The Presenters Rebecca Morgan Rebecca is a Taxation Specialist with the NTAA and has over 12 years tax experience. Rebecca holds a Bachelor of Arts and Law and a Masters of Taxation. Rebecca has presented a number of the Back to Basics Seminar series and is also a regular presenter on Tax on the Couch. Before joining the NTAA, Rebecca worked for the Australian Taxation Office as a Manager of Aggressive Tax Planning and also managed a number of general audit projects. Michael Gilmour Michael is a Taxation Specialist with the NTAA and has over ten years experience in tax, having worked in Corporate Tax at two Big 4 firms and the Taxation Consulting division of a 2nd Tier firm. Michael is a Chartered Accountant with a Bachelor of Commerce and a Bachelor of Economics. NTAA seminars are widely acclaimed for their practicality and professional delivery and book out very quickly. To avoid disappointment, register early. Special offer to Non-Members Please call and discuss the $100 (approx) seminar discounts which are available to members of the NTAA for a low annual fee of only $295, which includes a 12 month subscription to the monthly newsletter Voice, 3 FREE 10 minute telephone calls to our tax advisers plus discounts on most NTAA products. Vegetarian Meals Vegetarian meals are available as an option at no extra cost. If you prefer a vegetarian meal, simply tick the box under the delegate name on the registration form. Cancellations or Transfers It's necessary to charge a fee when confirmed bookings (see below) are cancelled. However, a substitute participant will be accepted. If a substitute is not nominated, a cancellation fee of $99 will be applied. Cancellations More than 5 full working days before the seminar: cancellations incur an $99 administration fee. Within 5 working days of the seminar: no refunds will be available for cancellations, although a full set of notes will be provided. Transfers More than 2 full working days before the seminar: a credit for the amount charged may be transferred to any other NTAA seminar without incurring the $99 administration fee. Within 2 working days: transfers incur an $99 administration fee. The NTAA reserves the right to cancel or reschedule courses, change speakers or revise content as necessary. Confirmation of Booking Bookings will be confirmed via email, fax or mail please include your email or fax number for a speedy reply. Please Note: You must ensure that you receive written confirmation of your booking, otherwise you may not be booked into the seminar and may have to provide credit card details at registration. If you do not receive confirmation by fax within 48 hours of faxing your order or 72 hours of mailing it, contact us. CPD/CPE Hours The seminar allows for 6.5 CPD/CPE hours per day. National Tax & Accountants' Association Ltd. 29-33 Palmerston Crescent South Melbourne, Vic. 3205 Tel: (03) 9209 9999 Fax: (03) 9686 4744 Web: www.ntaa.com.au Email: ntaainfo@ntaa.com.au ABN: 76 057 551 854 ' Trusts Seminar Back to Basics An NTAA Basics Presented by Rebecca Morgan & Michael Gilmour on behalf of the National Tax & Accountants Association Ltd. 2012 This seminar is more than just Basics It is a practical workshop which focuses on UNDERSTANDING the FUNDAMENTALS of Trusts, from the ground-up. What will be covered on the day? r A Hands-on Guide to Setting Up and Operating a Trust r Step-by-step Guide to Preparing the 2012 Trust Tax Return r STEP 1: Dealing with all major income and expense items STEP 2: Completing the Distribution Statement Avoid making costly mistakes An Essential Guide to Distributions from a Beneficiary s Perspective! And...all this is wrapped up with a comprehensive CASE STUDY, which brings together and highlights the various tax issues associated with trusts!
