| Semester 2, 2022 Online | |
| Units : | 1 |
| Faculty or Section : | Faculty of Business, Education, Law and Arts |
| School or Department : | School of Law and Justice |
| Grading basis : | Graded |
| Course fee schedule : | /current-students/administration/fees/fee-schedules |
Staffing
Examiner:
Requisites
Pre-requisite: (ACC1101 and (LAW2106 or LAW1500)) or ((LAW2202 or LAW1123) and (LAW3206 or LAW2223) for Students in Programs: BLAW or BALW or BBLA or BCLA or LLBP or BCLW) or ((LAW5602 or LAW5123) and (LAW5706 or LAW5223) for Students in Program: DJUR)
Overview
An understanding of the principles of taxation is one of the most important and useful tools for anyone seeking advancement to senior management status in the corporate world, to those providing accounting, financial or legal services to business or to those seeking to be professional accountants or lawyers. It is also equally important for individuals in managing their personal affairs. There would be no major business decision in Australia, from the purchase of an item of plant to the overall organisation of a business structure, which is taken without regard to the taxation implications. Indeed, tax is often the motivating factor behind a decision or action. A study of taxation law involves not only an attainment of knowledge of the provisions of the various Tax Acts, but also a large volume of case law which has defined and/or clarified both the acts or general concepts not defined in the Acts, as well as the ability to apply this knowledge to factual situations.
In order to participate in the planning of a client's tax affairs it is necessary to understand the relevant sections of the appropriate taxation laws applicable to the transaction or entity structure. This course primarily introduces students to the Income Tax Assessment Acts (ITAA36 and ITAA97) and the Goods and Services Tax Act 1999 (GSTA).
Topics covered include assessable income, residency, capital gains tax, allowable deductions, classes of taxpayers, calculation of tax payable and offsets/rebates of tax, tax administration provisions, the taxation of business entities, and goods and services tax.
Course learning outcomes
On successful completion of this course, students should be able to:
- demonstrate an understanding of the general operation, key policy objectives and foundation legislative principles of the relevant Income Tax and Goods and Services Tax Acts in Australia;
- demonstrate academic and professional literacy skills, research skills and problem solving skills by undertaking an analysis of income tax and goods and services tax laws and applying the principles to factual situations;
- apply the fundamental principles of income tax and goods and services tax laws relevant to a business and/or professional context;
- demonstrate written communication skills appropriate to the discipline by preparing and submitting a written assignment.
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Concepts of assessable income (including legislative scheme; derivation of income; residence and source; an introduction to international taxation; assessable income - ordinary and statutory; personal exertion, business and property income; trading stock; exempt income; other taxes and charges) | 25.00 |
| 2. | Allowable deductions (including general and specific deductions; timing of deductions; employment deductions; depreciation/capital allowances; substantiation; primary production; tax losses; superannuation; other specific deductions) | 25.00 |
| 3. | Capital gains tax (including assets; acquisitions and disposals; calculation of gains and losses; exemptions; consequences of death; composite assets; rollovers; entities including partnerships; special assets; CGT concessions) | 16.00 |
| 4. | Goods and services tax (including a discussion of the key features of the GST law, the liability to pay GST, registration, GST-free supplies, input taxed supplies, taxable supplies, creditable acquisitions, tax periods, specific transactions, compliance, the impact of GST on business and accounting for GST transactions) | 16.00 |
| 5. | Taxation of entities (including the tax treatment of partnerships, companies, trusts, superannuation funds; tax planning; anti-avoidance) | 9.00 |
| 6. | Tax administration, offsets/rebates, tax rates, Medicare levy (including self-assessment; returns; collection mechanisms; tax offences and penalties; assessments and amended assessments; record keeping; tax agents; Commissioner's rights of access and investigation; concessional offsets/rebates; other offsets/rebates including imputation and zones; calculation of tax payable by individuals, companies, trusts, superannuation funds; Medicare levy; foreign tax credits; withholding taxes). | 9.00 |
Text and materials required to be purchased or accessed
Student workload expectations
To do well in this subject, students are expected to commit approximately 10 hours per week including class contact hours, independent study, and all assessment tasks. If you are undertaking additional activities, which may include placements and residential schools, the weekly workload hours may vary.
Assessment details
| Description | Group Assessment |
Weighting (%) | Course learning outcomes |
|---|---|---|---|
| Quiz A1 of 4 | No | 2 | 1,2,3 |
| Quiz A2 of 4 | No | 2 | 1,2,3 |
| Problem Solving | No | 40 | 1,2,3,4 |
| Quiz A3 of 4 | No | 3 | 1,2,3 |
| Quiz A4 of 4 | No | 3 | 1,2,3 |
| Invigilated examination | No | 50 | 1,2,3 |