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gter8009

mwang1207 发表于 2013-10-15 16:12
离考试九天。因为一直在上班，没有太多时间看书。现在只看完了Taxation 的Module 7.还有6个module.

计划： ...

SAT很有用，不过我是去年上半年考得

。 Distinction

mwang1207

gter8009 发表于 2013-10-15 16:41
SAT很有用，不过我是去年上半年考得

。 Distinction

考试的难度和SAT比较起来哪个更难呢

gter8009

mwang1207 发表于 2013-10-15 16:46
考试的难度和SAT比较起来哪个更难呢

难度差不多

昔草zhoujia

Thanks a lot~~ Mark

obyssey

请受我一拜吧。就差几天考试了，开始有点迷茫。看看突然又有了方向。姐们儿，你是好样的。

mwang1207

还有三天考试。
我才看了一半Module12. 明天看Module13.
打算今晚开始复习。
大家一起加油！！！最后几天了 :)

mwang1207

这是我复习时候准备的Notes. 一共66页。先贴在这里吧，需要的同学可以拿走。

其他的我会等有时间一起整理好然后发邮件给大家。网盘好像还是不好用……

pingpingdaisy

LZ可否send 115 FR 資料給我. Here is my email: pingpingdaisy@yahoo.com
Thanks a lot!!!

mwang1207

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

xplusyy

楼主真强，很会读书。

mwang1207

Module 2.  Principles of assessable income

2.04        Part A. Tax equation
Income tax payable = (taxable income x rate) – tax offsets
Taxable income =Assessable income –Deductions
Tax offset includes rebates and franking credits; low income/dependent rebates etc.

2.05        Part B. Assessable income

2.05        Ordinary Income 普通收入 (s6-5)
Residence – from all sources
Non-residence – only from Australian sources
2.08        Ordinary income-是否是ordinary income
•        Source
•        3 Main categories: personal services/carrying on a biz/ property
•        Features of ordinary income s6-5:
1)        Comes in to the recipient in a beneficial manner:
这里注意 Unrealised amount 不是ordinary income 如 cash advance.
2)        Convertible into money可以换成钱:
不是钱monetary form的income 也是AI ; 飞行点数frequent flyer as statutory income
3)        Causality of the income & nature/Character of income 因果关系：
4)        Regular/periodic 重复性
5)        Exclude windfall gains 不包括意外收益
彩票不是OI因为是消遣，除非是biz
Gift & Mere Gift主要看nexus
Review 2.1 得到的表，和employment无关就不是AI
6)        不包括capital nature gain
7)        Compensation for the loss of income is income in nature:
8)        illegal or immoral activities 不道德收入也是OI
9)        不能和自己做生意Mutuality principle如club 会员付会员费enjoy club不是OI; 非会员的收入就是OI
Example2.1 Income for Member and Non-Member
Membership subscription 不是OI; visitor fee是OI; Restaurant and gaming machine的收益60%来源是non-member, 是OI

2.06        Statutory income 法定收入 (S6-10) Prevail over ordinary income

2.07        Exempt income (S6-20) Div11:
•        慈善机构，政府，健康org,运动society 的Ordinary 和Statutory都是
•        所有Dividends in relation to pooled development funds; 养老金 non-complying; 非现金小于$300的benefit
•        利息credit union; Defence force allowance 海外项目；社保，福利，family assistance 教育

2.08        Non-assessable non-exempt income (S6-23):
•        Income derived during one tax year has to be repaid in a later tax year.
•        Trading stock is sold outside they ordinary business.
•        GST payable

2.11        Income vs. capital 收入和资本的区别
Capital – source of income, tree 赚钱的能力 （有50%的优惠-when tax）
Income – fruit 赚的钱 (age pension/social security也是)
Flow concept of income
Income        Capital
Rent        Property
Interest        Loan
Dividends        Share
Biz income        Organisation of capital and labour
Wages        Employment of personal skills
Royalties 版税        Ownership of intellectual property 知识产权


2.12        Source of income收入来源:
Income        Source
Wages/salaries        Where services /duties are performed
Biz income        Place the  contract is negotiated
Interest        Where the obligation to pay the interest arises; contract made; loan advanced
Dividend (SI)        Where the company paying the dividend earned the profit
Royalties        A source in the country where the royalty arose








