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LAW5230 Taxation Law

Semester 2, 2013 Online Toowoomba
Units : 1
Faculty or Section : Faculty of Business and Law
School or Department : School of Law
Version produced : 21 July 2014

Contents on this page

Staffing

Examiner: Tom Delany
Moderator: Toni Chardon

Requisites

Pre-requisite: (ACC5202 or ACC5502 or ACC5216 or ACC5218) and (LAW5206 or Master of Business students - equivalent course/equivalent experience).

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.

Rationale

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 or financial services to business and 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.

Synopsis

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 and the taxation of business entities. Goods and Services Tax is also covered in detail.

Objectives

On successful completion of this course, students should be able to:

  1. explain the general operation of the Income Tax Assessment Acts and the basic concepts underlying their operation
  2. demonstrate academic and professional literacy skills, ethical research skills and problem solving skills by undertaking an analysis of income tax laws and applying the principles of taxation law to factual situations
  3. identify and explain the legislative framework of Goods and Services Tax in Australia and apply the law to factual situations
  4. 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) 24.00
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; fringe benefits tax) 24.00
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) 14.00
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) 14.00
5. Taxation of entities (including the tax treatment of partnerships, companies, trusts, superannuation funds; tax planning; anti-avoidance) 12.00
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) 12.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2013&sem=02&subject1=LAW5230)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • 2013, 2013 Australian tax handbook, Australian Tax Practice, Pyrmont, New South Wales. (also available electronically on USQ Library database at http://resguide.usq.edu.au/index.php?type=databases&route=direct&ID=148).
  • Barkoczy, S 2012, Australian tax casebook, 11th edn, CCH Australia, North Ryde, New South Wales.
  • Barkoczy, S 2013, 2013 core tax legislation and study guide, CCH Australia, North Ryde, New South Wales.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • CCH Tax Editors 2013, Australian master tax guide, CCH Australia, Sydney, New South Wales. (also available electronically on USQ Library database via CCH IntelliConnect at http://resguide.usq.edu.au/index.php?type=databases&route=direct&ID=28).
  • Coleman, C, Hart, G & Boccabella, D, Australian tax analysis: cases, commentary commercial applications and questions, Thomson Reuters, Pyrmont, New South Wales. (most recent edition).
  • Cooper, GS, Krever, RE & Vann, R, Income taxation: commentary and materials, Thomson Reuters, Pyrmont, New South Wales. (most recent edition).
  • Summers, J & Smith, B, Communication skills handbook, John Wiley & Sons, Milton, Queensland. (most recent edition).
  • Woellner, R, Barkoczy, S, Murphy, S & Evans, C, Australian taxation law, CCH Australia, North Ryde, New South Wales. (most recent edition).

Student workload requirements

Activity Hours
Assessments 20.00
Directed Study 52.00
Private Study 93.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE CMA TEST 1 100 3 05 Aug 2013
ONLINE CMA TEST 2 100 3 26 Aug 2013
ASSIGNMENT 100 34 16 Sep 2013 (see note 1)
ONLINE CMA TEST 3 100 5 07 Oct 2013
ONLINE CMA TEST 4 100 5 21 Oct 2013
2-HOUR EXAMINATION 50 50 End S2 (see note 2)

NOTES
  1. case study problems
  2. 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:
    There are no attendance requirements for this course. However, it is the students' responsibility 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 of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.

  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 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 will be an open examination. Candidates may have access to any printed or written material and a calculator during the examination.

  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 Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Assignments:
    1. The due date for an assignment is the date by which a student must despatch the assignment to the USQ. The onus is on the student to provide proof of the despatch date, if requested by the examiner.
    2. Students must retain a copy of each item submitted for assessment. This must be produced within 24 hours if required by the examiner.
    3. In accordance with university policy, the examiner may grant an extension of the due date of an assignment in extenuating circumstances.
    4. Assignments are to be submitted in the appropriate assignment folders.
    5. The examiner will normally only accept assessments that have been written, typed or printed on paper-based media.
    6. The examiner will not accept submission of assignments by facsimile.
    7. In the event that a due date for an assignment falls on a local public holiday in their area, such as a show holiday, the due date for the assignment will be the next day. Students are to note on the assignment cover the date of the public holiday for the examiner's convenience.


  2. Course weightings:
    Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper. The examination may test material already tested in assignments.

  3. Referencing in assignments:
    Students studying this course as part of a Juris Doctor must use the Australian Guide to Legal Citation (AGLC) style. Students who are not enrolled in the Juris Doctor may use either Harvard (AGPS) or the Australian Guide to Legal Citation (AGLC) in their assignments to format details of the information sources they have cited in their work. For AGLC style guide enquiries, consult the AGLC manual from the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing, or contact the Law librarian. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.

  4. Deferred work:
    Students who, for medical, family/personal, or employment-related reasons, are unable to complete an assignment or to sit for an examination at the scheduled time may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. One of the following temporary grades may be awarded: IDS (Incomplete - Deferred Examination); IDM (Incomplete Deferred Make-up); IDB (Incomplete - Both Deferred Examination and Deferred Make-up).

Other requirements

  1. Computer, e-mail and Internet access:
    Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.