2001 tax returns: companies and trusts

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1 2001 tax returns: companies and trusts 28 November 2001 Western Australian Division Stuart Third, Winduss & Associates Presented by: Stuart Third Tax ation Institute of Australia 2001 The Tax ation Institute of Australia Website and all the content downloaded (ex cept Third Party Products*) from the Tax ation Institute of Australia website remains the property of the Tax ation Institute of Australia and shall not be reproduced, distributed, displayed or disclosed without the written permission of the Tax ation Institute of Australia. *Copyright of the Third Party product applies

2 Overview Prepayments Personal Services Income Losses Debt / Equity GST Capital Allowances Other Issues

3 Prepayments

4 Prepayments The Changes The Previous 13 Month Rule Deductible in year incurred 21 September 1999 Changes Deductible over period of service Transitional rules 11 November 1999 Changes Tax shelters No phasing in rules

5 Prepayments Continued Excluded Expenditure Deductible in full: Expenditure is less than $1,000 Incurred under Australian law / court order Under a contract of service (eg salary / wages) No deduction allowed: Capital, private or domestic

6 Prepayments Continued Small / Non-Business Taxpayers Previous 13 month rule continues for 2000 & 2001 Small = Average Turnover < $1 million From 1 July 2001 immediate deduction if STS taxpayer (if a business) and Period of service not > than 12 months

7 Prepayments Continued Medium & Large Businesses If pre September 1999 obligation: New rules do not apply and 13 month rule applies for 2000 and 2001

8 Prepayments Continued Medium & Large Businesses Service period not within an income year Current year amount = Expenditure X no of days in contract period within income year Later year amount = Amount relating to future years total no of days in contract period Capping for transitional treatment based on 2000 year

9 5 Year Transitional Rules Year that 13 month % of later year % of later year prepaid expenses incurred amount deductible amount deductible (Expenditure Year) in expenditure year in the following year Income year including 80% 20% 21 September 1999 Income year including 60% 40% 21 September 2000 Income year including 40% 60% 21 September 2001 Income year including 20% 80% 21 September 2002

10 Example - Transitional Rules The Upfront Trust prepays $30,000 rent on 1 June 2001 for 12 months (as it did in 2000). The service period is not totally within the 2001 income year. The deduction is to be apportioned over 2001 and 2002: Prepayment $30,000 Amount relating to 2001 $ 2,500 Amount receiving transitional treatment 60% $16,500 Total deduction in 2001 $19,000 Balance of $11,000 deductible in 2002 year Additional $5,500 from 2000 deductible in 2001 year

11 Prepayments Continued 2001 Tax returns Additional disclosure for prepaid expenditure - all entities Detail of prepaid amounts to be provided - initial year prepaid expenses - later year prepaid expenses

12 Prepayments - Tax Shelters Applies from 11 November 1999 Deductible over service period No phasing in rules Exclusions Certain negatively geared investments Interest on infrastructure borrowings Obligations pre 11 November 1999 Agreements with an ATO Product Ruling Sec 82KZL(1) excluded expenditure

13 What is a Tax Shelter? Allowable deductions are greater than assessable income and No day to day control of arrangement Either More than one participant or and Similar activities promoted by manager or associate

14 Prepayments - Summary Review Prepayments 13 month rule continues for 2001 for small business taxpayers Investors 13 month rule continues for 2001 unless subject to tax shelter rules Large & Medium business taxpayers prepayments will cap transitional amount in 2001 and future years

15 Personal Services Income

16 Personal Services Income - Overview The rules affect: Individuals who earn personal services income Companies, trusts & partnerships with PSI The rules do not: Apply where there is a Personal Services Business Affect certain PPS payees until 1 July 2002 Affect legal status of interposed entities Affect entitlement to ABN or GST registration

17 What is Personal Services Income? Income which is mainly reward for the personal efforts or skills of an individual: Salary & Wages Income earned by consultants Contract wholly or mainly for person s labour Income of professionals operating as sole practitioners Income of a professional sports person or entertainer TR 2001/D4 now issued as TR 2001/7

18 Personal Services Business TR2001/D3 issued as TR2001/8 after significant changes due to amendments to legislation. Results test is now first test Taxpayer may self assess where: Derives income by result Supplies own tools / equipment and Is liable for rectification

19 Personal Services Business Can self assess if <80% PSI from one source Unrelated Clients Test Employment Test Business Premises Test Personal Services Business Determination required if 80% or more PSI from one source and results test not satisfied

20 Personal Services Business Personal Services Business Determination may be granted: Separate premises or 20% technical work Unusual circumstances Independent contractor (able to self assess)

21 Personal Services Income Flowchart

22 PSI - Where The Rules Apply Deductions are limited Division 85 Division 86 Personal Services Income is assessed to the individual (Attributed PSI)

23 PSI - Where The Rules Apply There may be additional PAYG obligations PAYG on attributable income (W2 & W1 on Activity Statement) Register for PAYG if not registered Personal Services Attributed Income Payment Summary to service providers by 14/7/01* PAYG report, including attributed PSI to ATO by 14/8/01* * Subject to transitional arrangements

24 PSI - Transitional Arrangements For income year: PAYG withholding not required PSI declared in tax return, tax payable on assessment Remission of GIC and administrative penalties relating to PAYG withholding

25 PSI - Transitional Arrangements For income year: PAYG withholding required, but may be based on 70% of gross PSI or percentage of net PSI for the previous year PSI declared in 2002 tax return, balance of tax payable on assessment Remission of GIC and administrative penalties relating to difference between PAYG withholding and balance owing

