Tuesday, 25 August 2020
While the JobKeeper and cash flow boost schemes have soaked up a lot of attention in recent months, there have been a number of developments in other key areas that could impact on a range of clients.
In this session we bring you up to date with the latest ATO comments on the allocation of profits of professional firms and recent changes to the rules for testamentary trusts.
We also take a look at some recent cases that have made their way through the AAT and Federal Court dealing with common problem areas, including the treatment of home office costs, whether the ATO's approach to capital gains passing through discretionary trusts is correct and when losses on the sale of shares can be dealt with on revenue account.
1:45pm - 2.45pm (subject to change)
Register through the member website.
With Michael Carruthers
Tax Director, Knowledge Shop
The $1.6M transfer balance cap has been in place for a couple of financial years now and still causes a great deal of confusion within the profession.
In this session, we will cover when a debit or credit will or will not occur in the members transfer balance account. Plus highlight the impacts when a client in pension phase passes away, both when a reversionary or non-reversionary pension is in place. We will also cover common issues we see causing a member to exceed their cap and strategies to implement that can avoid these issues before they occur.
We will work through practical examples to demonstrate what transactions impact on an individual’s transfer balance account and how to ensure your client does not exceed the cap. These examples will show a rather complex area of the legislation in an easy to digest way.
2.50pm - 3.50pm (subject to change)
Register through the member website.
With Natalie Scott
Superannuation Adviser,
Knowledge Shop
The forgiveness of debt becomes increasingly common in challenging economic times. In this session, we work through the tax implications that can arise for both the lender and the borrower when debts are waived or forgiven or are left outstanding for an extended period of time.
For the lender, we look at when bad debt deductions can be claimed and the traps around claiming a capital loss. For the borrower, we look at when a forgiven debt becomes assessable and the adverse tax implications that could potentially arise under the commercial debt forgiveness rules.
Also, we navigate some of the other key tax implications that can arise when debts are forgiven or remain outstanding such as GST adjustments, Division 7A issues, FBT on employee loans and the value shifting rules.
3.55pm - 4.55pm (subject to change)
Register through the member website.
With Matthew Tse
Tax Adviser, Knowledge Shop