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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2023 Income Tax Basics Day 2 Overview of Australia’s Tax System
In this chapter of the seminar notes we aim to familiarise readers with, and give them the skills to complete, a basic company, partnership or trust tax return – the ‘Business Return’. In this overview segment we discuss the following broad topics:
- The self-assessment system
- Preparing a business return
- The Small Business Entity regime
- The Personal Services Income rules
- The temporary loss carry back tax offset
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Record keeping requirements