26 PSI Tax Returns New Personal Services Income Schedule 2001 for personal services entities Attributed Income

27 Losses

28 Losses Additional disclosure requirements for companies, trusts and super funds where: Total tax losses + net capital losses > $100k Entity is required to satisfy same business test Company involved in transfer of losses Entity deducts or carries forward film losses Entity deducts or carries forward foreign losses

29 Losses Tax Losses and Net Capital Losses Separate disclosure of losses carried forward from each year from 1996/7 to 2000/1 Aggregate of losses from 1995/6 and earlier years Transferred Losses Disclosure of losses transferred in or out

30 Transferring Company Losses Adjustment of cost base of shares held by or debt between group companies required on transfer of loss Loss company: Cost base of shares or debt held by another group company to be reduced by an appropriate amount Income company: Cost base to be increased by an appropriate amount

31 Debt & Equity

32 Debt / Equity Provisions Applicable from 1 July 2001 Legislated definitions of Debt and Equity Not restricted to Thin Capitalisation measures - will therefore apply to shareholders loans

33 What is Debt? Scheme which is a financing arrangement Financial benefit received by the borrower Effectively non-contingent financial benefit to the lender Financial benefit to the lender will be at least equal to the financial benefit to the borrower

34 What is Equity? An interest as member or stockholder The interest carries a right to a return effectively contingent on performance The interest carries a discretionary right to a return An interest that converts to, or provides the right to be issued with, an equity interest

35 Neither Debt or Equity? Possible for a loan to be neither debt or equity under definitions: Eg 15 yr $100k loan accruing 5% payable in advance with principal repayable at end of loan. If ordinary debt rate is 8%, NPV calculated on 6% <$100,000 Interest deductible under s 8-1?

36 Both Debt & Equity? Arrangements that meet the definition of equity that also meet the definition of debt are treated wholly as debt

37 Shareholders Credit Loans Debt or Equity? Repayment of principal and/or interest is generally contingent on performance May not have an interest charge Generally an at call loan Will meet the definition of equity under new provisions

38 Transitional Does not apply to Debt or Equity instruments issued prior to 1 July 2001 until 1 July 2004 Will apply to those instruments if materially altered after 1 July 2001 Can elect to have the new provisions apply, but election must be lodged by 30 Dec 2001 and is irrevocable At call loans entered into after 21 Feb 2001 remain debt until 1 Jan 2003

39 GST

40 GST Annual Reconciliation Review private use recorded for BAS reporting Determine whether changes in creditable purpose Reconcile BAS figures with annual accounts? to what extent? APS6 Taxation Standards same degree of skill & competence as for other professional work reasonable steps to ensure not misleading or materially incorrect

41 GST Annual Reconciliation in absence of specific instructions from clients, agent not responsible for information in BAS if know BAS is wrong - not permitted to lodge - give back to client for them to fix/lodge if become aware previously lodged information is incorrect, must advise client to disclose GST ENGAGEMENT LETTERS critical

42 GST Annual Reconciliation Correction of errors may be made as guided by Fact Sheet dated 10 August 2001 Business turnover < $20m < $5,000 and within 18 months Business turnover > $20m Within 3 months, but $ values vary

43 GST Annual Review Review of thresholds registration threshold - cancel or register cash vs accruals - did annual turnover exceed $1m will monthly returns be required - turnover exceeding $20m in all cases should monitor turnover MONTHLY to see whether changes required - sec definitions of current annual turnover etc

44 GST Annual Review Leases / contracts that started GST free has there been a review opportunity?

45 Annual GST Report Due for lodgement by 28 February 2002 or when income tax return due - whichever earlier for GST registrants who used Option 2 of streamlined reporting methods Actuals with reduced reporting (labels 1A, 1B and G1) Annual report to show labels G2, G3, G10 and G11

46 Annual GST Return Due for lodgement by 28 February 2002 or when income tax return lodged - whichever earlier for GST registrants who used Option 3 of streamlined reporting methods GST instalments worked out by ATO Annual return to include information missing from BAS when lodged

47 GST & Income Tax Preparation of financial statements exclude GST where business registered Identification of transactions not incurring or partially incurring GST Difference in accounting methods cash vs accruals

48 Capital Allowances

49 Capital Allowances Businesses not small business taxpayers Effective life rules applicable Low value (<$1,000) pooling of assets one in, all in! No low value write off available No replacement deduction available Schedule to be completed with tax return where depreciation claim is >$1,000

50 Capital Allowances Small business taxpayers Old rules apply until 30 June 2001 Accelerated rates still available Low value write off (<$300) available Consider whether STS Additional schedule is not required

51 Capital Allowances Other taxpayers Depreciation in relation to investment assets based on effective life $300 write-off available

52 Other Issues

53 Other Issues Companies franking account/tax rates Converted 1 July % All dividends since 1 July 2000 All credits to the account regardless of tax year related to Deferred company tax instalments 1 July 2001 conversion to 30%

54 Other Issues CGT Schedule required where >$10,000 gross capital gains or losses made Continuation of access to discounts by trusts (Treasurer s Press Release) Removal of effect of Event E4 for beneficiaries of fixed trusts for discount amounts distributed after 1 July 2001

55 Other Issues Lodgement Program Revised program for 2001/02 year Combines BAS/IAS and ITR obligations Change of classification system for companies and super funds based on reported income Taxable Large Business taxpayers (trusts, companies and funds) due 3 December (extension to 15 January for lodgement but payment must be made by 3 December)

56 Other Issues Interest & Dividend Statements Schedule required to be lodged by Companies paying dividends or interest during year Originally due 31 October 2001 Extension now granted to due when return is lodged or 8 April, whichever earlier, for Companies with less than 10 investors Subject to the failure to notify penalty

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