A Hands-on Guide to Setting Up and Operating a Trust Laying the foundations understanding trusts! We provide you with an essential guide to the fundamentals of trusts, from the ground-up! What s necessary to set up a trust? A hands-on guide to the types of trusts available and Easy to follow flowchart on what is required to when they should be used create a trust Comprehensive table identifying the advantages and A practical guide to choosing the right Trustee disadvantages of using popular trust structures What are the advantages and disadvantages in using a corporate trustee? Checklist of factors to consider when choosing the right trust for clients Who should be the Settlor and Appointor of a trust? Common GST issues with setting up a trust: What is the significance of specifying someone as a Who registers for GST, the trust or trustee? beneficiary of a trust? Whose name and ABN goes on tax invoices? What are the key elements of a trust deed? What are the GST registration issues for a Unique NTAA Trust Deed checklist partnership of trusts? Debits, credits and everything in between for trusts! We unlock the confusion with accounting for trusts starting with common journal entries being used to prepare the financials! A.B.C. FAMILY TRUST ABN 12 345 678 911 PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2012 2012 $ INCOME Gross profit from rental activities 100,000.00 Dividends Received 5,200.00 Interest Received 1,600.00 Trust Distributions Received 950.00 Profit (loss) on sale non-current assets 23,000.00 TOTAL INCOME 130,750.00 LESS EXPENDITURE Accounting Fees 6,500.00 Bank Charges 1,250.00 Building Write-Off 5,000.00 Borrowing Costs 300.00 Depreciation 6,970.00 Interest Paid 12,800.00 Land Tax 1,800.00 Permits, Licences and Fees 212.00 TOTAL EXPENDITURE 34,832.00 NET OPERATING PROFIT 95,918.00 Distribution to Beneficiaries: John Citizen 50,000.00 DEF Pty Ltd 45,918.00 Total distribution 95,918.00 RETAINED PROFITS AT THE END OF THE FINANCIAL YEAR - Date Description Debit Credit 01-Jun-12 Trust Distribution to John Citizen 50,000.00 Trust Distribution to DEF Pty Ltd 45,918.00 Beneficiary entitlement - John Citizen Beneficiary entitlement - DEF Pty Ltd Trust distribution to beneficiaries re 2012 income year 50,000.00 45,918.00 25-Jun-12 Loan account - John Citize 30,000.00 Cash at bank 30,000.00 Loan to beneficiary Dealing with the challenges of different types of trust income Providing sample accounting entries for: Franked dividends Capital receipts Capital allowance and building write-off claims Dealing with differences between accounting profits and taxable income NEW ATO guidance on determining trust income Is trust income based on tax or accounting concepts? How does this impact on the preparation of the trust financials? What is the statutory cap? What is the impact on the income tax return of the trust? A to Z guide to preparing the financials for tax purposes Should the financials be prepared on a tax basis? What is the relevance of accounting standards? A back to basics guide to dealing with the accounting entries for trusts What journal entries are required for trust distributions? How to distinguish between unpaid trust distributions and beneficiary loans Using the financial accounts to prepare a trust tax return What should you look for when provided with the financial accounts of a trust? Checklist identifying key items in the financial accounts that are relevant to the preparation of the trust tax return
Step-by-step Guide to Preparing the 2012 Trust Tax Return STEP 1: Dealing with all the major income and expense items We ll show you how to complete the major business income and expense labels as well as other key labels on the trust tax return. We work through the taxation of trust income, including: Label H Other Is trust income calculated under the Tax Act? When is a beneficiary assessed on trust income? business income non-primary production Checklist on how to make a beneficiary presently entitled NTAA practical guide on the operation of trust and net income How to correctly identify all the components of a trust s net income Detailed NTAA guide on the why, when and how of making Family Trust Elections and Interposed Entity Elections Trust losses What restrictions apply to trusts with losses? Which losses can be carried forward by a trust? We walk through the process of reconciling accounting net profit to taxable income What types of income and capital can be streamed and how? Distributing franked dividends through trusts What is the problem if a trust has a tax loss? How to overcome the 45 day holding period rule trap Label S Net income Capital gains and trusts or loss from business How do capital gains affect calculating net income? Practical examples of how to deal with trusts with capital gains Trusts and Personal Services Income (PSI) We look at why the ATO spotlight is on PSI and Part IVA When do the PSI rules apply to trusts? What happens if the PSI rules apply? How is net income of a trust calculated when the PSI rules apply? Item 30 Personal What if a personal services business (PSB) is run through a trust? Services Income Is income splitting amongst family members acceptable for trusts which carry on a PSB? STEP 2: Completing the Distribution Statement Avoid making costly mistakes! We take the guesswork out of completing the essential labels on the distribution statement. NTAA step-by-step guide on how to complete the distribution Label D Franking statement on the return Credit Which assessment calculation codes are to be used for each Label F Net Capital beneficiary distribution? Gain A plain English guide to making trust distributions Label H Other How does the trustee distribute income? Assessable Foreign Source Income When must the distribution be made and paid? What declarations/resolutions are needed to distribute trust income? Completing new trust return labels, including Labels S & T Label V Assessment code TB Statement Informaton Label M Repairs and maintenance When must trustee beneficiary statements be completed for distributions to trust beneficiaries? Dealing with the TFN withholding rules administration and reporting requirements
An Essential Guide to Distributions from a Beneficiary s Perspective! What s in? What s out? Getting the disclosure RIGHT when completing a beneficiary s tax return for their share of the trust s net income. Comprehensive guide as to who is assessed on trust income and on what amounts? Distributions to individuals Dealing with a distribution comprising capital gains and revenue losses the latest ATO guidelines What is the problem when receiving tax-free distributions from a unit trust? When does a beneficiary qualify for franking credits passing through a trust? Crackdown on income splitting for minors Beware distributions comprising franked dividends to minors! Distributions to minors Who pays tax (and at what rate is tax paid) on distributions to children? What impact does the low income rebate have? Distributions to non-residents Does withholding tax apply on the distribution? Will the non-resident need to lodge a tax return? Distributions to companies Do distributions to companies create Division 7A problems? Tax effective strategies to ensure deemed dividends do not arise Managed fund distributions What is the tax treatment of managed fund distributions? Comprehensive Case Study MJ FAMILY TRUST The day will conclude with a comprehensive case study, which brings together and highlights the various tax ABN 12 345 678 910 issues associated with trusts, including preparing the trust and beneficiary tax returns. Specific tax issues that FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2012 will be covered include: Determining and accounting for trust income Calculating the net income of a trust, including how to deal with business income, franked dividends and capital gains Unique NTAA guidelines on streaming capital gains and dividends to different beneficiaries to save tax Making valid trust distributions: Journal entries to record the distribution Sample trust distribution minutes How to distribute income Completing the trust tax return, including the distribution statement Disclosing each beneficiary s share of trust net income in their tax return Glossary of Trust Terminology We provide a practical and easy to use reference guide, which explains all the common trust terms in plain English. We ve removed all the technical jargon for you to simply understand the terms associated with trusts.
