Claim OwnershipFasterTax with Ray Cummings of Greenoak Advisory
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Description
Concise, practical and relevant tax learning
Focus on private business
Focus on private business
18 Episodes
Reverse
ATO announcements
Legislation
Rulings
Cases
Short and Sharp -What you need to know - fast
Visit: fastertax.com.au for our one page summary.
Most advisors can reel off the company loss tests as an ownership test and a same/similar business test. However, the depth of knowledge in these areas can be fairly limited particularly re:
1.The operation of the continuity of ownership test
2.Misunderstanding how the same/similar business tests operate and
3.Not understanding the relevant test periods for these rules
Some of the key practical points are:
1. Failing to distinguish between UPEs to corporate beneficiaries arising before 16 December 2009 and those arising on or after that date
2. Potentially being too conservative and not distributing to corporate beneficiaries
3. Forgetting or not realising that any loan by the trust where the UPE to the corporate beneficiary is outstanding, regardless of when it was created, can have deemed dividend consequences.
April 2020
Latest tax developments:
ATO pronouncements
ATO Rulings and other guidance
Legislation
Cases
Short and sharp - what you need to know - fast.
Visit: fastertax.com.au for our one page summary.
1.Can a loan write-off constitute taxable income?
2.What happens if I clean up intra group loan balances?
3.No interest,no problem?
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Visit: https://tax.thomsonreuters.com.au/checkpoint/e-learning
1. What do I have to do?
2. How much will I get?
1. Is my business eligible to receive the payment?
(a) Has or will the business likely experience the required turnover decline?
(b) Has a person who is an “eligible business participant” ?
2. How do I get it?
3. How much do I get?
4. When do I get it?
Ask the right questions:
1. Is my business eligible to receive the payment?
a) Has or will my business experience the requisite turnover decline?
b) Do I have eligible employees?
2. How do I get it?
3. How much do I get?
4. When do I get it?
5. How much do I have to pay to my employees?
1. Do you have a business asset or assets?
2. Is the transfer due to a genuine business restructure?
3. Has the underlying economic ownership of the asset or assets remained the same both before and after the transfer?
1. Fixed or non fixed trust?
2. What is the income injection test?
3. Should I make a family trust election?
1. What is "distributable surplus"
2. Can you self correct an error?
3. What if loan is used for business or investment purposes?
1. What is the $6 million net asset test?
2. What is the $2 million turnover test?
3. Why are connected and affiliated entities important?
1. Is benefit "in respect of employment"?
2. When is a benefit provided?
3. What is the otherwise deductible rule?
Think you know what income is? Check out my Top 3 issues.
1. Income or capital?
2. When is income earned?
3. Actual vs constructive receipt?
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Is it deductible? Check out my Top 3
1. Private expenses vs income related expenses
2. Deductible vs capital outlays
3. Nexus with income
1. Calculating the Gross Capital Gain
2. How to apply revenue and capital losses
3. Applying CGT Discounts
The Federal Government has announced a raft of measures including business incentives and cash handouts covering:
Individuals and Households
Business
Banking and Finance system
This episode highlights the key issues.
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Concise,relevant and practical tax education
Tailored for the SME practitioner and their clients
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