Year No. Offer Mode Description Cred. Pts 97 52199 S3 X INCOME TAX & ASPECT CO LAW 1.00
An understanding of the principles of Australian income taxation and the operation of Corporations Law are important to any person in business or providing accounting or financial services to business and to those seeking to practice as professional accountants. There would be no major business decision in Australia made without regard to the taxation implications. Similarly, in a corporate environment all major decisions would include a consideration of the associated tax and company law issues.
This unit introduces students to the principles underlying the taxation of income and provides an appraisal of the operation of company law in Australia. Topics covered include the determination of assessable income, allowable deductions, capital gains tax, calculation of tax payable, taxation of business entities, tax administration and the general structure and principles of Corporations Law.
On successful completion of this unit students will be able
to:
Description Weighting(%)
- Overview of Australian Corporations Law (including the 5.00 legislative framework, corporate law administration and the Australian Securities Commission)
- Selected topics in Corporations Law (this module will 15.00 highlight key areas of corporations law as it applies to accounting practice.
- Concepts of Assessable Income (Including, legislative 20.00 framework of taxation; residence and source; derivation; an introduction to international taxation; assessable income- general and specific; personal exertion, business and property income; trading stock; exempt income; other taxes and charges).
- Allowable Deductions (including, general and specific 20.00 deductions; timing of deductions; employment deductions; depreciation; substantiation; primary production; tax losses; superannuation; fringe benefits tax).
- Capital Gains Tax (including, assets; acquisitions and 10.00 disposals; calculation of gains and losses; exemptions; consequences of death; composite assets; rollovers; entities including partnerships; special assets).
- Offsets/Rebates, Tax Rates, Medicare Levy (including, 10.00 concessional offsets/rebates; other offsets/ rebates including imputation and zones; calculation of tax payable by individuals, companies, trusts, superannuation funds; calculation of tax with a capital gain; medicare levy; foreign tax credits; witholding taxes).
- Taxation of Entities (including, the tax treatment of 12.00 partnerships, companies, trusts, superannuation funds; tax planning; anti-avoidance).
- Tax Administration (including, self-assessment; returns; 8.00 collection mechanisms; tax offences and penalties; assessments and amended assessments; record keeping; tax agents; Commissioner's rights of access and investigation).
Ford, Austin, Ramsay, Ford's Principles of Corporations Law,
Butterworths, North Ryde.
1997, Income Tax Legislation, Australian Tax Practice, Sydney. OR
CCH Australia Limited. OR McLeod N, Passent J, O'Keefe B,
`Fundamental Tax Legislation', Australian Tax Practice, 1997 edn,
Sydney.
1997, Australian Tax Handbook, Australian Tax Practice, Sydney.
Barkoczy S, Australian Tax Casebook, CCH Australia Ltd, 2nd or 3rd
edn, North Ryde.
Lipton, Herzberg, Understanding Company Law, Law Book Company
Limited, North Ryde.
Australian Master Tax Guide, CCH Australia Ltd, North Ryde.
Woellner, Vella, Burns, Barkoczy, Australian Taxation Law, CCH
Australia Ltd, North Ryde.
Lehmann, Coleman, Taxation Law in Australia, Australian Tax
Practice, Sydney.
Coleman, Hart, Sekhon, Income Tax Analysis Cases, Questions and
Commercial Applications, Australian Tax Practice, Sydney.
No *F/S Marks Due Description Wtg(%) LBL 1 S 20.00 12/12/97 ASSIGNMENT ONE 20.00 Y 2 S 20.00 12/01/98 ASSIGNMENT TWO 20.00 Y 3 S 60.00 END S3 END OF SEMESTER EXAMINATION 60.00 N
1 TO GAIN A PASSING GRADE IN THE UNIT A STUDENT MUST: a) obtain a
passing mark in aggregate for the unit's assessment items, b)
obtain a passing mark in the formal exam, AND C) submit genuine
attempts for the following MANDATORY items of assessment;
ASSIGNMENTS ONE and TWO.
