Pepaing the 'I' Retun The day will conclude with a compehensive case study, showing the complete pocess of completing an 'I' etun fom meeting with, and collecting infomation fom the client, to finalising the pepaation of the Retun.

4 ABC RETAILING PTY LTD PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2016 Day 2: Fom the Financials to the Business Retun $ $ Tading Goss Sales 1 850,000 Less Cost of Goods Sold: Opening stock 100,000 Puchases 594,500 Othe Expenses 22, ,000 Less closing stock 125, ,000 Goss Pofit fom Tading: 258,000 Othe : Finge benefit employee contibutions 2,000 Inteest eceived 200 Pofit on sale of depeciating assets 2 8,500 Pofit on sale of non-depeciating assets 3 23,000 Rent eceived 12,750 46,450 Total : 304,450 Less Expenses: Accounting fees 7,300 Advetising 4 10,300 Bad debts and doubtful debts 5 2,000 Bank chages 1,258 Boowing costs 6 4,000 Depeciation 7 13,400 Donations Entetainment 9 2,482 FBT 1,342 Fines and penalties Heat, light and powe 4,900 Inteest paid 11 12,800 Legal costs 12 5,900 Moto vehicle unning expenses 13,100 Pinting, postage and stationey 4,900 Povision fo long sevice leave 13 9,700 Rates, taxes and ABC insuance RETAILING PTY LTD 8,600 Repais and maintenance 14 2,800 wages BALANCE SHEET AS AT 30 JUNE ,800 Salaies and 10, Item 8 Financial 8,100 and 2015 Supeannuation contibutions 15 Telephone $ $ 2,900 othe infomation ,582 Tavelling expenses Wokes compensation Shaeholdes Funds: Net Pofit 58,868 Shae capital 5,000 5,000 Retained pofits 117,997 72,550 Total Shaeholdes Funds 122,997 77,550 Cuent Assets: Cash Cash at bank 12,000 3,000 Tade debtos 32,900 17,000 Stock on hand 125, ,000 Total Cuent Assets 170, ,100 Item 6 Calculation of total pofit o loss Label C Othe sales of goods and sevices Label A Cost of sales Label E Bad debts Label X Depeciation expenses Label C Tade debtos Label B Closing stock Fom the Financials to the Business Retun This is not about how to pepae a set of accounts! This is vital infomation you staff need to know about completing the business etun via the tax econciliation, stating with the financial accounts. Fom extensive woked examples and compehensive case studies, attendees will: Lean how to complete a business tax etun, stating with the Pofit and Loss Statement; Lean to look beyond the Pofit and Loss Statement fo deductions; Lean the tax econciliation pocess fom the financial accounts to the tax etun; Lean why you need to econcile Balance Sheet adjustments; and Lean about the ins and outs of tust & patneship distibutions. ATTENDEES WILL RECEIVE u Pactical woked examples u Extensive case studies u Up-to-date ates & tables u Enough infomation to get the etun ight, the FIRST time!! Non-cuent Assets: Office funitue, equipment & moto vehicles at cost 105,000 85,000 Less accumulated depeciation of depeciating assets (45,000) (30,000) Land & buildings at cost 205,000 34,000 Shaes Topics in listed companies at cost coveed 11,000 in this compehensive pactical wokshop Total Non-Cuent Assets 265, ,000 Total Assets 435, ,100 The Small Business Entity (SBE) ules We povide a plain english explanation of the SBE ules and addess the following issues: u Who qualifies as an SBE? u How is the business etun completed fo an SBE taxpaye? u Undestand the changes to the SBE depeciation ules u When can an SBE access the CGT small business concessions? u A pactical guide to all the concessions and benefits fo SBEs u Applying the pepayment ules fo SBEs u How do the tading stock concessions wok fo SBEs? u Undestand NEW epoting equiements fo patnes and beneficiaies fo the small business 5% tax discount u NEW company tax ates fo small business! manage you fanking cedits What's in? What's out? Getting assessable income ight is the fist step to defend against an ATO audit. u A compehensive guide identifies which business poceeds ae taxable u How to coectly goss-up fanked dividends u How to teat employee contibutions fo finge benefits u How to teat distibutions eceived fom patneships and tusts u Dealing with pesonal sevices income u How to coectly disclose net capital gains