Content

Course Modules

See below for a brief description of the key outcomes relating to each of the Applied Tax modules.

Ethics
Capital Gains Tax Fundamentals
Corporate Tax Fundamentals (Parts A and B)
Goods and Services Tax
Superannuation
Fringe Benefit Tax
International Tax Fundamentals
Partnership and Trusts
Tax Strategies

Ethics

(Pre-reading module and covered throughout course modules)

  • Understand and apply ethical principles.
  • Tools to integrate ethical principles into professional practice and build an appreciation of the breadth of ethics.
  • Code of conduct.

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Capital Gains Tax (CGT) Fundamentals

  • Examine the relatively complex but common CGT provisions: small business CGT concession; and rollover relief (same asset, replacement asset and de-merger).

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Corporate Tax Fundamentals

Part A

  • Calculate the taxable income of a company using financial statement and supplementary information.
  • Calculate the tax payable of a company and explain how and when this tax is paid.
  • Determine whether an interest in a company is classified as debt or equity for income tax purposes.
  • Explain the tax treatment of amounts connected with debt interests and equity interests in a company from the perspective of the holder of the interest and the company.
  • Apply the provisions for allowing a deduction for carried-forward tax losses and bad debt deductions in a given situation.

Part B

  • Prepare a franking account.
  • Explain the taxation treatment of distributions from a company from the perspective of the company and the shareholder.
  • Identify circumstances in which amounts will be treated as a deemed dividend for income tax purposes (and explain the resulting income tax treatment of the deemed dividend for both the company and the recipient of the deemed dividend).
  • Identify who is eligible to form a tax consolidated group, and the implications of operating a simple tax consolidated group.
  • Calculate the allocable cost amount (ACA) for the purpose of entering and exiting a tax consolidated group in a simple situation.
  • Calculate the available fraction for a tax loss and explain the relevance of the available fraction when calculating the amount of losses available as a deduction.

 

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Goods and Services Tax (GST)

  • Determine the conditions to be registered under the GST.
  • Identify when supplies are being made, examining whether a particular supply is a taxable supply, a GST-free supply or an input-taxed supply, and calculate the liability to GST.
  • Identify when acquisitions are being made in a particular transaction, and determine whether and to what extent there is an entitlement to claim an input tax credit.
  • Identify when supplies constitute GST-free exports and whether there is a liability to GST with respect to imports and the application of the deferral scheme.
  • Identify when financial supplies are made and calculate the amount of input tax credits available on acquisitions made by a taxpayer making financial supplies.
  • Determine when entities may form a GST group, and understand the impact of grouping on intra-group transactions. Calculate the impact of registration on typical transactions for non-profit bodies.
  • Identify the main GST issues relating to employees, supply of real property, margin schemes and sale of businesses (including qualifying/non-qualifying for GST-free treatment).

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Superannuation

  • Identify for which employees an employer is required to make superannuation contributions and the amount and conversely the consequences of not fulfilling employer obligations.
  • Identify eligibility for an income tax deduction for superannuation contributions. Calculate the amount of the entitlement and determine the income tax treatment of the payment of lump sum and pension benefits from a superannuation fund.
  • Calculate and explain the taxable income and tax payable of a superannuation fund.
  • Identify the main characteristics of a complying superannuation fund and the requirements to maintain compliance.

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Fringe Benefits Tax (FBT)

  • Determine when a fringe benefit arises, its category and exemption status, and the taxable value of the benefit.
  • Determine the records that need to be kept.

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International Tax Fundamentals

  • Determine resident or non-resident taxpayers for Australian taxation purposes
  • Identify what income is subject to tax in Australia, by virtue of its source.
  • Understand and apply the various exemptions available from income tax in Australia in a range of circumstances and determine a taxpayer's withholding tax liability.
  • Understand double tax agreements with Australia's domestic tax laws and calculate a taxpayer's foreign tax credit entitlement.
  • Understand the various attribution systems (CFCs, FIFs and transferor trust measures).

 

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Partnerships and Trusts

  • Identify what is a partnership and how to calculate the net income of a partnership
  • Determine the partner's share of the partnership net income or loss and the taxation of that share
  • Understand the treatment of capital gains in partnerships
  • Understand the taxation implications of a variation, dissolution or reconstutution of a partnership
  • Be able to understand the taxation of the net income of a trust and be aware of issues that arise where net income and accounting income are not the same
  • Understand the treatment of capital gains in trusts
  • Understand the taxation of distributions to minor beneficiaries
  • Have an understanding of the rules concerning revocable trusts; trust stripping; trust losses; deceased estates; trusts treated as companies; and transferor trusts.

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Tax Strategy

Entities & Structures

  • Examine various structures from a commercial and tax perspective.
  • Draw on the taxation and commercial knowledge of various structures.

Losses & Other Liabilities

  • Interpret client information and predict future outcomes, ensuring that missing client information is captured to give complete and appropriate advice.
  • Select and apply appropriate tests, and outline the steps required to determine the extent of income tax deductibility of losses for income tax purposes including a tax consolidated group environment.
  • Advise what actions should or should not be taken to preserve an entitlement to deductibility of carried forward tax losses. Determine whether outgoings are deductible for income tax purposes and when those deductions arise.
  • Identify other tax-related issues relating to liabilities incurred by a company in relation to employees.

Year End

  • Examine a number of case studies considering the end of the income year tax issues.

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