Unit 5: Tax Compliance for Companies - 2024

This session gives an overview of companies, including specific deductions, different corporate tax rates, imputation and more.

Includes a company tax return demo on Xero Tax.

In this unit, we cover:

• Companies 101

• Corporate tax rates & Base Rate Entities (BRE)

• PAYG instalments

• Applying prior year losses for companies

• Franking & Paying dividends

  • Franking accounts & Franking deficit tax (FDT)

  • Calculating the maximum fully franked dividend payable

• Division 7A basics

  • Options for managing Division 7A

  • Calculating the Minimum Yearly Repayment (MYR)

• Selected accounts:

  • Trading stock

  • Borrowing costs

  • Consultancy and legal fees

  • Fines and penalties

  • Travel expenses

• Tax reconciliation for company

Dates recorded: 5 & 7 March 2024