TRUSTS Basics 2012 REGISTRATION FORM This document will be a tax invoice for GST when fully completed and you make a payment. National Tax & Accountants Association Ltd. NTAA s ABN: 76 057 551 854 NTAA Membership No. Firm Address State Postcode Telephone No. ( ) Facsimile No. ( ) Delegate 1 Email address Date of attendance Please tick to have a vegetarian meal Delegate 2 Email address Date of attendance Please tick to have a vegetarian meal (Please print first name and last name) Note: Please photocopy where more than two delegates. No. of seminar attendees The Book of Rates 2011/12 Total (incl. GST) $ Send cheque or provide credit card details Mastercard Visa Amex Card No. Expiry Date Name on Card Signature Please retain this original document as your tax invoice V10 BKB BTB TTB PTB MTB Register online at www.ntaa.com.au Sydney TRUSTS Basics 2012 Dates and Venues SMC Conference & Function Centre, 66 Goulburn Street, Sydney 15 November 2012 (Thur) Parramatta The Sebel Parramatta, 350 Church Street, Parramatta 12 November 2012 (Mon) Melbourne Leonda by the Yarra, 2 Wallen Road, Hawthorn 26 November 2012 (Mon) Brisbane Hilton Brisbane, 190 Elizabeth Street, Brisbane 22 November 2012 (Thur) Perth Rendezvous Observation City Hotel, The Esplanade, Scarborough 19 November 2012 (Mon) Canberra Hyatt Hotel, Commonwealth Avenue, Yarralumla 08 November 2012 (Thur) Fax credit card details to: NTAA on 1300 306 351 Post to: NTAA 29 Palmerston Cres Sth Melbourne VIC 3205 If you have any other queries please call (03) 9209-9999 If faxing, please complete these two panels, photocopy and fax back to 1300 306 351 If paying by cheque, please complete & mail to 29 Palmerston Crescent, South Melbourne Vic 3205 TRUSTS Basics 2012 Cost and Registration Registration: Between 8.00am and 9.00am Duration: 9.00am to 5.00pm Cost: Includes comprehensive notes, tea and coffee on arrival, lunch, morning and afternoon tea Members of the NTAA One delegate $399 per day (incl. GST) Non-Members* of the NTAA One delegate $499 per day (incl. GST) (Note(*): Registration includes 3 months full membership) Book of Rates Live We have taken our hardcover publication, the Book of Rates, and turned it into an online, interactive publication that will be updated weekly, so that you are constantly able to access the latest: Income tax, FBT, CGT, GST rates and tables; changes to deductions; updated rates of depreciation; State Land Taxes, Stamp Duties and Payroll Taxes; Excise Duties and Fuel Tax Credits; and differing rates of payments and allowances made by Centrelink and the Family Assistance Office as they are changed throughout the year. FREE to current member subscribers The great news for members who subscribe to this year's hardcopy edition of the Book of Rates is that for every copy you purchase ($77 for single copies), you will have immediate access to the Book of Rates Live FREE up until 30 June 2013 a huge saving off the normal annual subscription of $154. If you would like to order your copy of the Book of Rates 2011/12 and receive your free subscription to the Book of Rates Live, please include it in your registration panel (left) or call 1800 808 105 or visit our website at ntaa.com.au Register online www.ntaa.com.au