Taxation Aspects of Winding Up Trusts

This masterclass will examine the taxation aspects of winding up trusts, including recent legislative changes, rulings and court judgements pertaining to the same. This masterclass will cover the following topics:

• Legal nature of trusts
• The various phases and methods of winding up trusts
• Key income tax principles relevant to winding up trusts and distributions to beneficiaries of trusts
• Comprehensive overview of the capital gains tax principles relevant to winding up trusts
• Tax effective strategies for winding up trusts limiting tax liability for trustee and beneficiaries
• Effect of recent court judgements pertaining to taxation aspects of winding up trusts

Fringe Benefits Tax (FBT) Essentials

This intensive masterclass outlines the key concepts, requirements and opportunities relating to Fringe Benefits Tax (FBT) and salary packaging. It provides accountants, payroll specialists and practitioners with an intensive update on the FBT laws, recent FBT changes and explains salary packaging and salary packaging options.

This masterclass is particularly relevant as a risk detection and management instrument in an environment where the ATO has commenced significant FBT audit and review activity over the last twelve months following the specific inclusion of FBT in its compliance focus.

The topics covered in this masterclass will include:

• Overview of fringe benefits and how they are taxed
• Recent changes affecting the 2020 FBT year, including car benefits and car parking, entertainment, relocation and LAFHA
• Application of the otherwise deductible rule FBT and GST interaction
• Tips and traps for preparing FBT returns and compliance
• Contemporary salary packaging options
• Which benefits are reportable on payment summaries
• Maximising the benefits of salary packaging
• Using salary packaging to obtain exempt and concessional taxed fringe benefits
• Analysis of the required documentation and substantiation for salary packaging

Small Business Entity (SBE) Tax Concessions – Requirements, Access & Planning

This masterclass offers a comprehensive program covering the prevailing requirement and application of income tax, CGT, GST and FBT concessions for small business entities.

The key topic elements include canvassing the scope, mechanics and effect as well as tips and traps relevant to SBE concessions pertaining to:

• Uniform capital; allowance system;
• Trading stock;
• Cash versus accruals tax accounting
• CGT;
• GST;
• PAYG Witholding
• FBT

Division 7A – Status Quo

Significant changes are in the offing for Division 7A with the advent of proposed legislative changes in 2021.

This masterclass provides a comprehensive overview of the scope and application of Division 7A with a particular focus on its application to trusts bearing UPEs in favour of corporate beneficiaries, including proposed changes to the current Division 7A framework that are earmarked to take effect from 1 July 2021.

This informative masterclass will include the following topics:

• The Div 7A legislative framework
• Application of Div 7A to interposed entities
• Specific instances when a UPE in a trust gives rise to a Div 7A sanction
• Scenarios and strategies for UPEs not to trigger Div 7A
• Effective quantification and impact of a company’s distributable surplus
• Issues in unwinding sub-trusts and loan structures set up pursuant to – Taxation Ruling 2010/3
• Scope and effect of the Government’s proposed changes to Division 7A

Individual Income Tax Returns 2021 – Disclosure, Compliance & Planning

This masterclass guides you through the key elements and aspects of Australian taxation.

Specifically the masterclass covers current income tax return disclosure and compliance requirements for individuals, including:

• Assessable income
• Allowable deductions
• Tax rebates/offsets and tax accounting
• Residence, source of income and international tax
• Reportable superannuation and fringe benefits
• Capital Gains Tax
• Termination payment rules
• Adjusted Taxable Income tests
• Record keeping
• Scope and application of the anti-tax avoidance measures for individuals
• Tips and traps relevant to making income tax return disclosure

Tax Aspects of Marital Separation & Divorce

• Divorce is often an emotionally traumatic time for most people, but very of the tax implications associated with it are overlooked.
• This masterclass provides comprehensive coverage of the core income tax, GST and FBT implications that arise in marriage break-down situations.
• Topics include:
• The legal nature and structure of marital unions recognised under Australian taxation law
• Overview of the legal process and requirements pertaining to marital break-up
• The income tax implications relevant to divorce, include the treatment of maintenance support and transfer of property settlements out of entities
• The CGT effect of property settlements, including effect access to CGT exemptions and roll-overs
• Tax tips, traps and planning strategies relevant of effective tax compliance management of the divorce arrangement