LAW 3131 Revenue Law and Practice II

STAFFING:

REQUISITES:

SYNOPSIS:

The material covered in the course will build upon the subject matter dealt with in the course Revenue Law and Practice and students will be expected to have retained a working knowledge of material covered in that course. This course looks in detail at taxation issues not covered there in order to provide students with a greater understanding and knowledge of the Australian taxation system. Specifically it covers taxation of various business organisations, superannuation funds, and termination payments. It also examines Fringe Benefits Tax, International tax and the taxation of 'special' taxpayers such as primary producers.

OBJECTIVES:

The course objectives define the student learning outcomes for a course. The assessment item(s) that may be used to assess student achievement of an objective are shown in parentheses after each objective. On successful completion of this course, students should be able to:

1. apply the principles of taxation of entities such as trusts, companies, partnerships and superannuation funds (Assignment, Examination)
2. calculate the taxable income and apply appropriate rates of tax to the taxpayer in areas covered by the course (Assignment, Examination)
3. explain the advantages and disadvantages of various entity structures in relation to taxation, for example, companies, trusts, partnership, superannuation funds (Assignment, Examination)
4. articulate the tax implications of transactions which have international aspects (Assignment, Examination)
5. explain the boundaries of legitimate tax planning and effects of Part IVA (Examination)
6. explain and apply the special rules relating to the taxation of primary producers (Assignment, Examination)
7. describe the system of taxing fringe benefits, and perform necessary calculations in relation to the imposition of FBT (Assignment, Examination)
8. apply the technique of analysis of problems to tax law, including the application of the appropriate law to the problem and advising on the probable outcome (Assignment, Examination)
9. demonstrate satisfactory skills in communication (Assignment, Examination).

TOPICS:

TEXT and MATERIALS required to be PURCHASED or accessed:

ALL textbooks and materials are available for purchase from USQ BOOKSHOP (unless otherwise stated). Orders may be placed via secure internet, free fax 1800642453, phone 07 46312742 (within Australia), or mail. Overseas students should fax +61 7 46311743, or phone +61 7 46312742. For costs, further details, and internet ordering, use the 'Textbook Search' facility at http://bookshop.usq.edu.au click 'Semester', then enter your 'Course Code' (no spaces).

LAW3131 study package available from the USQ Bookshop.

REFERENCE MATERIALS:

STUDENT WORKLOAD REQUIREMENTS:

ASSESSMENT DETAILS:

NOTES:

1.

The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised.

IMPORTANT ASSESSMENT INFORMATION

1. Attendance requirements:
   It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
2. Requirements for students to complete each assessment item satisfactorily:
   To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
3. Penalties for late submission of required work:
   If students submit assignments after the due date without prior approval then a penalty of 20% of the total marks gained by the student for the assignment will apply for each working day late.
4. Requirements for student to be awarded a passing grade in the course:
   To be assured of receiving a passing grade a student must achieve at least 30% in all of the weighted assessment items, achieve at least 50% in the examination and at least 50% of the total weighted marks available for the course.
5. Method used to combine assessment results to attain final grade:
   The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
6. Examination information:
   This is an open examination. Candidates may have access to any material during the examination except the following: electronic communication devices (eg mobile telephones, pagers), bulky materials, devices requiring mains power and material likely to disturb other students.
7. Examination period when Deferred/Supplementary examinations will be held:
   Any Deferred or Supplementary examinations for this course will be held during the next examination period.
8. University Regulations:
   Students should read USQ Regulations 5.1 Definitions, 5.6. Assessment, and 5.10 Academic Misconduct for further information and to avoid actions which might contravene University Regulations. These regulations can be found at the URL http://www.usq.edu.au/corporateservices/calendar/part5.htm. Students should also read the Faculty of Business Guide to Policies and Procedures of the Faculty which can be found at the URL http://www.usq.edu.au/handbook/current/buspolproc.html.

ASSESSMENT NOTES

OTHER REQUIREMENTS:

1. Learning resources: Prescribed texts and materials (see above); recommended reference materials (see above); printed Introductory Book*, Study Book/s* and Solutions Manual*; and course Website accessible via USQConnect. *part of the study package available from the USQ Bookshop