Taxation of Small and Medium Enterprises (LAWS70049)

Small and medium business enterprises (SMEs), including high net worth families frequently operate through groups of private companies, trusts and partnerships. These SMEs face  some of the most complex and challenging rules in the tax system. They also face a high tax compliance and planning burden.

This advanced and commercially essential subject is aimed at professionals in the ATO as well as general and  tax practice advising SMEs and high-wealth families. Taught by leading practitioners with many years of experience advising the Australian SME and high net wealth families sector, the subject equips participants with an advanced knowledge of tax rules and latest changes for SMEs and high net worth families. It builds on and integrates the core content of other subjects, including Taxation of Business and Investment Income, Capital Gains Tax, Corporate Tax A, Taxation of Trusts and State Taxes. The subject addresses complex and sometimes competing principles from different parts of the tax law through topical case studies, and also incorporates discussion of other issues for SMEs including indirect taxes, asset protection and estate and succession planning. As a result, this subject may be best studied towards the end of your tax course.

Indicative list of principal topics:

• The application of income and capital gains tax rules of particular relevance for SMEs, both resident and non-resident, when establishing a new business or making investments, its operation and ultimate sale, winding up or business succession
• Tax issues for private companies and shareholders, including Div 7A of the Income Tax Assessment Act 1936 (Cth)
• Tax issues relating to remuneration by and financing of SMEs
• Tax concessions for SMEs, in particular the capital gains tax small business concessions
• Trust streaming, trust loss and capital distribution rules affecting SMEs
• Tax integrity and anti-avoidance rules for SMEs, including trust anti-avoidance rules
• Tax planning for high wealth families and SME structuring, asset protection and estate and business succession, incorporating key state and federal tax, asset protection and estate issues.