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2013 S2 Tax Notes Module 1
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Notes说明:
为了方便在考试和复习的时候找到书上例题,SAT或者是Review上面的相关题目,我用了
- E:Example
- MC: Multipl Choice
- R: Review Booklet
来代表这三种。
第一列则是页数。
[b]Module 1. Tax admin
1.05 Kinds of assessments
1) Ordinary – available info
2) Default – no lodgement/dissatisfied with lodgement/no lodgement but has income
3) Special – any time of a tax year
Timeframe for amendment of assessment
1) Individual & SBE – 2 年
*MC4: individual , simple tax affair 是original assessment 两年内
2) Complex individual & large company – 4 年
1.06 Objection against an amended assessment
Later of 2年 or 4年 after original assessment/60天 after amended assessment
Example1.1: Timeframe for objection against amended assessment
Later of 2年 or 4年 after original assessment/60天 after amended assessment
1.07 Review and Repeal: 60天之内
Date of payment of income tax:
Individual & Trustee – 21 days after notice of assessment
Company – 6 months after (1 December)
1.08 Frequency & Date of different withholders
• 0 - $25K & Quarterly GST – quarterly, 28th (10.28/1.28/4.28/7.28)
• 0 - $25K & Monthly or no GST – monthly, 21st after end of each month
• $25K - $1M with quarterly GST – quarterly, 28th (10.28/1.28/4.28/7.28)
• $25K - $1M with monthly GST or no GST – monthly, 21st after end of each month
• >$1M 前一年的withholding – weekly/fortnightly
Example 1.2: Medium withholders (80k) + quarterly on the 28th day after the end of each month
Withholding Rates (salary, investment, dividend, interest, royalty) 表格1.08
*MC 1:
• 不用付的情况dividend to non-resident可以reduce withholding tax;
• 要付:salary paid to employee;service fee to plumber哪怕没有ABN;unfranked div –resident 没有提供TFN或ABN
1.09 Pay As You Go (PAYG) – GIC occurs if paid less than 85% of actual tax (P9)
• Small taxpayer: <8000 notional tax: annual on Oct 21st
• Deferred BAS payers (季度付的公司): quarterly, 28th (10.28/1.28/4.28/7.28)
• Other entities: 21st end of each quarter
• Large companies: 3 year period: 2014>1mil; 2015>100mil; 2016>20mil
Calculation of PAYG instalments:
• GDP-adjusted notional tax method (GANT) - last lodged tax return*GDP-adj. Factor
*当instalment$ varied down ,付的少于85% of Actual tax liability, 有general interest charge (GIC)
Example 1.3: GANT$100k→(25%)=$25K for 1st quarter→
GANT adj to $120K→(50%)*120k-paid25k=$35K for 2nd quarter
• Instalment rate method – Commissioner issue rate & taxpayer can decide and vary (只算Ordinary income * rate)
*当instalment$ varied down ,付的少于85% of Actual tax liability, 有general interest charge (GIC)
Example 1.4: Capital Gain is not included in instalment income. Instalment rate is varied any time under this method (1st quarter, OI*12%; 2nd quarter, OI*10%, 注意变化是否<85%,GIC)
*MC 3: 用instalment method; 2.5mil * 7%; 在9月30结束后, 说明是monthly basis, 所以是10月21付
1.11 BAS – GST注册 registered entities (付GST, PAYG, FBT, WET and LCT)
IAS – Non GST无注册 registered entities (付PAYG, FBT)
RBA – 记录tax liabilities and payments excluding GIC and penalties
1.12 The ruling system
• Public rulings – binding on the Commissioner but not taxpayers who are protected from penalties if the ruling is found incorrect later.
• Private rulings – binding on the Commissioner but not taxpayer who requested the ruling
*MC 2: private ruling只binding on commissioner : research expense incurred in writing旅游书
• 这两个ruling, taxpayer都不需要follow advice exactly, 但是如果follow了,有保护措施;如果不follow,需要充分理由
• Oral ruling – 只针对个人,没有书面记录
1.13 Penalties and interest charges
• Penalties
1) Relating to statement: False/misleading/reasonably arguable – shortfall amount不足的部分都要还& 罚金是25-75% of shortfalls
2) Failing to lodge on time: small entities (<1mil) - $170-$650 (up to 5 penalty units)
Medium (1mil-20mil): $1700 (10 units)
Large (>20mil): up to 25 units @$170
3) Failing to withhold PAYG withholding amounts - $1700 (10units) & shortfall amount
4) Failing to meet other tax obligations – $3400 (20units)
• Interest charges: compensate time value of money.
1.15 General interest charge (GIC) – compounded daily, rate varies quarterly (看书有表格)
Example 1.5: GIC @ 0,02805479 因为在2月开始算起 & penalty (2units) for late lodgement
Example 1.6: 调低了instalment rate,没有用benchmark, GIC for paying < 85% of actual tax liability
1.16 Shortfall interest charge (SIC) – applied to amount owed between original and amended assessment.
Rate=GIC-4%
Example 1.7: SIC for difference between amended and original assessment for the days of the 2 assessment:
(Medicare 1.5% + original tax rate 30%)*amount cant deduct * 58days @ rate
Tax agent
• Individual
• Partnership
• Fit and proper person (good fame, continued registration in 5 years; 没有破产记录)-pg1.17
Example 1.8: The Board considers哪怕是因为别的行为,例如危险驾驶during previous 5 years
1.18 Code of professional conduct
Honesty and integrity 诚心, independence 独立, confidentiality私密, competence能力 etc
Example1.9: The agents should consider conflicts of interests in serving 2 companies (有conflict of interest的时候,要withdraw service, 就不算breach the code)
Example 1.10: Agents要有能力competency; Code of conduct – Competence 如果没有能力,要去寻求相关知识的咨询
Example 1.11: Claim 自己是tax agent: Tax agent unregistered, Fit and proper person & Code of conduct 不具备资格的时候不可以提供tax 服务
1.20 Part IVA – Tax avoidance
• Tax evasion 少付– contravention of the law resulting in paying less tax. Eg. Under-declare assessable income/over-claim deductions
Tax avoidance 不付– technically within the law to achieve favourable tax results.
• Requirements for Part IVA
• Scheme
• Tax benefit (4种形式)
• Dominant purpose of obtaining tax benefit:不看表面看本质
• Consequences of applying Part IVA – cancel the tax benefit and apply penalties of 25%-50% of the tax avoided. 25%取决于有可取的道理;正常50%
1.23 High court cases & other cases:
Peabody &Spotless service: 强调dominant purpose
Mass-marketed tax schemes
Refinance by sale and leaseback
Interest repayment arrangements
Income splitting:
Example 1.12: 用trust的方式,领取低工资,少付税,可以用Part IVA来防止逃税行为.
Investment loan repayment arrangements
MC5:这些情况不用Part IVA:
• efficient & better machinery-give rise Capital allowance deduction;
• invests funds overseas with interest lower
• sell key plant to 3rd party; lease back @ arm’s length agreement claim lease pmt as deduction
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