COURSE OVERVIEW:

Welcome to the Prepare Individual Tax Returns course. This program equips you with the knowledge and practical skills needed to understand the Australian taxation framework and to prepare accurate, compliant individual tax returns. You will explore how the Australian tax system works, the history of Australian taxation, and the roles of federal, state, and local taxes. This includes an overview of the most important federal taxes, the taxes levied by states, and how major income streams are taxed. You will examine the three major sources of income, the taxation of capital gains (CGT assets), and how international income is treated using the three key tests that determine the source of income. This section also covers how company taxation works and how individuals declare what they earn.

This course begins by examining assessable income, ordinary income, and statutory income, and how ordinary income is divided into three broad categories. You will explore exempt income, the payments that fall into this category, and the characteristics that define income for tax purposes. This section also examines how to reduce your tax bill legally through general deductions, what expenses can be deducted from assessable income, and how to comply with the deduction rules in the tax formula. You will learn how to qualify for deductions under the first positive limb and second positive limb, how the negative limbs restrict deductions, and how to identify whether an expense is capital or income in nature. This section also explains what is not tax deductible, the two key tests for distinguishing capital from income expenditure, how to determine whether an expense is private or domestic, and how to know when a deductible amount is “incurred.”

The next learning area focuses on lodging and preparing individual tax returns. You will explore how to lodge your tax return, how to prepare it correctly, and how to interpret the PAYG payment summary. This section covers the four methods of claiming car expenses, how to claim a standard deduction, and how to read your notice of assessment once processed by the Australian Taxation Office (ATO). You will also learn how the self-assessment system works and what it means for your responsibilities as a taxpayer.

A further part of the program examines tax audits and compliance. You will explore what happens when you receive a visit from the tax office, what a tax audit involves, and how to prepare for an audit. This section also identifies the most common tax mistakes made by individuals and small-business operators and how to avoid them through good recordkeeping and proper understanding of tax rules.

The final learning area focuses on handling disputes and corrections. You will explore how to amend a lodged tax return, how to submit an objection if you are dissatisfied with an assessment, and how to respond to other decisions made by the ATO. This section ensures that you understand your rights and obligations as a taxpayer and how to navigate the appeals process with clarity and confidence.

By the end of this course you will be able to interpret Australian tax rules, identify income types, claim deductions correctly, prepare and lodge individual tax returns, respond to audits, and manage amendments or objections—helping you meet your compliance obligations while ensuring you do not pay more tax than necessary.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand:

• How the Australian tax system works?
• The history of the Australian tax system
• Your income tax rates: The federal taxes, state taxes and local taxes
• The most important federal taxes
• The taxes levied by states
• The taxation of major income streams
• The three major sources of income
• Taxing your treasures: CGT assets
• International sources of income
• The three key tests used to determine source of income
• How taxing a company works?
• How to declare what you earn?
• Assessable income, ordinary income and statutory income
• How ordinary income is generally divided into three broad categories?
• How to keep what you receive - exempt income?
• The payments that are exempt from income tax
• The characteristics of income
• How to reduce your tax bill?
• General deductions
• What you can deduct from your assessable income?
• How to comply with the deduction part of the tax formula?
• How to qualify for a tax deduction under the first positive limb?
• The second positive limb
• The negative limbs
• How to check out what is capital in nature?
• What are not tax deductible?
• The two key tests to determine whether certain expenditure is capital or income in nature
• How to check out what is private or domestic in nature?
• How to figure out when something is incurred?
• How to lodge your tax return?
• How to prepare your individual tax return?
• The PAYG payment summary
• The four methods of claiming a car expenses
• How to claim a standard deduction?
• The notice of assessment
• Receiving a visit from the tax office
• The self‑assessment system
• The tax audit
• How to prepare for an audit?
• The most common tax mistakes associated with running a small business
• How to amend or lodge an objection if you’re dissatisfied with an assessment or a Tax Office decision?

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.