2.13        Residence
•        Individuals (3个test)
Domicile test 国籍（最重要的）– at birth by the location of the father’s domicile/如何判断 （pg2.14）
183-day test – at least 183 days in Australia for a tax year
Member of Comm Gov Super
Review 2.1 在澳洲工作4年，可以看作是residency在澳洲
•        Companies
1)        Incorporate in Australia
2)        Carry on business in Australia: central management and control/voting power controlled by shareholders & day2day running

2.16        Derivation of income
•        Cash or accruals basis 现金？ (2.16)
Cash – Income derived by an employee/in a non-business activity 个人
Accruals – large accounting practice, sale of trading stock/use of circulating capital or the use of staff and equipment to produce income 大公司
Example2.2：Convert income on cash to accrual basis=Cash Received + C/B receivable-O/B receivable
Review 2.2 不是bad debt就不能deduct, 所以只用cash received + dif in receivable 来算income

•        Instalment sales 分期付款 – determined by when sold and delivered - cash basis (2.18)
Example2.3: 计算profit and interest of a sale transaction:
Sale price=1000, cost =750; Profit=Price – Cost
Interest = Instalment * 12次 （100*12）-Sale price(1000)=200

•        Income from property—upon receive: rent, royalties, interest 租金，版税，利息– cash basis (2.18)
但对于large biz，可能需要用accrual
Review 2.1 Rent虽然是在英国的，但是由于taxpayer是澳洲人了（算是resident），用cash basis; interest 如果是resident, 用cash basis

•        Wage 工资—upon receive – cash basis (2.18)
Example2.4: Wages received on 1st July not recognised as received in 2012/13 tax year
Review 2.1：Wages derived 但是没有收到，所以不是当年的OI

•        Amounts received in advance 提前收到的金额—liability, upon service or goods is supplied – accrual basis (2.18)
只有当service rendered, 才算收入
Example 2.5:membership subscription 在本年度中只过了一半，只能recognise income earned as 50%
Review 2.1 Rent虽然是在英国的，但是由于taxpayer是澳洲人了（算是resident），所以要包含来AI; 虽然是7月的，但是因为rent用cash basis,所以算入AI

•        Long-term construction contracts 长期建筑合同 (2.19)
Basic approach - recognise income/deduction when incurred
Estimated profits method - spread the overall profit/loss over the years
不可以使用completed contracts method （所有的都放到最后）

•        Redirection of income (2.19)
延后income 日期to another period and would attract S.6-5(4) making it assessable at the time of the redirection not the time of payment. 在redirection 的时候assessable,而非收到的时候
Example2.6：income redirection of $5000 school fee;
如果有salary sacrifice arrangement，有FBT，就不算AI; 如果不是，会按照redirect到本年AI

2.21        Part C. Income for business
Existence of a business判断是否business – consideration of multi factors
1)        a systematic and organised basis 系统结构
2)        The size and scale 规模
3)        Repetitive transactions 重复性
4)        Profit factor/expectation of profits 获利本质
5)        Type of activity – not personal/domestic use 形式：非家庭/私人用途
6)        Time 时间性，越大越有可能是biz

2.22        Commencement of a business  - A sign of commercial production or activity being undertaken

2.23        S6-5 business income 判断是income 还是capital
Isolated transactions 一次性独立的交易– assessable income
2个要求：Profit making purpose有获利意图；并且获利了in the course of carrying on a biz
•        Sale of computer by leasing company 是AI
•        Compensation received by 纳税公司（由于顾客没有归还借走的器械）是AI
•        Sale of forklifts no longer required by the business 不是AI
•        Disposal of a capital asset: gain on disposal of securities to meet day to day requirement of its customers 是AI
•        如矿挖完卖地不是income 是capital
•        服装厂转行卖库存不是income 是capital
•        Lease incentive purpose
•        Realisation of investment  如果卖capital asset 是carrying business 则income；如银行卖地，保险公司卖investment。

2.27        Non-cash business benefits (S21A) 判断non-cash business benefit是否income
a.        Assessable income – Statutory income
As a result of business (not in respect of employment)
Cash convertible一般算income 如cash convertible voucher for early and prompt (客户给的non-transferrable 的voucher,客户可以claim的)
Review 2.1 stop over cost 也是，non-monetary benefit; 但如果有FBT 就不是
Value – the arm’s length value of the benefit
b.        Non-assessable income
$300以下直接exempt.
能claim deduction (一般business related) 不算income：例如professional development
不能deductible by the provider: 例如Entertainment (客户给的holiday，trip客户自己不能Claim deduction的不算income)
Example 2.7: Non-cash business benefit (P2.27) voucher for luxury resort
Statutory – non-transferrable & non-cash convertible benefit:
Ordinary – cash convertible benefit
Example 2.8: Non-cash business benefit (P2.28) professional expo
Non-assessable income – recipient is eligible for deduction
Example 2.9: Non-cash business benefit (P2.28) trip to Sydney as entertainment
Non-assessable income – provider is not eligible for deduction
Review 2.2  awarded trip 不是OI因为不是可以换成钱的；不是s15-2因为和employment无关；因为reipient用来professional development了，所以赋税部分=0