Expenses We will wok though the Pofit & Loss to calculate business deductions and conside the tax teatment of impotant items, including: u Bad debts when is being bad good enough fo a tax deduction? u Depeciation undestand the changes to the immediate wite-off ules u Making tading stock adjustments u Dealing with adjustments fo fines and penalties u When is inteest deductible? u Moto vehicle expenses u When can accued salay and diectos' bonuses be claimed as a tax deduction? u Oveseas and domestic tavel u Repais and maintenance u Meal entetainment expenditue u Boowing expenses u Supeannuation and changes in SG ate u How to claim a deduction fo 'blackhole expenditue' The Tax Reconciliation Pocess We walk though the pocess of econciling accounting net pofit to taxable income. We show you how to use the pofit and loss statement to identify econciling items. Calculation Statement We wok though the calculation statement fo detemining the total tax payable o efundable. CGT fo Small Business We walk you though the ules applying fo the small business CGT concessions and show you the mechanics of how to educe a capital gain. u Who can claim the CGT concessions? u Which assets ae eligible fo the small business concessions? u Claiming the concessions in a company o tust u Using the concessions to pay no CGT! u What ae the pocedues fo claiming the concessions? u How do taxpayes elect fo the concessions to apply? u What labels ae pepaed on the tax etun? Tusts and Patneships Unlike a company, tusts and patneships geneally distibute thei income to othes who pay tax on thei shae of income. u How do you calculate tust income? u Completing the distibution statement on a tust and patneship etun u What happens when a tust distibutes to a non-esident beneficiay? u When is a tustee assessable? u When is a beneficiay assessable? u How to calculate the net income of a patneship u Can a patne's salay ceate a loss? u How ae capital gains teated in a patneship? u Repoting on fanked dividends and capital gains included in a tust distibution Compehensive Case Study: Pepaing the Business Retun The day will include a compehensive case study, showing the pocess of completing the Business Retun using the infomation contained in the financial accounts of a company.

5 Cost and Registation Tax Basics Seminas 2016 Registation: Between 8.00am and 9.00am Duation: 9.00am to 5.00pm Cost: Includes compehensive notes, tea and coffee on aival, lunch, moning and aftenoon tea Membes of the NTAA Each delegate pe day: $439 (i.e., $ net of GST) Non-Membes of the NTAA Each delegate pe day*: $539 (i.e., $490 net of GST) Note(*): Registation includes 3 months full membeship Pesentes Ben Kilkenny Befoe joining the NTAA, Ben woked in public pactice fo eight yeas. Ben is a Chateed Accountant with a Bachelo of Commece and Mastes of Applied Taxation, and has also appeaed on Tax on the Couch. Rod Wilson Rod has ove 25 yeas expeience in the field of tax, initially with the Austalian Taxation Office and the last ten yeas with the NTAA. He has extensive pactical knowledge in the aeas of FBT, CGT and GST as well as othe tax efom measues and also holds a Bachelo of Business (Accounting) degee. CPD/CPE Hous The semina allows fo 6.5 CPD/CPE hous pe day. Cancellations o Tansfes It's necessay to chage a fee (see below) when confimed bookings ae cancelled. Howeve, a substitute paticipant will be accepted. If a substitute is not nominated, a cancellation fee of $99 will be applied. Cancellations Moe than 5 full woking days befoe the semina: cancellations incu a $99 administation fee. Within 5 woking days of the semina: no efunds will be available fo cancellations, although a full set of notes will be povided. Tansfes Moe than 2 full woking days befoe the semina: a cedit fo the amount chaged may be tansfeed to any othe cuently advetised NTAA semina without incuing the $99 administation fee. Within 2 woking days: tansfes incu a $99 administation fee. The NTAA eseves the ight to cancel o eschedule couses, change speakes o evise content as necessay. Confimation of Booking Bookings will be