Companies are a common form of entity in the Australian commercial and tax system. It is therefore important to understand the commercial and taxation implications arising from the use of a company structure in conducting a business.
Session outline
This session is aimed at a junior audience and those seeking a refresher on the general principles of taxation of companies, and will cover the following:
-
The commercial and taxation reasons as to why companies are commonly used for business and investment purposes, including a discussion as to some disadvantages of a company;
-
The nature of a company, including a discussion of the broader concept of “corporate tax entities”;
-
The general framework for the income taxation of a company;
-
The distinction between a public and private company;
-
The company tax loss rules;
-
The commercial debt forgiveness rules as they apply to companies;
-
The tax consolidation rules;
-
Specific income tax issues for shareholders including:
-
No tax attribute flow-through;
-
Debt and equity rules; and
-
Imputation;
-
Capital gains tax (CGT) including the share buy-back rules and scrip for scrip rollover relief; and
-
Division 7A (private company related party transactions).
Session inclusions
All delegates will receive a copy of the presentation and any handouts.
Who should attend
Those working in practice or business, in particular junior or graduate staff.
CPE Hours
Earn 1.5 CPE hours
Presenter
 |
Bruce Thomas
Tax Training Specialist
The Institute of Chartered Accountants in Australia
|