2.29        Part D: Compensation:
主要考虑是不是影响到business 的capital structure，如影响则是capital；如只影响ordinary business则是income.
•        Income nature – business structure was not affected/disrupted
•        Capital nature – business structure was severely affected/disrupted, (例：Termination of biz operation/ building/plant/equipment; special arrangement; severe restriction; long period)
•        Compensation的形式：
1)        Loss of profits and trading stock (S15-30) – Statutory income
2)        Loss of contract：影响到structure (capital); 其他income
3)        Loss of agency: 取决于importance of agency；影响到structure (capital); 其他income
4)        Restrictive covenants：pmt在capital account就是capital
•        Apportionment between income and capital: If the compensation 不可分割capital/income, 都是capital (大火烧毁后的赔偿金，无法分割，都是capital Mclaurin case)

2.33        Royalties S6(1)– determine what is being given up
判断royalty 版权是否income主要看what is being give up如give up capital asset则是capital nature
•        版税定义
•        注意royalty under S6-5 S15-20 是income
•        来源：where the right which generates the royalty is located

2.34        Foreign exchange gains and loss (Forex realisation) – capital nature/income
•        要求用AUD。需要判断按什么时候的汇率转换成AUD
1)        Cost of a depreciating asset: began to hold the asset
2)        Trading stock: 看书
3)        Involves an amount of money or mkt value of property: time of transaction
4)        Ordinary income: at the time of derivation (如果先拿到再提供service,按拿到)
5)        Statutory income (exclu. Capital gains): at the time the amount be returned as income
6)        Deductions: become deductible/pmt is made
7)        Not covered elsewhere: time of receipt/pmt
•        这里注意CGT  asset less than 12 month 的loss or gain 一般算入该asset 的成本里。注意gain on borrowing 是income.
•        5个Foreign exchange event
1)        Dispose of a foreign currency or a right to use it
2)        Right to receive FC ends
3)        Cease to have an obligation to receive foreign currency
4)        Cease to have an obligation to pay foreign currency – assessable
重点！分清楚是哪种情况，是否可以allowable deduction
•        pays a deductible expense in foreign currency
•        a FC amount is incurred to acquire CGT asset
•        a FC amount is incurred to acquire a deprn asset
Example 2.10 Foreign exchange gain and loss (P2.37) – capital nature/income & foreign exchange event 4:
a)        买trading stock的时候 1.05；付钱的时候0.98; Event 4=所以stock on hand 按照买的时候的价格；额外的付款会算入allowable deduction under s775-30
b)        买capital的时候1.05， 付钱的时候0.98; Event 4=不是allowable deduction, 但是会adjust cost of the asset
c)        买manufacturing plant, 付的比买的时候地多，event4; 是allowable deduction under s 775-30.
5)        Cease to have a right to pay foreign currency

2.38        Other specific sections (Div15/20/32)
Allowances/compensation/benefits/bonus 和工作相关的 非FBT的
Accrued leave pmt
Reimbursement of car expense
Bonuses
Disposal of a leased car for a profit
Review 2.1 Anticipation for future work是AI under S15-3


2.39        Part F. Trading stock
•        Definition S70-10 (p2.40)
1)        Anything produced, manufactured or acquired in the ordinary course of a business
2)        Live stock
这五种不是trading stock
1)        Debts of a building society
2)        Demo cars
3)        Spare parts for maintenance and repair
4)        Consumable aids (如cleaning 用品) 生产过程中的消耗品
5)        Goods for hire to customers.
同样的东西对不同的人不一样：Shares对于speculator非TS/dealer (TS) / 土地对于land dealer 是TS
没付过钱有时候也可以是TS;
看是否有支配权； Ownership也不决定是否trading stock,而是taxpayer has power to deal with the stock. 。未付运物品