2 Students must retain a copy of all pieces of assessment which
must be produced if/when required by the lecturer.
3 LATE ASSIGNMENTS
3.1 All assessments submitted after the due date (and not approved
for extension) in accordance with university policy will be
penalised 20% per working day.
3.2 If students submit assignments after the due date and wish to
claim extenuating circumstances then they shall provide validated
documentary evidence with the assignment, explaining the
circumstances.
3.3 The unit examiner shall consider the statement accompanying a
late assignment and decide on the outcome.
4 Assignments not submitted in the appropriate assignment folders
will be deemed as not being received.
5 DISHONEST ACTIONS
5.1 Any student who is alleged to having performed a dishonest action
relating to any assessment in the unit will have a course of
action taken against him/her as outlined in the Academic
Regulations.
5.2 Pieces of assessment should be the work of individual students.
Joint pieces of assessment are not permitted unless written
approval has been obtained from the unit leader.
5.3 Dishonest action in relation to assessment includes: - copying or
attempting to copy the work of others; - use of or attempting to
use information prohibited from use in that form of assessment; -
submitting the work of another as your own; - consciously
committing acts of plagiarism, ie taking and using another's
thoughts or writings as one's own with intent to deceive, which
occurs when paragraphs, sentences, a single sentence or
significant parts of a sentence which are copied directly, are
not enclosed in quotation marks and appropriately footnoted or
referenced in the text direct quotations are not used, but text
is paraphrased or summarised, and the source of the material is
not acknowledged by footnoting or other reference in the text.
6 DEFERRED EXAMINATIONS
6.1 Deferred examinations will be granted at the Dean's discretion in
the case of medical or compassionate circumstances having regard
to item 1. If a deferred examination has been granted students
shall normally sit the deferred examination in the semester in
which the unit is next offered, but no later than the next
semester 3 examination period. If, for whatever reason, this
deferred examination is not taken then the student will be graded
`F'.
6.2 Medical evidence on the appropriate University of Southern
Queensland medical certificate or doctor's certificate must be
received by the Faculty Administrator no later than twenty-one
(21) days after examination date. A medical certificate must be
dated with the same date as the period of illness for which the
absence from examination is being sought and clearly indicate the
student's name and, if possible, student number. (Retrospective
medical certificates will not be accepted for either assignment
work or examinations.)
6.3 A student's medical condition must be stated clearly (IN
ENGLISH). (Certificates stating a student has a 'Medical
Condition' may not be sufficient grounds for deferment of
examination). Medical evidence must cover the student for the
day(s) of the missed examination(s).
6.4 Requests must be in writing to the Faculty Administrator clearly
stating the student name and number, unit number of the
examination missed due to illness and current address. Deferral
of an examination CANNOT be granted on an existing deferral in
that unit.
6.5 Requests on grounds other than medical MUST BE supported by
documentation.
6.6 Students who have a medical condition on the day of the
examination are advised to obtain documentary evidence and NOT
attempt the examination. If a student makes an attempt at the
examination, the assessment item will be marked and a grade
awarded. In these cases, a student cannot, after receiving a
'Fail' grade, request a deferred examination or special
consideration.
6.7 Students who have been granted deferred examinations will not be
granted a waiver of prerequisites, without the permission of the
Heads of Department, in subsequent semesters (if they do not have
a passing grade).
7 Unit 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.
8 Mechanised erasers are not permitted in exam venues.
9 The examination is OPEN BOOK which means that students are
permitted to bring into the exam room and use any written or
printed material. Students will be allowed to bring a quiet,
battery-operated non-programmable calculator into the
examination. Dictionaries are permitted to be used in the
examination.
10 Students should also refer to the Faculty of Commerce 'Guide to
Policies and Procedures' section of the University Handbook for
further information on the above matters.