General Tax Knowledge

Accounting and Tax Facts for Dividends
The way the forms work is that the accounting-related dividend facts are for reconciliation purposes. Tax-related dividend facts must be added separately. P...
Wed, 13 Jan, 2021 at 10:14 AM
Losses
Losses are transferred when new report for the next year is created. Also user can rollover anytime from previous year using Rollover button. Currently Cap...
Fri, 9 Jul, 2021 at 10:01 AM
Minutes of Trustee Resolution
Minutes should be prepared before 30 June. Check this related link from ATO
Wed, 8 Jul, 2020 at 11:55 AM
Cash vs Accrual Reporting in Tax Forms
The correct approach is using "Accrual" rather than "Cash", this is based on the tax form design/instruction perspective. This can be ve...
Mon, 17 Aug, 2020 at 8:54 AM
Flow-through of Dividends from Company via Trust to Human Beneficiary
Company has a profit of $100, pays tax of $27.5, then pays a full dividend of $72.50 that reduces retained earnings to zero  with franking credit of $27.5 b...
Tue, 1 Sep, 2020 at 10:42 AM
Flow-through of Dividends from Company via Trust to Company Beneficiary
Company has a profit of $100, pays tax of $27.5, then pays a full dividend of $72.50 that reduces retained earnings to zero  with franking credit of $27.5 b...
Tue, 1 Sep, 2020 at 12:39 PM
Depreciation Rules - 2019 to 2022
We are sharing 3 tables summarising all the 2020 to 2022 business stimulus incentives available for plant & equipment purchases for small, medium and la...
Tue, 10 Nov, 2020 at 11:08 AM
Loss carry-back for companies
**Loss carry back rules can only be used in the 2021-onward form. Note: It is necessary to visit the Reconciliation TAB and manually insert the losse...
Thu, 8 Apr, 2021 at 7:08 AM
Loss carry-back offset (eligibility requirements)
This article provides the following guide: Loss carry-back offset rules General Eligibility requirements: CHECKLIST Franking account deficit Busines...
Mon, 7 Dec, 2020 at 3:39 PM
Declining tax rates
A Company which qualifies as a base rate entity will have failed tax rates during the year of operation.  Income Year Base rate entity tax rate 2018-19 ...
Mon, 7 Dec, 2020 at 2:04 PM