•        计算trading stock value=dif between end of year – begin of year--3个方法 (p2.42)
Cost, Market value 和Replacement value，通常选低的除了以前有tax loss 需要用掉。(2.42)
Example2.11: Value of trading stock
Increase/decrease between CB and OB – assessable income/deduction
Value basis may be changed at will, but CB must be OB of next tax year.可以用不同的basis 在年头/年尾， 但是年尾的是第二年的年头

1)        Meaning of cost: full absorption/direct costing: 只包括增值的cost；
用FIFO, Avg Standard Cost;不可以用LIFO; direct
Example2.12: Cost price (2.45) total cost= (VC+FC)*quantity
*Not in arm length-commissioner有权用market value substitution
2)        Meaning of replacement value: 最后一天的mkt price + freight and insurance
3)        Meaning of mkt selling value: selling & delivery expense不包； 只是value from sales in the ordinary course of business

•        Assets that become trading stock (p2.46) 一般算成sale at cost or market value and buy back for the same amount.
Example2.13: (land) asset to be sold as trading stock (P2.46)

•        Obsolete stock (P2.46)–清仓跳楼价需判断是否合理然后可以written down value
Example 2.14: 卖不出去的trading stock要write-off到scrap value

•        Disposal of trading stock (P2.47) – assessable ordinary income
1)        In the ordinary course of trading – sales price
2)        Not in the ordinary course or trading – mkt value
3)        Notional disposal of TS (名义上的转卖，不是实质上的):
算成以market value卖给买方，但可以申请以tax value 卖掉但必须符合4点pg2.48
Example 2.15 notional disposal of trading stock – start a partnership & value – market value
4)        cease to hold item as trading stock but still own it (S70-110)
5)        lost or destroyed by fire, flood, theft – deduction
6)        death of owner (S70-105) – mkt value 卖给继承者in assessable income 除非 business is carried on

•        SBE (p2.49)
1)        Taxpayers eligible for the SBE concessions: <2mil TO (具体要求看书上)
2)        Concession -变化小于$5000不计, CB=OB
Example 2.16: SBE concession on trading stock, CB=OB (P2.50)
If not apply the concession – assess the income for the change
Example 2.17: Not apply SBE concession on trading stock – assessable income (P2.50)

bluesky12

LZ可否send 115 FR 資料給我. Email: selinawywy@gmail.com
Thanks a lot!!!

idonot

再来膜拜lz,sma用了你的notes,很不错，感谢lz无私奉献。

miqi

mwang1207 发表于 2013-10-26 02:48
Module 2.  Principles of assessable income

2.04        Part A. Tax equation

能否麻烦楼主发TAX 和Ethic的notes给我，先感谢你的无私共享了。我的邮箱是Aileen.lul@hotmail.com.

haytung

樓主，請問有沒有 Gsl 的notes 呢？

ping0115

拜求楼主 发financial reporting 和Ethnic 到   leopan@chubb.com

cherriCC

LZ

Could I please have a copy of FR and SMA notes. Many Thanks
blue_heaven86@hotmail.com

showme

mwang1207 发表于 2013-10-26 00:53
这是我复习时候准备的Notes. 一共66页。先贴在这里吧，需要的同学可以拿走。

其他的我会等有时间一起整理 ...

楼主，能不能麻烦您发一份105TAX, 104SMA的资料吗？非常感谢您啊！！！wangchao_nick@hotmail.com

drift

楼主的经历和毅力太让我佩服感动了！写的太好了！楼主可不可以给我发些Tax 105的资料？summertimelyrain@hotmail.com

lavender_z

lz

luoluoyehua

楼主能发份Fr的note么？看你前面发了sma的木有fr的~~谢谢 melanie.zhang87@gmail.com  谢谢

mwang1207

最近电脑有点问题 notes下周发给大家

虫子

楼主能发我一份sma的资料么，谢啦kaixinyu_2012@163.com

mwang1207

下周一并发～

pingguozzzzz

楼主把各科资料都发给我吗？ 我的邮箱是wenjingz@gmail.com

感谢感谢！！！

mwang1207

FR 115 都发了 :)

mwang1207

Ethics 118 all sent

mwang1207

pingpingdaisy 发表于 2013-10-26 01:04
LZ可否send 115 FR 資料給我. Here is my email:  
Thanks a lot!!!

sent, please check :)

mwang1207

bluesky12 发表于 2013-10-26 02:48
LZ可否send 115 FR 資料給我. Email:  
Thanks a lot!!!

sent, please check :)

mwang1207

pingguozzzzz 发表于 2013-11-4 18:27
楼主把各科资料都发给我吗？ ...

sent, please check :)