Topic Overview

Day 1 – Covers key highlights from the IPA Tax Agent Guide for the year ended 30 June 2024 which has been updated to comprehensively provide you with an indispensable practical and technical resource in preparing 2024 returns and advising your clients.

In particular, we will review the following key developments over the past year:

  • The ATO's tightened views on the deductibility of self-education expenses including various  potential traps which may limit claims;
  • The new ATO guidance on the deductibility of financial planning fees including potential opportunities and risks;
  • The ATO’s increased focus on the ‘sharing economy’ especially in relation to rental deductions claimed on holiday homes rented as short-term accommodation;
  • The removal of temporary expensing and  a recap on the separate depreciation rules for small business entities and larger entities; and
  • The key issues which must be considered in preparing tax effective trustee resolutions for the year ended 30 June 2024.

The Guide will also provide you with checklists which can be applied in preparing tax returns for individuals, companies, partnerships and trusts, and set out a technical and practical summary of every item on the individual tax return form.     

Day 2 - Analyses key tax developments which have emerged over the current year and equip you  with the knowledge and strategies to protect your clients and maximise tax planning benefits.

The key topics covered include the following:

  • Review of residency rules for individuals following the issue of Taxation Ruling TR 2023/1 as well as recapping the current residency rules for companies and trusts, and identifying the effect proposed reforms may have on such entities;
  • The impact of the recent AAT Decision in Bendel’s case on unpaid present entitlements and issues which practitioners may wish to consider in making distributions to corporate beneficiaries for the 2024 year;
  • The proposed 15% tax levied on individuals in respect of unrealised superannuation earnings where their total superannuation balance exceeds $3 million, the increased compliance arising from the proposed changes to non-arm’s length expense rules incurred by SMSFs and the ATO crackdown on unpaid superannuation  guarantee contributions;
  • The finaIised ATO guidance on when workers will be employees or independent contractors for PAYG and superannuation guarantee purposes, and the strategies and pitfalls in applying the ATO risk framework under Practical Compliance Guideline PCG  2023/2;
  • Current trends in cryptocurrency trading and investment including the emergence of new products on the market, and the ATO’s views on their tax treatment and key areas of concern; and
  • Major tax issues impacting deceased estates including managing executor tax risk, identifying  CGT payable by a deceased, explaining CGT rollover rules that apply on death, , reviewing tax planning opportunities on inheriting a main residence and highlighting traps where the executor is a foreign resident.