Who is and who is not a resident for tax purposes, along with who needs to lodge a tax return.
Learn the different income streams including salary and wage, Centrelink, superannuation and lump sum payments, where they are placed in a tax return.
How to complete the Medicare section of the return and why it needs to be completed, along with the rates, and the Medicare Levy Surcharge.
Here we will teach you the different reports available and used within ITP on a daily basis.
The relation to allowances and their relevant deduction, along with other allowable work-related deductions that are able to be claimed legally.
How and where to claim a deduction for personal superannuation contributions.
Learn the different offsets available that will help reduce the amount of tax your clients have to pay.
Certain items need to be depreciated instead of being claimed as an outright expense. Learn what has to be depreciated and how to claim the depreciable amount.
Learn the two different methods of claiming motor vehicle expenses, and what is required to be able to claim each.
What foreign income needs to be included in the return, and how. Including exempt foreign income, income from rental properties or a foreign pension.
Complete a rental property, what income is to be included, and what expenses can be claimed. Learn what items can be depreciated, as well as with what substantiation requirements are needed.
Learn that on the sale of an asset how it is treated within the tax return (whether it be a profit or a loss) and if tax is payable on that amount, and whether it is exempt from Capital Gains Tax.
Takes a close look at personal services income and all forms of small business income and related taxation requirements.