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, 11 Dec, 2020 at 8:28 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