Australia Taxation – Advanced study plan

Map the company tax rate tests: distinguish base rate entities from other companies and state the turnover and passive income thresholds from memory

Reconstruct the franking account mechanics: calculate franking credits arising from tax paid, distributions, and franking deficit tax, and determine the maximum franking credit on a dividend

Apply the dividend imputation rules to a resident shareholder and a non-resident shareholder, including the interaction with withholding tax and the franking credit refund rules

Work through the loss recoupment tests (continuity of ownership and same business test) and apply the carry-forward rules for revenue and capital losses

Compare the tax treatment of companies, partnerships, and trusts as business structures, including the flow-through consequences and the tax rate applied at each level

Explain the characteristics of a fixed trust versus a discretionary trust and the implications for loss and franking credit flow-through

Apply the trust loss and income injection rules and the concept of present entitlement to a beneficiary

Draft a short comparison table of the three structures covering compliance obligations, tax rate, and streaming of income and capital gains

Apply Div 7A to a private company loan to a shareholder or associate, including the minimum yearly repayment calculation and the distributable surplus concept

Calculate the tax consequences of a trust distribution that streams capital gains and franked dividends to different beneficiaries

Explain the small business entity concessions available to trusts and partnerships and how they interact with the CGT rules

Work through a partnership loss distribution and the treatment of a partner's share of net income

Classify income by source and apply the residence and source rules to determine Australian taxability for a resident and a non-resident

Explain the role of double tax agreements and apply the tie-breaker and relief-from-double-taxation articles to a cross-border salary and dividend scenario

Calculate foreign income tax offsets and apply the foreign tax credit rules, including the limitation to Australian tax on the foreign income

Identify the transfer pricing rules and the arm's length principle, and apply the thin capitalisation rules to a simple debt scenario

Apply the CGT rules to the disposal of a main residence, including the partial exemption and the absence and six-year rules

Calculate the CGT consequences of a small business disposal using the small business CGT concessions

Explain the superannuation contribution caps, the tax treatment of contributions, and the tax on superannuation benefits in accumulation and retirement phase

Apply the non-concessional contribution bring-forward rules based on total superannuation balance

Determine the GST treatment of a supply by identifying whether it is taxable, GST-free, or input-taxed, and calculate the net amount for a BAS period

Apply the GST rules to cross-border supplies, including the reverse charge and the low-value imported goods rules

Explain the margin scheme and the going concern exemption conditions

Calculate the GST adjustment for a bad debt write-off and a change in creditable purpose

Explain the objection and review process, including the time limits and the grounds for objection

Identify the penalties and interest provisions for a failure to lodge and for a false or misleading statement, and calculate the penalty in a simple case

Apply the general anti-avoidance rule to a scheme, identifying the dominant purpose and the possible reconstruction

Outline the ethical obligations of a tax agent, including the conflict of interest and confidentiality rules

Revisit every domain using the summary sheets and worksheets produced in earlier weeks, and close the gaps identified

Complete a full-length timed practice set under exam conditions and review every incorrect answer

Rehearse the calculation steps for franking, Div 7A, CGT, and GST until each can be performed without reference

Build a one-page formula and threshold sheet for use in the final revision