Frauds & scams webinar
Can clients access tax relief when they lose money or assets?- Recorded 28 November 2024
When and how clients can potentially claim a deduction for lost money
Working through the CGT rules when deductions can’t be claimed
Can tax relief be claimed when crypto assets are stolen?
Recorded 28 November 2024
When a client is the victim of fraud or a scam, navigating the tax system probably isn’t their first priority. However, at some point they will need to consider whether tax relief can be available for money or other assets that are lost due to fraud, especially if the loss relates to business or investment activities carried on by the client.
Unfortunately, this can be a complex area to navigate and there is a lack of clear public guidance on how the tax system applies to financial losses relating to fraud or scams.
The Fraud and Scams Webinar guides you through the process of determining whether tax relief can be available to clients who have suffered financial losses from fraud or scams to minimise the overall impact on the financial position of clients.
We look at the potential options for claiming a deduction and what happens if no deduction is available. We also take a look at the increasingly common scenario where crypto assets are stolen and when tax relief might be available.
Total 1.25 CPD Hours
We walk you through the key tax issues that need to be considered when clients lost money or other assets as a result of fraud or scams:
- When clients can access deductions under specific tax provisions dealing with money that is stolen
- When the bad debt deduction rules might be available
- Why it is easier for clients who carry on a business to claim a deduction for stolen money
- The most relevant CGT events that need to be considered in situations involving fraud and scams and the practical implications
- Specific issues to consider when crypto assets are stolen and cannot be recovered
Michael Carruthers
Tax Director, Knowledge Shop
Michael is an adviser, author, in demand presenter, mentor to Knowledge Shop’s technical team, and is well known for his capacity to translate highly technical information into tangible and useable advice for the profession. He has a knack for seeing through the complexity and helping advisers work through highly technical issues with certainty and accuracy.
Michael works with advisers every day to help them negotiate and implement the constant tide of change impacting the industry. He was a long-term member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
Frauds & scams webinar
Tax & Accounting
1.25 hours | 3 modules
Investment per person:
$213.64
+ GST
Team cost:
$540.91
+ GST
You can’t use team rate, please either signup or login to access team rates
CPD Hours: 1.25 hrs
FS
SMSF
Tax Accounting
General