Taxation of unincorporated businesses
Issued by
The Tax Institute
The earner has demonstrated an understanding of the income tax implications of a number of unincorporated business structures, possible ways (and consequent tax implications) for these types of structures to evolve over time.
- Time Hours
- Cost Paid
Skills
- CGT implications
- Family trusts
- Loss making businesses
- Non-commercial business loss rules
- Partnership net income or loss
- Partnerships
- Personal services income
- Primary producer provisions
- Restructuring small businesses
- Small business CGT concessions
- Small business entity tax provisions
- Small business income tax offset
- Taxation issues for sole traders
- Taxation of partners
- Taxation of unincorporated businesses
- Variation of partnerships
Earning Criteria
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Identify the key regulatory and income tax issues facing sole traders, partnerships and family trusts and advise on the advantages and disadvantages of each structure.
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Identify when the personal service income (PSI) legislation may apply and explain the impact of these provisions.
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Understand and explain the key issues surrounding the use of assets in unincorporated businesses.
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Identify when the primary producer provisions apply to a business and explain the implications of them.
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Understand the scope of the various income tax concessions and roll-overs available when there are changes in the structure and/or ownership of unincorporated businesses.
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Earners complete 10 hours of online, self-paced, interactive learning, incorporating interactive examples, knowledge checks, case studies and a comprehensive activity.
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Successful completion of two online, multiple-choice assessments: Assessment 1: 20 multiple-choice questions within 60 minutes. Assessment 2: 6 scenario-based multiple-choice questions within 45 minutes.
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Achievement of a minimum score of 75% for all assessment tasks.