Check your tax knowledge. See if you can answer these questions:

•  What are the consequences of a credit balance in the shareholder current account when an insolvent LTC winds up? How do you overcome the resulting tax problem? (TEM 1306)
•  If you convert a company to an LTC, what is the special significance of retained earnings and capital gains? (TEM 1306)
•  Do you understand the rules relating to LTCs and guarantors? (TEM 1302)
•  How do you handle repairs relating to the use of home for business? E.G. weatherboards replaced on the outside of the bedroom and alterations to the bathroom. (TEM 1302)
•  Why do we think it is important to file financial statements as well as the IR10? (TEM 1303)
•  Why is it important, for some clients, to use the invoice basis for GST when they could use the payments basis? (TEM 1303)
•  How do you handle new investments listed in IR871 and those deleted during the year (TEM 1304)
•  One solution to an LTC which accumulates company profits and has a dwindling shareholder current account is to declare dividends. There is a much easier way of solving the problem. Do you know what it is? (TEM 1305)
•  How can you use an LTC as a tax planning device? (TEM 1307)
•  Yes, we have also dealt with mixed use assets. (TEM 1308)


All the above points and many more were covered in our 2013 publications

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