confimed via , fax o mail please include you o fax numbe fo a speedy eply. Please Note: You must ensue that you eceive witten confimation of you booking, othewise you may not be booked into the semina and may have to povide cedit cad details at egistation. If you do not eceive confimation by fax within 48 hous of faxing you ode o 72 hous of mailing it, contact us. Noise & Recoding Policy Attendees should be awae that in ageeing to attend the semina, they must abide by the NTAA Noise Policy which specifically pohibits noise distaction to attendees and pesentes, such as mobile phone use duing the semina, etc. The NTAA eseves all ights to photogaph, film o othewise ecod the semina, and semina attendees consent to being photogaphed, filmed and/o ecoded. Any unauthoised photogaphy, audio o video ecoding of the semina is stictly pohibited. Any peson who fails to adhee to this condition agees to delete any such unauthoised photogaph o ecoding and they may be asked to leave the semina venue. Special offe to Non-Membes Please call and discuss the $100 (appox) pe day semina discounts which ae available to membes of the NTAA fo a low annual fee of only $295, which includes a 12 month subsciption to the monthly newslette Voice, 3 FREE 10 minute telephone calls to ou tax advises plus discounts on most NTAA poducts. Vegetaian Meals Vegetaian meals ae available as an option at no exta cost. If you pefe a vegetaian meal, simply tick the box unde the delegate name on the egistation fom. Pivacy Act We undestand that some individuals pefe not to eceive unsolicited bochues o pomotional mateial. If you do not wish to be sent any futhe pomotional mateial please tick the "Do not mail me any moe" box below and etun the bochue in the oiginal envelope witing Retun to Sende (RTS) on the font and leaving the bacode legible. We will emove you name fom the mailing list o advise the list povide within a easonable time. Please "Do not mail me any moe" Registe online at National Tax & Accountants' Association Ltd Palmeston Cescent South Melboune Tel: (03) Fax: (03) Web: ntaainfo@ntaa.com.au ABN: '

6 Tax Basics 2016 Registation Fom This document will be a tax invoice fo GST when fully completed and you make payment to National Tax & Accountants Association Ltd. NTAA s ABN: NTAA Membeship No. Fim Addess Telephone No. ( Facsimile No. ( State Postcode ) ) Day 1 Delegate 1 addess Date of attendance Please tick to have a vegetaian meal Day 1 Delegate 2 addess Date of attendance Please tick to have a vegetaian meal Day 2 Delegate 1 addess Date of attendance Please tick to have a vegetaian meal Day 2 Delegate 2 addess Date of attendance Please tick to have a vegetaian meal (Please pint fist name and last name) Note: Please photocopy whee moe than two delegates. No. of semina attendees Total (incl. GST) $ Send cheque o povide cedit cad details Mastecad Visa Amex Registe online at Sydney Semina Dates and Venues SMC Confeence & Function Cente 66 Goulbun Steet, Sydney Day 1: 23 June 2016 (Thu) Day 2: 24 June 2016 (Fi) Paamatta Pakoyal Paamatta 30 Phillip Steet, Paamatta Day 1: 30 June 2016 (Thu) Day 2: 1 July 2016 (Fi) Melboune Leonda by the Yaa 2 Wallen Road, Hawthon Day 1: 20 June 2016 (Mon) Day 2: 21 June 2016 (Tues) Bisbane Hilton Bisbane 190 Elizabeth Steet, Bisbane Day 1: 27 June 2016 (Mon) Day 2: 28 June 2016 (Tues) Peth Cown Peth Geat Easten Highway, Buswood Day 1: 4 July 2016 (Mon) Day 2: 5 July 2016 (Tues) Adelaide Hotel Gand Chancello Adelaide on Hindley 65 Hindley Steet, Adelaide Day 1: 16 June 2016 (Thu) Day 2: 17 June 2016 (Fi) Canbea Hyatt Hotel Canbea 120 Commonwealth Avenue, Yaalumla Day 1: 9 June 2016 (Thu) Day 2: 10 June 2016 (Fi) No. of Delegates Cad No. _ Expiy Date _ Name on Cad Signatue _ Fax cedit cad details to: NTAA on Post to: NTAA 29 Palmeston Ces Sth Melboune VIC 3205 If you have any othe queies please call (03) Registe online at M01 P01 C01 T01 Please etain this oiginal document as you tax invoice If faxing please complete, photocopy and fax to If paying by cheque please do not fax. No egistations ae accepted without payment in full.